Likely buyers · Software in Germany.

1. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High92

18 platform investments in Software & IT · 32 in Germany · 15 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

2. Deutsche Beteiligungs AG SponsorVery High88

12 platform investments in Software & IT · 85 in Germany · 9 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed Totalmobile, 2026 · Software, UK

3. Deutsche Beteiligungs SponsorVery High88

13 platform investments in Software & IT · 80 in Germany · 10 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed Totalmobile, 2026 · Software, UK

4. bm-t Beteiligungsmanagement Thueringen SponsorVery High88

6 platform investments in Software & IT · 28 in Germany · 13 deals 2024–26

AUM €465M · Mittelstands-Fonds Thueringen II (MFT II) · 2025 vintage · deploying · check €0-3M

Accelerating: 8 deals in the last 2 years vs 2.5/yr before.

Backed Leapter, 2025 · Software, Germany

5. Isai Gestion SponsorVery High87

61 platform investments in Software & IT · 1 in Germany · 30 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed ProcurePro, 2026 · Software, Australia

6. BU Bregal Unternehmerkapital SponsorVery High87

17 platform investments in Software & IT · 32 in Germany · 14 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Safety21, 2026 · Software, Italy

7. Via Equity SponsorVery High86

27 platform investments in Software & IT · 4 in Germany · 8 deals 2024–26

AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M

9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Robopack Group, 2026 · Software, Denmark

8. Hg SponsorVery High85

48 platform investments in Software & IT · 19 in Germany · 22 deals 2024–26

AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M

24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Parte, 2025 · Software, Belgium

9. Axcel SponsorVery High85

20 platform investments in Software & IT · 1 in Germany · 14 deals 2024–26

Axcel VII · 2023 vintage · deploying · check €26-194M

15 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed KapitalKontroll, 2026 · Software, Norway

10. Oakley Capital SponsorVery High84

15 platform investments in Software & IT · 15 in Germany · 20 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Senef, 2026 · Software, France

11. TeamSystem PE-backedVery High83

86 acquisitions in Software & IT · 28 deals 2024–26

Added on ACD (ACD Finances), 2026 · Software, France

12. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High83

15 platform investments in Software & IT · 13 in Germany · 19 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

10 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Senef, 2026 · Software, France

13. Capmont SponsorVery High83

16 platform investments in Software & IT · 32 in Germany · 16 deals 2024–26

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

16 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Boost Inc, 2025 · Software, Germany

14. AFINUM Management GmbH SponsorVery High83

14 platform investments in Software & IT · 24 in Germany · 9 deals 2024–26

AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M

2 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Fairbanks, 2026 · SaaS, Netherlands

15. BID Equity Continuation Fund I SCSp SponsorVery High83

12 platform investments in Software & IT · 14 in Germany · 9 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 7 deals in the last 2 years vs 2.0/yr before.

Backed TinyMDM, 2025 · Software, France

16. BID Equity SponsorVery High82

11 platform investments in Software & IT · 13 in Germany · 7 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

5 platform investments since the 2025 vintage · largely deployed vs its usual 5 per fund.

Backed TinyMDM, 2025 · Software, France

17. GSG GENII Software Group PE-backedVery High82

13 acquisitions in Software & IT · 8 in Germany · 4 deals 2024–26 · add-on program under BU Bregal Unternehmerkapital

Buy and build · 9 add-ons in 4 yrs

Active in Germany since 2022.

Added on Inlog SAS, 2025 · Software, France

18. NORD Holding SponsorVery High81

9 platform investments in Software & IT · 40 in Germany · 15 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Backed Oehm und Rehbein GmbH (OR Technology), 2025 · Software, Germany

19. NORD Holding / Pinova Capital SponsorVery High81

10 platform investments in Software & IT · 37 in Germany · 12 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 10 deals in the last 2 years vs 2.5/yr before.

Backed Oehm und Rehbein GmbH (OR Technology), 2025 · Software, Germany

20. Elvaston Capital SponsorVery High81

27 platform investments in Software & IT · 20 in Germany · 3 deals 2024–26

AUM €3.0B · Elvaston Capital Fund VI · 2024 vintage · deploying · check €17-124M

3 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.

Backed ERP GmbH, 2025 · Software, Germany

21. Maguar Capital SponsorVery High81

5 platform investments in Software & IT · 9 in Germany · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed hsbcad, 2024 · Software, Belgium

22. FLEX Capital SponsorVery High81

11 platform investments in Software & IT · 10 in Germany · 7 deals 2024–26

AUM €426M · FLEX Capital Fund II · 2022 vintage · partially deployed · check €6-45M

8 platform investments since the 2022 vintage · largely deployed vs its usual 6 per fund.

Backed 3C Deutschland, 2025 · Software, Germany

23. Maguar Capital Partners SponsorVery High81

4 platform investments in Software & IT · 7 in Germany · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed hsbcad, 2024 · Software, Belgium

24. Sophora Unternehmerkapital SponsorVery High81

5 platform investments in Software & IT · 4 in Germany · 5 deals 2024–26

Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M

Accelerating: 4 deals in the last 2 years vs 0.8/yr before.

Backed SQUER, 2026 · IT Services, Austria

25. EQT SponsorVery High80

40 platform investments in Software & IT · 40 in Germany · 51 deals 2024–26

AUM €291.0B · EQT X · 2023 vintage · deploying · check €440M-3.3B

53 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Bought Next One Technology from Monterro, 2024 · Software, Sweden