Equity pathways, training, and culture—not payouts—will determine which firms thrive in the P.E. era.

Big 4 Transparency
By Dominic Piscopo, CPA
For CPA Trendlines

In an era when private equity’s arrival in public accounting has been met with suspicion, Nishaad Ruparel is reshaping the narrative. As president of Ascend, a $400+ million PE-backed platform that has quietly acquired or partnered with 17 accounting firms in just two years, Ruparel joins the Big 4 Transparency show to unpack what’s driving this wave and why it may be an interesting path forward for talent, succession, and innovation. 

Unlike the caricature of firms selling to PE “grabbing the bag,” Ruparel says the firm leaders choosing to join Ascend are doing it not for a quick payday, but for future growth and legacy. 

“These firms are looking at their clients and saying, ‘I’ve served this market for 50 years - how do I keep doing that in a way that’s synonymous with excellence?’” Ruparel explains. “Then they look at their people, at their deep bench, and ask how they can secure their future. And they realize: the cost of independence is rising fast.”