Goldman Sachs Alternatives backs Schellman expansion

Schellman has agreed to a strategic investment from the private equity arm of Goldman Sachs Alternatives, a deal that will see existing backer Lightyear Capital reduce its stake while remaining a minority investor.

The transaction is expected to close in Q2 2026, subject to customary regulatory approvals. Schellman's leadership team will remain in place, and the firm expects client relationships and service delivery to continue without interruption.

Schellman provides cybersecurity compliance and attestation services, including audits and certifications that companies use to demonstrate controls and meet regulatory and customer requirements. It called the investment a milestone and cited rising demand driven by regulatory complexity, AI governance, and cybersecurity requirements.

Goldman Sachs Alternatives invests across private equity and other alternative assets through Goldman Sachs Asset Management. The group said it had more than $625 billion in alternative assets and that Goldman Sachs had approximately $3.6 trillion in assets under supervision globally as of 31 December 2025.

Changing ownership

Lightyear has been Schellman's majority investor since 2021 and will remain invested as a minority shareholder. Schellman did not name other shareholders or disclose the size of Goldman Sachs Alternatives' investment.

Schellman plans to use the funding to expand into more markets and geographies, with a focus on AI governance, federal compliance, and digital trust.

The firm positions itself around an independent, expert-led assessment model. That approach is important in parts of the compliance market where buyers expect assurance work to meet strict independence rules and professional standards.

The compliance and attestation market has broadened in recent years as businesses face more security requirements from regulators, customers, and industry frameworks. Many organisations are also grappling with responsible AI and the governance of machine learning systems.

Service lines

Schellman said it delivers assessments including SOC, ISO, FedRAMP, PCI, HITRUST, CMMC, and AI governance. It also said it is a top-50 CPA firm and the first ANAB-accredited ISO 42001 certification body. ISO 42001 is a management system standard focused on artificial intelligence.

Federal compliance services typically relate to frameworks and programmes used by US government agencies and contractors, including security requirements for cloud services and for suppliers handling controlled information.

Digital trust services can include assurance work that technology providers and enterprises use to demonstrate the security and reliability of platforms and processes. In practice, this often ties into procurement and vendor risk management, where customers ask suppliers for proof of controls.

Investor view

Avani Desai, Schellman's Chief Executive Officer, said the relationship reflects an understanding of the firm's approach and culture.

"We are incredibly excited to partner with Goldman Sachs Alternatives," said Desai. "From the outset, it was clear they understand our vision, our culture, and the opportunity ahead of us. Their global platform and long-term perspective will help us continue scaling thoughtfully while maintaining the quality and integrity that define Schellman. We are also deeply grateful to Lightyear Capital for their partnership over the past four years. Their support and belief in our team helped position us for this next chapter."

Goldman Sachs Alternatives said Schellman is well-positioned for rising global demand for compliance and attestation work, citing technical depth and long-standing client relationships.

"Schellman has built a category-leading, differentiated platform offering attestation and compliance services," said Harsh Nanda, Partner and Head of Technology Private Equity, Goldman Sachs Alternatives. "The firm's technical leadership, focus on quality, and long-term client relationships position Schellman well to capture growing global demand for its services. We are confident that Goldman Sachs Alternatives will be a value-add partner to Schellman and are excited to work alongside Avani and her team to grow the business while staying true to the values that have driven its success."

Lightyear stays in

Lightyear said the investment aligns with its strategy of backing management teams in sectors where financial services, technology, and business services intersect, and it signalled continued support as a minority investor.

"Lightyear proactively identified Schellman as a strong investment opportunity as it operates in a terrific growth market, has leading blue chip clients and high NPS scores, and is run by a superb leadership team," said Jay Comerford, Partner at Lightyear.

The deal brings Goldman Sachs Alternatives into Schellman's ownership base as the firm pursues expansion in AI governance, federal compliance, and digital trust. The parties expect to complete the transaction in Q2 2026.