Private-equity deals and Baker Tilly move intensify competition for KPMG

Two moves in the non-Big Four market signaled a faster fight for middle-market work, laterals and capital. Crowe agreed to take a significant equity investment from KKR, while Baker Tilly moved to buy Anchin and shift its headquarters to New York City. For KPMG, the message is not just that rivals are getting larger. They are changing how they fund technology, recruit specialists and compete for the same clients and people.

Crowe and KKR announced their agreement on June 11, 2026. Crowe said funds managed by KKR would make a significant equity investment in Crowe Advisory LLC, which would become the firm’s first institutional capital partner. Reported coverage said KKR and co-investors would take a majority stake, with Crowe partners retaining a minority stake, in a deal that could value the business at nearly $3 billion. Crowe said the transaction is intended to support talent, technology and expanded capabilities, while preserving independence, commitment to quality and core values. The firm also said KKR is investing through North America Fund XIV and that it expected to close the deal in the third quarter of 2026, subject to regulatory approvals. Before closing, Crowe said it will reorganize its structure.

That matters inside KPMG because private capital can change the pace of competition. A rival with fresh funding can spend more aggressively on audit, tax and advisory technology, deepen sector specialization and pay up for experienced laterals who already have client relationships. In practice, that can make hiring harder in hot markets and raise the pressure on promotion timing, retention offers and the internal case for investing in tools that save time during busy season.

Baker Tilly’s move was no less pointed. On June 10, 2026, the firm said it would acquire Anchin, Block & Anchin LLP, a New York-based accounting, tax and advisory firm that serves privately held businesses, investment funds and high-net-worth individuals and families. Baker Tilly said New York City would become its headquarters after the transaction closes, expected this summer, and said the deal reinforces its long-term commitment to New York and expands its presence in a leading financial center. After closing, Russell Shinsky is expected to become Baker Tilly’s New York managing principal.

The transaction also underscores how quickly consolidation is speeding up among large non-Big Four firms. Outside coverage said it would be Baker Tilly’s third acquisition in less than two years, and the leadership shift from Chicago to New York puts it closer to the deal-making and wealth clients that matter in Manhattan and Hudson Yards. Anchin’s South Florida offices broaden that reach further. For KPMG professionals, the immediate competitive takeaway is clear: more rivals will be chasing the same middle-market audit, advisory and private-client accounts, while also bidding harder for experienced talent in New York, Chicago and South Florida.