Likely buyers · in Italy.

1. PAI Partners SponsorVery High75

16 in Italy · 26 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Bought Arlettie from BNP Paribas Developpement, 2026 · Consumer, France

2. IGI Private Equity SponsorVery High75

19 in Italy · 8 deals 2024–26

AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying

Accelerating: 6 deals in the last 2 years vs 1.3/yr before.

Backed WeBlade, 2026 · Industrials, Italy

3. PAI Partners (Fund VIII) SponsorVery High74

12 in Italy · 17 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Backed Arlettie, 2026 · Business Services, France

4. PAI Partners (Mid-Market Fund) SponsorVery High74

12 in Italy · 16 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Backed Arlettie, 2026 · Business Services, France

5. PAI Partners (Mid-Market) SponsorVery High74

12 in Italy · 16 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Backed Arlettie, 2026 · Business Services, France

6. PAI Partners / ADIA SponsorVery High74

12 in Italy · 17 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Backed Arlettie, 2026 · Business Services, France

7. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High74

12 in Italy · 16 deals 2024–26

AUM €33.0B · PAI Mid-Market Fund II · 2025 vintage · deploying

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

Backed Arlettie, 2026 · Business Services, France

8. Wise Equity SGR SponsorVery High74

31 in Italy · 7 deals 2024–26

Wisequity VI · 2023 vintage · deploying · check €8-60M

7 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed FAS International, 2026 · Industrials, Italy

9. The Equity Club SponsorVery High74

15 in Italy · 6 deals 2024–26

The Equity Club 2.0 · 2024 vintage · deploying

6 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.

Backed CareHub, 2026 · Healthcare, Italy

10. Arca Space Capital SponsorVery High74

6 in Italy · 5 deals 2024–26

AUM €206M · Arca Space Capital · 2023 vintage · deploying · check €4-31M

Active in Italy since 2023.

Backed Gruppo Maffei, 2026 · Consumer, Italy

11. Argos Wityu SponsorVery High73

18 in Italy · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

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

Backed Relevi, 2026 · Consumer, Spain

12. Argos Wityu / Management SponsorVery High73

14 in Italy · 9 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

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

Backed Relevi, 2026 · Consumer, Spain

13. Argos Wityu and Bpifrance SponsorVery High73

14 in Italy · 10 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

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

Backed Relevi, 2026 · Consumer, Spain

14. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High73

5 in Italy · 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.

Backed A.Eberle, 2026 · Industrials, Germany

15. Quadrivio Group SponsorVery High73

28 in Italy · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Alice Pizza, 2026 · Hospitality, Italy

16. Xenon Private Equity SponsorVery High73

23 in Italy · 9 deals 2024–26

AUM €1.0B · Xenon Private Equity Small Cap II · 2025 vintage · deploying · check €3-20M

5 platform investments since the 2025 vintage · largely deployed vs its usual 3 per fund.

Backed Eles, 2026 · Deep Tech, Italy

17. Alkemia SGR SponsorVery High73

19 in Italy · 8 deals 2024–26

AUM €270M · Food Excellence I · 2025 vintage · deploying

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Circle Group, 2026 · Software, Italy

18. Riello Investimenti SGR SponsorVery High73

16 in Italy · 8 deals 2024–26

AUM €250M · Buy&Build Opportunities - Private Equity IV · 2025 vintage · deploying

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Backed Foreverland, 2026 · FoodTech, Italy

19. Koinos Capital SponsorVery High73

12 in Italy · 9 deals 2024–26

Italian Founders Fund · 2024 vintage · deploying · check €2-14M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Klearly, 2026 · Fintech, Netherlands

20. Sviluppo Imprese Centro Italia SGR SponsorVery High72

69 in Italy · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed Uniport Livorno, 2026 · Logistics, Italy

21. Investindustrial SponsorVery High72

25 in Italy · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

22. Investindustrial and Sammontana SponsorVery High72

23 in Italy · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

23. EMK Capital SponsorVery High72

7 in Italy · 13 deals 2024–26

AUM €7.0B · EMK Capital Partners III · 2023 vintage · deploying · check €60-450M

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

Bought Argos Surface Technologies from Gradiente SGR, 2025 · Mobility, Italy

24. AnaCap Financial Partners SponsorVery High72

3 in Italy · 6 deals 2024–26

AUM €1.9B · AnaCap Buyout II · 2024 vintage · deploying · check €6-48M

6 platform investments since the 2024 vintage · largely deployed vs its usual 6 per fund.

Backed CDR, 2026 · Business Services, Italy

25. Fondo Italiano d'Investimento SGR SponsorVery High72

28 in Italy · 10 deals 2024–26

AUM €4.3B · Fondo Italiano Consolidamento e Crescita II (FICC II) · 2023 vintage · deploying

14 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed BV Tech, 2025 · Cybersecurity, Italy