KKR, one of the world’s largest private equity firms, has agreed to make a significant equity investment in Crowe Advisory LLC, marking a major development in the evolution of the accounting and tax advisory sector.
The transaction, announced by Crowe LLP and KKR, will make KKR the first institutional capital partner of Crowe Advisory LLC. The deal is expected to close during the third quarter of 2026, subject to customary closing conditions and required regulatory approvals.
While the financial terms of the transaction have not been disclosed publicly, both parties described the investment as a “significant equity investment.”
Who Is KKR?
Founded in 1976 by Jerome Kohlberg, Henry Kravis and George Roberts, KKR is one of the pioneers of the modern private equity industry. The firm has evolved into a global investment powerhouse offering private equity, credit, infrastructure, real estate and insurance solutions.
With more than US$700 billion in assets under management, KKR has backed businesses across a wide range of industries and geographies. The investment in Crowe highlights KKR’s confidence in the continued growth potential of professional services firms and their increasing focus on technology-enabled advisory capabilities.
The investment will be made through KKR’s North America Fund XIV.
Who Is Crowe?
Founded more than 80 years ago, Crowe is one of the largest accounting and consulting firms in the United States. The firm provides audit, tax, advisory and consulting services to public and privately held companies across a broad range of sectors, including financial services, healthcare, manufacturing and technology.
Crowe is also a leading member of the Crowe Global network, which comprises more than 200 independent accounting and advisory firms operating in over 130 countries.
The firm has established itself as a trusted advisor to businesses through its industry-focused approach and longstanding client relationships.
Alternative Practice Structure to Support Growth
As part of the transaction, Crowe will reorganise its structure before closing.
Upon completion of the deal:
- Crowe Advisory LLC will provide tax, advisory, consulting and other non-attest services to clients.
- Crowe LLP will remain a licensed CPA firm and continue providing attest services, including audits and reviews.
- Both entities will continue serving clients as part of the Crowe Global network.
This alternative practice structure is designed to enable continued investment and growth while maintaining compliance with regulatory requirements governing attest services.
Investment to Accelerate Technology and Talent Initiatives
According to the parties, KKR’s investment is expected to support Crowe’s existing business strategy and facilitate further investment in talent, technology and innovation.
The transaction is intended to strengthen next-generation client capabilities and enhance service delivery across Crowe’s non-attest businesses.
Crowe stated that its culture, values and commitment to quality client outcomes will remain central to its strategy following the investment.
A Broader Trend in Professional Services
The KKR-Crowe transaction reflects a broader trend of private capital flowing into accounting and advisory firms.
As professional services organisations face increasing demands for technology investment, AI capabilities, specialised talent and expanded advisory offerings, alternative ownership and operating models are becoming more common.
Although the size of KKR’s investment has not been disclosed, the deal represents one of the most notable examples of private equity interest in the tax and accounting sector to date and may serve as a reference point for future transactions involving professional services firms.