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Private equity has officially taken over accounting. Not just in the U.S. — everywhere.

New research from the International Federation of Accountants (IFAC) shows more than 1,000 accounting firms worldwide are now PE-backed. That’s not a typo. One thousand firms.

Between 2015 and 2025, 177 direct PE investments triggered 875 roll-up acquisitions — a total of 1,052 “impacted” transactions globally.

The math is brutal: for every one direct PE deal, there are seven indirect ones. One firm gets bought. Then that firm buys seven more.

This isn’t consolidation. This is a machine.

Where It’s Happening

The United States and England lead the charge. No surprise there. But the PE wave is hitting everywhere: Europe, Australia, Chile, India, Mexico, Saudi Arabia, the Philippines. Even Morocco.

The only continent barely touched? Africa. One country (Morocco) shows up on IFAC’s global PE activity map.

In North America, PE targets bigger firms with audit practices — the ones that can leverage compliance revenue and scale across multiple geographies.

In Europe, it’s the opposite. PE is buying firms without audit practices, focusing on advisory, tax, and consulting where margins are cleaner and regulatory overhead is lighter.

What the 1:7 Ratio Means

Here’s how the machine works:

PE buys Firm A. Firm A becomes the platform. Then Firm A, flush with PE capital, goes shopping. It buys Firm B, Firm C, Firm D, and so on. Each acquisition adds headcount, clients, and revenue without adding much overhead — because back-office systems, branding, and leadership are already centralized.

That’s the roll-up model. And according to IFAC, it’s happening at a 7:1 clip.

This means most of the 1,052 “impacted” firms didn’t choose PE. They got bought by a firm that chose PE years earlier.

If you’re at a mid-size firm wondering why your largest competitors keep merging, this is why. They’re not competing on services anymore. They’re competing on capital access.

The AI Angle

IFAC’s research notes that the 1:7 ratio will likely accelerate once someone perfects the “AI-forward, roll-up practice model.”

Translation: right now, PE firms are buying headcount and revenue. Soon, they’ll be buying client data and automating the work.

When that happens, the economics of accounting M&A flip completely. Margins go up. Headcount goes down. And the consolidation wave speeds up.

What This Means for CPAs

If you’re at a PE-backed firm, you already know the playbook. Growth targets, KPIs, margin pressure, and eventually an exit.

If you’re at an independent firm, the question is: how long can you stay independent? Not morally — financially. Can you compete against firms with infinite capital, recruiting budgets, and tech stacks you can’t afford?

Some can. Most won’t.

The profession isn’t going away. But the ownership structure is changing permanently. IFAC’s numbers prove it’s already global.

And if you think this is just a U.S. problem, check the map. It’s everywhere.