If you have interviewed with a large mid-tier accounting or advisory firm recently, there is a surprisingly good chance that private equity is somewhere in the background.

Over the past five years, private equity firms have poured billions of dollars into the accounting profession. What started with EisnerAmper and TowerBrook Capital Partners in 2021 has spread to Grant Thornton, Baker Tilly, Crowe, CohnReznick, Wipfli, Carr Riggs & Ingram, Aprio, Cherry Bekaert and numerous other firms.

By June 2026, industry observers were counting roughly half of the 20 largest U.S. accounting firms as either private-equity-backed or operating under another form of private capital structure.

And the trend is moving down-market.

Private equity investors are now backing firms well outside the traditional top 20, including UHY, Cohen & Co., Doeren Mayhew and Smith + Howard.

So which accounting firms have taken private equity money, who invested in them, and what has happened since?

Major Accounting Firms With Private Equity or Institutional Investment

Grant Thornton — New Mountain Capital

Grant Thornton became one of the largest accounting firms to embrace private equity when New Mountain Capital made a significant investment in the firm in 2024. CDPQ and OA Private Capital also participated as minority investors.

The transaction closed in May 2024 and resulted in the now-familiar alternative practice structure.

Grant Thornton LLP remains the licensed CPA firm providing audit and assurance services, while Grant Thornton Advisors LLC contains tax, advisory and other non-attest operations.

The investment has already been used as a platform for expansion. Grant Thornton has subsequently expanded its international platform, including combinations involving its Irish operations.

Baker Tilly — Hellman & Friedman and Valeas Capital Partners

Baker Tilly announced its deal with Hellman & Friedman and Valeas Capital Partners in February 2024.

At the time, it was described as the largest private equity investment ever completed in the U.S. CPA profession.

Reports placed the equity investment at roughly $1 billion for slightly more than 50% of the business, implying an enterprise value exceeding $2 billion.

Then came another enormous development.

In 2025, PE-backed Baker Tilly combined with Moss Adams. Hellman & Friedman made an additional investment in connection with the transaction, as did Valeas.

Moss Adams now operates under the Baker Tilly name. The combined firm says it has more than 11,000 employees, more than 1,000 principals and over $3 billion in revenue.

This is probably the clearest example of how PE capital can dramatically accelerate consolidation among major accounting firms.

Crowe — KKR

Crowe became one of the newest major firms to join the trend in 2026.

KKR announced a significant equity investment in Crowe Advisory LLC in June 2026, becoming Crowe’s first institutional capital partner. The investment officially closed on August 7, 2026.

The Wall Street Journal reported that KKR and co-investors were acquiring a majority stake in a transaction valuing Crowe at nearly $3 billion.

Crowe specifically cited investment in technology, talent, innovation and expansion as reasons for doing the deal.

CohnReznick — Apax Partners

CohnReznick announced its first institutional investment in February 2025 when Apax Partners invested in the firm.

CohnReznick reported more than 5,000 employees, over 350 partners and approximately $1.12 billion in FY2025 revenue at the time of the announcement.

The firm’s stated investment priorities included technology, new service offerings, acquisitions, talent and expansion into additional markets.

EisnerAmper — TowerBrook Capital Partners

EisnerAmper deserves a special place on this list because it essentially started the modern wave.

TowerBrook Capital Partners invested in EisnerAmper in August 2021, making it the first major private equity deal involving a Top 20 U.S. accounting firm.

The transaction separated EisnerAmper’s attest business from Eisner Advisory Group, where the outside investment could reside.

The growth afterward has been substantial.

By 2026, EisnerAmper said it had grown to more than $1.2 billion in revenue and completed 27 acquisitions since the TowerBrook investment.

In March 2026, TowerBrook moved its investment into a continuation vehicle led by Carlyle AlpInvest and Hamilton Lane, effectively extending the PE ownership cycle rather than exiting the business.

Citrin Cooperman — New Mountain Capital to Blackstone

Citrin Cooperman may ultimately prove to be one of the most important transactions in the industry.

New Mountain Capital originally invested in the firm in 2021/2022.

Then Blackstone agreed to acquire New Mountain’s position in 2025.

That represented one of the first major examples of an accounting firm being passed from one private equity sponsor to another — something much more common in traditional PE-owned industries.

The Wall Street Journal reported a valuation above $2 billion, with the Blackstone-led investor group owning more than two-thirds of the business.

New Mountain’s investment was fully realized in April 2025.

That transaction matters because it demonstrated that accounting firms could potentially follow the traditional PE model: invest, grow through acquisitions and operational changes, and eventually sell the investment to another financial sponsor.

Eide Bailly — Reverence Capital Partners

Eide Bailly announced a significant investment from Reverence Capital Partners on June 23, 2026.

The firm has more than 3,500 professionals and over $800 million in annual revenue.

Although the official announcement did not disclose financial terms, the Wall Street Journal reported that Reverence and co-investors would take a majority stake at approximately a $1.8 billion valuation.

The transaction was expected to close during the third quarter of 2026.

Eide Bailly cited AI, technology, talent and expansion as major reasons for bringing in outside capital.

Armanino — Further Global Capital Management

Armanino took a different approach.

Further Global Capital Management made a minority investment in the firm in October 2024.

Armanino retained operational and ownership control while obtaining outside capital for acquisitions, technology and artificial intelligence initiatives.

That distinction is important. Not every accounting PE deal involves the firm giving up majority control.

Cherry Bekaert — Parthenon Capital

Cherry Bekaert was an early adopter.

Parthenon Capital made a strategic investment in Cherry Bekaert’s business advisory operation in 2022.

Cherry Bekaert LLP remained the CPA firm performing attest services while Cherry Bekaert Advisory LLC housed advisory and other non-attest operations.

The firm has subsequently pursued acquisitions and continued expanding its advisory capabilities.

Wipfli — New Mountain Capital

Wipfli joined the group in August 2025 when New Mountain Capital agreed to make a significant minority investment.

This is another important distinction: New Mountain’s Wipfli investment is non-controlling.

Wipfli said the firm would remain majority-owned and partner-led.

At the time of the transaction, Wipfli had more than $600 million in annual revenue and had completed 34 acquisitions during the prior decade.

The M&A focus appears to have continued. In January 2026, Wipfli hired a dedicated head of corporate development and specifically described acquisitions as a cornerstone of its growth strategy following the New Mountain partnership.

Carr Riggs & Ingram — Centerbridge and Bessemer Venture Partners

Carr Riggs & Ingram, or CRI, received institutional investment from Centerbridge Partners and Bessemer Venture Partners in November 2024.

CRI reorganized into an alternative practice structure, with CRI Advisors providing tax, advisory and other non-attest services and the CPA firm continuing to perform attest work.

The acquisition activity since then has been aggressive.

By August 2026, CRI said it had completed 13 transactions since receiving the Centerbridge/Bessemer investment.

That is exactly the type of buy-and-build strategy private equity investors typically seek.

Aprio — Charlesbank Capital Partners

Aprio received its first institutional investment from Charlesbank Capital Partners in 2024.

Charlesbank says Aprio’s existing executive team and partner group retained significant ownership.

The investor specifically cited building an M&A engine, recruiting leadership, improving go-to-market strategy and investing in AI-powered solutions as areas where it has worked with Aprio.

Sikich — Bain Capital

Sikich received one of the largest publicly disclosed minority investments in the sector.

Bain Capital invested $250 million in Sikich in May 2024.

Unlike some other transactions, Sikich retained majority control of the company.

The capital was intended in part to accelerate Sikich’s already active acquisition strategy.

PKF O’Connor Davies — Investcorp and PSP Investments

Investcorp and Canada’s Public Sector Pension Investment Board invested in PKF O’Connor Davies in November 2024.

The investors said the strengthened balance sheet would allow PKFOD to increase M&A activity, invest in technology and develop additional service lines.

UHY — Summit Partners

UHY received its first institutional investment from Summit Partners in December 2024.

At the time, UHY ranked around No. 29 among U.S. accounting firms, operated nearly 40 offices and employed more than 1,800 professionals.

The firm had already completed 15 acquisitions during the preceding four years, and the Summit investment was explicitly designed to accelerate both organic growth and additional acquisitions.

Cohen & Co. — Lovell Minnick Partners

Cohen & Co. announced its investment from Lovell Minnick Partners in October 2024 and closed the transaction on December 31.

Cohen reorganized into an alternative practice structure, with the private equity investment residing in Cohen & Co Advisory while the licensed CPA firm remained separately owned and governed.

At the time the investment was announced, Cohen had more than 800 professionals across 12 U.S. offices.

Doeren Mayhew — Audax Private Equity

Doeren Mayhew partnered with Audax Private Equity in 2024.

This is notable because Doeren Mayhew was significantly smaller than many of the early PE targets. It was ranked approximately No. 53 nationally with around $137 million in annual revenue when the transaction was announced.

That shows how far down the accounting-firm rankings private equity interest has traveled.

Smith + Howard — Broad Sky Partners to TPG

Smith + Howard provides another example of what the PE lifecycle for accounting firms could eventually look like.

Broad Sky Partners initially invested in Smith + Howard in 2022.

During Broad Sky’s ownership, the firm grew from approximately 100 employees in one Atlanta office to roughly 800 professionals across 11 locations in the United States and India, aided by nine strategic acquisitions.

Then in 2026, Broad Sky sold Smith + Howard to TPG Growth, another major private equity investor.

Like Citrin Cooperman, Smith + Howard demonstrates that accounting firms can now be bought, scaled and ultimately transferred from one private equity sponsor to another.

CFGI — Carlyle and CVC Capital Partners

CFGI is somewhat different because it is primarily an accounting and finance advisory firm rather than a traditional audit firm.

But it belongs in any discussion of private equity’s expansion into the accounting profession.

Carlyle originally invested in CFGI in 2018.

CVC Capital Partners subsequently made a major investment in 2021 in a transaction that valued CFGI at approximately $1.85 billion. Carlyle, CFGI’s founders and its partners all reinvested alongside CVC.

CFGI continues to describe itself as backed by Carlyle and CVC. By 2026, it had more than 1,200 professionals and more than 30 offices globally.

For former Big Four accountants, CFGI is particularly interesting because a significant portion of its workforce comes directly from the Big Four.

What About BDO and Apollo?

BDO deserves its own category.

BDO USA converted from a traditional partnership structure to an Employee Stock Ownership Plan, or ESOP, in 2023.

Apollo Capital Solutions helped arrange the debt financing, with Apollo-affiliated funds anchoring the financing.

BDO itself describes the transaction as an ESOP — not a sale of the firm to Apollo.

Other reporting has placed the Apollo financing at approximately $1.3 billion.

So it is misleading to simply say, “Apollo owns BDO.”

It doesn’t.

BDO’s transaction nevertheless shares some characteristics with private equity deals because outside capital was used to monetize existing partner ownership while providing the firm with a new long-term capital structure.

That is why BDO frequently appears on charts discussing private capital’s transformation of the accounting profession.

Why Is Private Equity So Interested in Accounting Firms?

Accounting firms have several characteristics that private equity investors love.

They generate recurring revenue. Tax returns, audits, compliance projects and outsourced accounting services recur year after year.

Client retention can be extremely high.

The industry is extraordinarily fragmented, creating thousands of potential acquisition targets.

There is also an enormous partner succession problem. Older partners need a mechanism for monetizing their ownership when they retire.

At the same time, accounting firms increasingly need capital for AI, offshore delivery centers, technology platforms, recruiting and acquisitions.

KPMG Corporate Finance has estimated that there are roughly 46,000 to 52,000 CPA firms in the United States — an almost ideal environment for a private-equity “buy and build” strategy.

The Alternative Practice Structure

There is one major complication.

Private equity generally cannot simply purchase a CPA firm’s audit practice and operate it like an ordinary portfolio company.

CPA ownership and auditor-independence rules create restrictions around ownership of attest firms.

The solution has been the alternative practice structure, or APS.

The traditional CPA firm continues to perform audits and other attest work.

A separate advisory company performs tax, consulting, transaction advisory and other non-attest services.

Private equity invests in that advisory company.

Grant Thornton, Baker Tilly, Crowe, EisnerAmper, Cherry Bekaert, CRI, Cohen & Co. and several others have adopted variations of this model.

It has effectively opened much of the accounting profession to outside capital.

What Does Private Equity Mean for Accounting Employees?

The interesting question for accountants may not be whether PE is entering the profession anymore.

That question has already been answered.

The more important question is what happens to the accounting career model once private capital becomes normal.

Traditional public accounting economics were relatively straightforward. Employees became managers, some became partners, and partners collectively owned the business. Current partners funded retiring partners while the next generation eventually inherited the partnership.

Private equity changes that equation.

There can now be outside shareholders expecting investment returns. Equity compensation may become available below the traditional partner level. Acquisitions can happen much faster. Firms can spend substantially more on technology and artificial intelligence.

At the same time, investors ultimately need a return.

That can mean another recapitalization, a sale to another private equity sponsor, a merger with another accounting platform or potentially some other liquidity event.

Citrin Cooperman’s move from New Mountain to Blackstone and Smith + Howard’s move from Broad Sky to TPG demonstrate that this is no longer theoretical.

Is Every Mid-Tier Accounting Firm Private Equity Backed?

No.

Several enormous firms have continued to operate without a traditional private equity investor, including firms such as RSM US, FORVIS Mazars, CLA, Plante Moran and Withum.

CBIZ is different again because it is publicly traded.

But the competitive environment is changing rapidly.

Once competitors have hundreds of millions or even billions of dollars of outside capital available for acquisitions, technology and partner buyouts, remaining independent becomes increasingly difficult.

That may be the biggest reason the private equity trend keeps accelerating.

The Bottom Line

Private equity has gone from a curiosity in public accounting to one of the defining forces reshaping the profession.

EisnerAmper opened the door in 2021.

Cherry Bekaert followed.

Then came Baker Tilly, Grant Thornton, Aprio, Sikich, Armanino, Carr Riggs & Ingram, PKF O’Connor Davies, UHY, CohnReznick and Wipfli.

By 2026, KKR had invested in Crowe and Reverence Capital had agreed to invest in Eide Bailly.

And the model is already entering its second generation, with firms such as Citrin Cooperman and Smith + Howard moving from one private equity investor to another.

For accountants deciding where to build their careers, understanding who actually owns — or finances — the firm may increasingly become just as important as understanding its service lines, compensation or path to partner.

The mid-tier accounting partnership model isn’t disappearing overnight.

But it is being fundamentally rewritten.