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Buyer landscape

Likely buyers · EdTech in Spain.

Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 46 verified exits: 46% to sponsors, 54% to corporates and platforms. Route shift since 2020: sponsors 45% (was 48%), corporates and platforms 51% (was 47%), IPO 1% (was 4%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 9 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.

Financial buyers · 25

Tier 1 · Very High · score 70+

1. EQT SponsorVery High80

37 platform investments in Business Services · 13 in Spain · 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 itslearning from Creandum, 2013 · EdTech, Norway

2. PAI Partners SponsorVery High80

27 platform investments in Business Services · 12 in Spain · 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.

Backed Arlettie, 2026 · Business Services, France

3. Ardian SponsorVery High79

88 platform investments in Business Services · 27 in Spain · 52 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

4. PAI Partners (Fund VIII) SponsorVery High79

24 platform investments in Business Services · 9 in Spain · 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

5. PAI Partners (Mid-Market Fund) SponsorVery High79

25 platform investments in Business Services · 9 in Spain · 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 (Mid-Market) SponsorVery High79

24 platform investments in Business Services · 9 in Spain · 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

7. PAI Partners / ADIA SponsorVery High79

24 platform investments in Business Services · 9 in Spain · 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

8. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High79

24 platform investments in Business Services · 9 in Spain · 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

9. Argos Wityu SponsorVery High79

10 platform investments in Business Services · 1 in Spain · 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 Star7, 2026 · Business Services, Italy

10. Ardian Clean Energy Evergreen Fund SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 45 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

11. Ardian Mid Cap Buyout SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

12. Ardian (Clean Energy Evergreen Fund) SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

13. Ardian (ex-AXA Private Equity) SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

14. Ardian / Crédit Agricole Assurances consortium SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

15. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High78

82 platform investments in Business Services · 22 in Spain · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

16. Ardian and Centerbridge Partners SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

17. Ardian and GoldenTree Asset Management SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

18. Ardian and Latour Capital SponsorVery High78

82 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

19. Ardian Expansion SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

20. Ardian Expansion (Fund V) SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

21. Ardian Semiconductor SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

22. Ardian Tikehau EMZ consortium SponsorVery High78

82 platform investments in Business Services · 22 in Spain · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

23. Ardian, Finint Infrastrutture SponsorVery High78

81 platform investments in Business Services · 22 in Spain · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Blueprint HR Software Solutions, 2025 · Business Services, India

24. Bridgepoint SponsorVery High78

20 platform investments in Business Services · 7 in Spain · 43 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

25. Waterland Private Equity SponsorVery High78

41 platform investments in Business Services · 3 in Spain · 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 The Rent Company, 2019 · EdTech, Netherlands

Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.