We are advising Lightyear Capital and Schellman on the transaction

Davis Polk is advising Lightyear Capital and its portfolio company Schellman on Schellman’s strategic investment from Private Equity at Goldman Sachs Alternatives. Following the transaction, Lightyear Capital, which has been the majority investor in Schellman since 2021, will remain a minority investor in the company. The transaction is expected to close in the second quarter of 2026, subject to customary regulatory approvals. Financial terms of the transaction were not disclosed.

Lightyear Capital is a New York based private equity firm that partners with growing companies at the nexus of financial services and technology, healthcare and business services. For over 25 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisers and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2025, the firm had assets under management of $8.1 billion.

Schellman is a leading global provider of attestation and compliance services, enabling enterprises to build trust, meet regulatory demands and scale with confidence. Schellman delivers industry-recognized assessments — including SOC, ISO, FedRAMP, PCI, HITRUST, CMMC and AI governance — that help the world’s most demanding organizations satisfy customers and unlock growth. Schellman is a top 50 CPA firm and the world’s first ANAB-accredited ISO 42001 certification body.

Established in 1986, Private Equity at Goldman Sachs Alternatives has invested over $75 billion since inception. The business combines a global network of relationships, unique insight across markets, industries and regions, and the worldwide resources of Goldman Sachs to build businesses and accelerate value creation across its portfolios.

The Davis Polk corporate team includes partner Michael Davis and associates Ryan Olson, Yi Bao and Ding Yuan. Partner Ethan R. Goldman and associate Zoey Chau are providing tax advice. Partner Adam Kaminsky is providing executive compensation advice. Partner Robert F. Smith and associate Zachary Wells are providing sponsor finance advice. Partner Pritesh P. Shah is providing intellectual property advice. Members of the Davis Polk team are based in the New York and Washington DC offices.

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