Frazier & Deeter is the latest top 50 accounting firm to receive a bump in capital from a private equity firm, announcing Thursday a strategic growth investment from General Atlantic.
Financial terms of the deal weren’t disclosed. Atlanta-based Frazier & Deeter said private investment firm PSP Capital Partners and alternative asset specialists Aksia are also participating in the investment.
The outside investment will help Frazier & Deeter accelerate its multiyear strategic plan, with a focus on client services, talent development, technological innovation, and geographic expansion through mergers and acquisitions, the accounting firm said on April 3.
Including Frazier & Deeter, at least 15 of the top 50 accounting firms by revenue in the U.S., based on INSIDE Public Accounting’s most recent ranking, have sold stakes in their firms—many a controlling stake and some a minority stake—to private equity investors.
“General Atlantic is a valuable growth partner, offering a unique perspective on our industry and the clients we serve,” Seth McDaniel, managing partner at Frazier & Deeter, said in a statement. “This investment positions FD to remain at the forefront of our sector’s evolution as we continue to invest in the technology and tools to best support our clients. As a Top Place to Work in the professional services industry, we remain committed to recruiting and retaining the best talent to enhance our ambitious growth plans, and we’re excited to partner with General Atlantic on this next phase of our journey to bring impactful solutions to market at an expanded scale.”
“It’s an important and energizing time for the firm as we work to further deliver more value for our clients as their businesses evolve,” added Jeremy Jones, Frazier & Deeter chief operating officer who will take over as the firm’s managing partner in January 2026 after McDaniel’s term ends. “We’re focused on continuing to grow our resources to exceed the market’s expectations and guide our clients on their next steps into the future.”
Founded in 1980, New York City-based General Atlantic has provided capital and strategic support for more than 830 companies throughout its history. The firm says it leverages its patient capital, operational expertise, and global platform to support a diversified investment platform spanning growth equity, credit, climate, and sustainable infrastructure strategies. General Atlantic manages approximately $103 billion in assets under management, inclusive of all strategies, as of Dec. 31, 2024, with more than 900 professionals in 20 countries across five regions.
“Frazier & Deeter has established itself as a preeminent accounting, tax, and advisory services firm, and we have been impressed with the firm’s strong operational foundation, client-centric approach, and entrepreneurial culture. We believe Frazier & Deeter is positioned to continue its strong growth, and we look forward to supporting the firm’s leadership, partners, and employees to advance the firm’s long-term ambitions,” said Paul Stamas, managing director and global head of financial services for General Atlantic.
Raph Osnoss, managing director at General Atlantic, added, “We are excited to collaborate with the partnership group at Frazier & Deeter to continue building on the firm’s four decades of people-driven success. We believe General Atlantic’s capabilities across technology innovation, human capital development, and operations will be additive to Frazier & Deeter as the team continues to focus on the thoughtful expansion of its platform.”
Following the close of the transaction, Frazier & Deeter will operate in an alternative practice structure. Frazier & Deeter LLC, a licensed global CPA firm will provide attest services, and Frazier & Deeter Advisory LLC will provide business advisory, tax, and other non-attest services across its global footprint. Although separately owned and governed, both entities will utilize Frazier & Deeter as their worldwide brand name.
Over its 44-year history, Frazier & Deeter has offered a comprehensive range of traditional and specialized services, including tax planning and compliance, audit and assurance, C-suite strategy and support, forensic accounting, digital transformation, cybersecurity compliance frameworks, accounting advisory, and IPO readiness. It also provides outsourced payroll, bookkeeping, and accounting services. With a presence across the U.S., United Kingdom, and India, the firm specializes in industries including life sciences, real estate, technology, healthcare, international services, and manufacturing, among others, and has supported closely held businesses, family offices, and high-net-worth individuals.
Frazier & Deeter brought in nearly $163.1 million in revenue during its most recent fiscal year.
William Blair served as the sole financial advisors to Frazer & Deeter, and Vedder Price PC and Nelson Mullins Riley & Scarborough LLP served as legal advisors to the accounting firm. Paul, Weiss and Dechert served as legal advisors to General Atlantic, and Citizens M&A Advisory served as financial advisor.
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