Audax Private Equity recapitalizes Keystone

● PLATFORM | OTHER · Professional Services

JANUARY 15, 2026

Audax Private Equity recapitalizes Keystone (RLH Equity Partners)

TARGET

Keystone provides economics, strategy, and technology advisory consulting to global technology enterprises, law firms, and regulators on competition, litigation, and regulatory matters.

Ownership	PE-backed · RLH Equity Partners (prior owner); RLH Equity Partners
Capital raised	$100 million
Headcount	456 FTEs
Headquarters	San Francisco, California
Leadership	Jeff Marowits, CEO Greg Richards, former Keystone CEO and CEO of Keystone.AI (Keystone.AI)
Sell-side leads	Kevin Cantrell, Managing Director (RLH Equity Partners)
Sell-side advisor	Guggenheim Securities; Goldman Sachs

ACQUIRER

Audax Private Equity

Buy-side advisor

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Audax Private Equity -> Keystone  (2026-09-18)
recapitalization | Other | announced
Target: Keystone provides economics, strategy, and technology advisory consulting to global technology enterprises, law firms, and regulators on competition, litigation, and regulatory matters.
Website: keystone.com | Buyer site: audaxprivateequity.com
HQ: San Francisco, California | Ownership: pe-backed | Seller: RLH Equity Partners
Advisors - Sell-side: Guggenheim Securities; Goldman Sachs
Source: Thematic - https://thematichq.com/software/d/audax-private-equity-keystone.html

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