Likely buyers · Deep Tech in Italy.

1. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High83

18 platform investments in Software & IT · 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.

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

2. TeamSystem PE-backedVery High81

86 acquisitions in Software & IT · 85 in Italy · 28 deals 2024–26

Active in Italy since 2007.

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

3. Alkemia SGR SponsorVery High81

8 platform investments in Software & IT · 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

4. Apax Partners SponsorVery High79

35 platform investments in Software & IT · 6 in Italy · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Sedex, 2026 · Data & Analytics, UK

5. Swanlaab Venture Factory SponsorVery High79

12 platform investments in Software & IT · 1 in Italy · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Situm, 2019 · Deep Tech, Spain

6. Apax Partners (with NewAlpha) SponsorVery High78

30 platform investments in Software & IT · 4 in Italy · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Sedex, 2026 · Data & Analytics, UK

7. Apax Partners and Inova Capital SponsorVery High78

29 platform investments in Software & IT · 4 in Italy · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Sedex, 2026 · Data & Analytics, UK

8. Apax Partners and JMI Equity SponsorVery High78

29 platform investments in Software & IT · 4 in Italy · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Sedex, 2026 · Data & Analytics, UK

9. Apax Partners SAS SponsorVery High78

29 platform investments in Software & IT · 5 in Italy · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Sedex, 2026 · Data & Analytics, UK

10. Oakley Capital SponsorVery High78

15 platform investments in Software & IT · 4 in Italy · 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

11. BU Bregal Unternehmerkapital SponsorVery High78

17 platform investments in Software & IT · 4 in Italy · 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

12. Xenon Private Equity SponsorVery High78

4 platform investments in Software & IT · 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

13. Deutsche Beteiligungs SponsorVery High77

13 platform investments in Software & IT · 4 in Italy · 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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

14. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High77

15 platform investments in Software & IT · 4 in Italy · 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

15. EQT SponsorVery High76

40 platform investments in Software & IT · 3 in Italy · 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 VTI Technologies, 2002 · Deep Tech, Finland

16. Deutsche Beteiligungs AG SponsorVery High76

12 platform investments in Software & IT · 4 in Italy · 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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

17. Axcel SponsorVery High76

20 platform investments in Software & IT · 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

18. Fondo Italiano d'Investimento SGR SponsorVery High76

9 platform investments in Software & IT · 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 Seco, 2018 · Deep Tech, Italy

19. Hg SponsorVery High75

48 platform investments in Software & IT · 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 OneStream, 2026 · SaaS, US

20. Ring Capital SponsorVery High75

10 platform investments in Software & IT · 1 in Italy · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed HyLight, 2024 · Deep Tech, France

21. Isai Gestion SponsorVery High74

61 platform investments in Software & IT · 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

22. Permira SponsorVery High74

27 platform investments in Software & IT · 9 in Italy · 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

23. Capmont SponsorVery High74

16 platform investments in Software & IT · 1 in Italy · 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 Celus, 2022 · Deep Tech, Germany

24. AFINUM Management GmbH SponsorVery High74

14 platform investments in Software & IT · 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

25. Cipio Partners SponsorVery High74

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

Cipio Partners Fund VIII · 2021 vintage · partially deployed · check €4-30M

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

Backed Isar Aerospace, 2026 · Deep Tech, Germany