Goldman Sachs Alternatives Makes Strategic Investment in Cybersecurity Firm Schellman

Private Equity at Goldman Sachs Alternatives has agreed to make a strategic investment in Schellman, the Tampa-based cybersecurity compliance and attestation firm, in a deal that will shift Lightyear Capital from majority to minority investor after five years at the helm. Financial terms were not disclosed, and the transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals.

The investment is aimed squarely at three growth vectors Schellman has identified as high-demand: AI governance, federal compliance, and digital trust. The capital is intended to expand the firm's capabilities, scale its headcount, and extend its reach into new markets and geographies, according to the announcement.

Lightyear Capital, a New York-based private equity firm with over $8 billion in assets under management, took a majority stake in Schellman in 2021 and will retain a minority position under the new ownership structure. Jay Comerford, a partner at Lightyear, framed the transition as a continuation rather than an exit. "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," Comerford said. "We are proud of what we have accomplished together to transform the business and are excited to continue to invest alongside the management team and Goldman Sachs Alternatives during the next phase of growth."

Schellman CEO Avani Desai indicated the Goldman Sachs relationship was not simply a capital transaction. "From the outset, it was clear they understand our vision, our culture, and the opportunity ahead of us," Desai said, though her full remarks were not made available in the announcement materials.

The Head of Technology Private Equity at Goldman Sachs Alternatives, whose name was not included in available materials, pointed to Schellman's client retention record as the core thesis. "The firm's technical leadership, focus on quality and long-term client relationships, position Schellman well to capture growing global demand for its services," the executive said. "We are confident that Goldman Sachs 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."

Schellman has operated in independent cybersecurity compliance and attestation for more than 20 years. The firm's model, built on assessments that organizations use to demonstrate compliance to clients and regulators, sits at the intersection of several accelerating pressures: global regulatory complexity, rising demand for AI governance frameworks, and a broader push for verifiable digital trust.

The announcement emphasized continuity on the operational side. Desai and the existing leadership team will remain in place, and Schellman said client relationships and service delivery will continue uninterrupted through the ownership transition.

Davis Polk served as counsel to Lightyear in the transaction. Available materials identified Reed Smith as additional counsel but did not specify which party the firm represented.