Likely buyers · IT Services in Germany.

1. Deutsche Beteiligungs SponsorVery High89

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.

Bought MAIT from 3i, 2025 · IT Services, Germany

2. Deutsche Beteiligungs AG SponsorVery High87

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 MAIT, 2025 · IT Services, Germany

3. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High87

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.

Backed Communardo, 2024 · IT Services, Germany

4. Axcel SponsorVery High86

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 Bekk, 2026 · IT Services, Norway

5. BU Bregal Unternehmerkapital SponsorVery High85

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 Communardo, 2024 · IT Services, Germany

6. Sophora Unternehmerkapital SponsorVery High84

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

7. 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

8. Hg SponsorVery High82

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.

Bought IT Relation from Adelis Equity, 2018 · IT Services, Denmark

9. NORD Holding SponsorVery High82

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 VisionmaxX Gruppe, 2026 · IT Services, Germany

10. NORD Holding / Pinova Capital SponsorVery High82

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 VisionmaxX Gruppe, 2026 · IT Services, Germany

11. Waterland Private Equity SponsorVery High81

18 platform investments in Software & IT · 32 in Germany · 39 deals 2024–26

Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M

48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.

Backed Netconomy, 2025 · IT Services, Austria

12. 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.

Backed Perficient, 2024 · IT Services, US

13. Permira SponsorVery High80

27 platform investments in Software & IT · 13 in Germany · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

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

Bought The Key Group from CBPE Capital, 2025 · IT Services, UK

14. Inflexion SponsorVery High80

8 platform investments in Software & IT · 5 in Germany · 27 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.

Backed FDM UK, 2024 · IT Services, UK

15. Oakley Capital SponsorVery High80

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.

Bought Senef from Isatis Capital, 2026 · SaaS, France

16. Capmont SponsorVery High80

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

17. Armira SponsorVery High80

8 platform investments in Software & IT · 23 in Germany · 12 deals 2024–26

AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Backed MobiLab Solutions, 2023 · IT Services, Germany

18. BID Equity Continuation Fund I SCSp SponsorVery High80

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.

Bought everii from BID Equity, 2025 · SaaS, Germany

19. Queka Real Partners SponsorVery High80

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

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

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

Backed B2group, 2025 · IT Services, Spain

20. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High79

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

21. bm-t Beteiligungsmanagement Thueringen SponsorVery High79

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

22. Maguar Capital SponsorVery High79

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 GlobalSuite Solutions, 2026 · Cybersecurity, Spain

23. Maguar Capital Partners SponsorVery High79

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 GlobalSuite Solutions, 2026 · Cybersecurity, Spain

24. Isai Gestion SponsorVery High78

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 Theodo, 2015 · IT Services, France

25. Inflexion (Partnership Capital III) SponsorVery High78

8 platform investments in Software & IT · 4 in Germany · 25 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

Accelerating: 15 deals in the last 2 years vs 5.0/yr before.

Backed FDM UK, 2024 · IT Services, UK