Chicago-based Crowe is now among the largest accounting firms in the country to receive private equity funding after selling a stake to global investment firm KKR in a deal reportedly valued at nearly $3 billion.
The Wall Street Journal reported Thursday that KKR and co-investors will collectively take a majority stake in the top 15 accounting firm, with Crowe partners retaining a minority stake.
The transaction is expected to close in the third calendar quarter of 2026, subject to customary closing conditions and required regulatory approvals.
Crowe joins a group of INSIDE Public Accounting top 15 firms that have already received private equity backing, including Baker Tilly, Grant Thornton, CohnReznick, and EisnerAmper.
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The investment from KKR will accelerate Crowe’s existing business strategy, as well as facilitate continued investments in talent, technology, and innovation, further enhancing the firm’s capabilities and client service, officials say.
“At its core, this strategic partnership is about staying ahead of what our clients need and making sure we’re equipped to deliver,” Crowe CEO Steven Strammello said in a statement on June 11. “We have a strong strategy and real momentum, and this investment helps us take the next step. With KKR’s support, we will invest even more deeply in our people, our capabilities, and the quality we’re known for. We’ve built something special at Crowe over the past 80 years, and our culture and values will continue to define how we move forward.”
Crowe had U.S. revenue of nearly $1.28 billion during its most recent fiscal year, according to INSIDE Public Accounting.
Based in New York City, KKR is a global investment firm that offers alternative asset management as well as capital markets and insurance solutions. As of March 31, 2026, KKR had total assets under management of approximately $758 billion, making it one of the world’s largest alternative asset management firms.
“Crowe’s distinct culture and outstanding talent have enabled it to build trusted client relationships and a reputation as an advisor of choice. We are excited to partner with the Crowe team to support its continued growth and investment in next-generation client capabilities while staying true to its core values, independence, and client service,” KKR partner Chris Harrington said in a statement.
In connection with the investment, Crowe will reorganize its structure prior to closing. The newly formed Crowe Advisory LLC will provide all tax, advisory, and other non-attest services to clients. Crowe LLP will remain a licensed CPA firm and continue to provide all attest services, including audits and reviews. This alternative practice structure will support Crowe’s continued growth while maintaining adherence to the regulatory framework required for attest services, officials say. Crowe Advisory LLC and Crowe LLP will continue to be members of the Crowe Global network.
KKR is making its investment in Crowe Advisory LLC through its North America Fund XIV.
Harris Williams is serving as financial advisor to Crowe. Hunton Andrews Kurth LLP is serving as legal advisor to Crowe with Mayer Brown LLP serving as advisor to Crowe’s board of directors. William Blair & Co. LLC is serving as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to KKR.
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