Likely buyers · AI/ML in France.

1. Oakley Capital SponsorVery High84

15 platform investments in Software & IT · 7 in France · 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

2. EQT SponsorVery High83

40 platform investments in Software & IT · 12 in France · 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 Lovable, 2025 · AI/ML, Sweden

3. Isai Gestion SponsorVery High83

61 platform investments in Software & IT · 111 in France · 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 Tinyclues, 2017 · AI/ML, France

4. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High81

15 platform investments in Software & IT · 6 in France · 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

5. Swanlaab Venture Factory SponsorVery High81

12 platform investments in Software & IT · 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 Dolfin, 2026 · AI/ML, Spain

6. TeamSystem PE-backedVery High80

86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26

Active in France since 2024.

Added on Normo.ai, 2025 · AI/ML, Italy

7. Bpifrance Investissement SponsorVery High80

5 platform investments in Software & IT · 89 in France · 35 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 30 deals in the last 2 years vs 4.5/yr before.

Backed Sekoia.io, 2025 · Cybersecurity, France

8. Hg SponsorVery High80

48 platform investments in Software & IT · 5 in France · 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 CUBE from Bregal Milestone, 2024 · AI/ML, UK

9. Ring Capital SponsorVery High80

10 platform investments in Software & IT · 52 in France · 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 Bodyguard, 2022 · AI/ML, France

10. Meanings Capital Partners SponsorVery High80

9 platform investments in Software & IT · 15 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

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

Backed Instant System, 2026 · Software, France

11. Turenne Groupe SponsorVery High79

25 platform investments in Software & IT · 311 in France · 34 deals 2024–26

AUM €2.0B · Capital Sante 3 · 2025 vintage · deploying · check €3-21M

20 platform investments since the 2025 vintage · early in deployment vs its usual 80 per fund.

Backed M&C3i, 2026 · Software, France

12. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79

19 platform investments in Software & IT · 138 in France · 25 deals 2024–26

AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M

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

Backed D-AIM, 2020 · AI/ML, France

13. Arkea Capital Partenaire SponsorVery High79

19 platform investments in Software & IT · 137 in France · 25 deals 2024–26

AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M

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

Backed D-AIM, 2020 · AI/ML, France

14. Irdi Capital-Investissement SponsorVery High78

34 platform investments in Software & IT · 131 in France · 33 deals 2024–26

AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M

76 platform investments since the 2021 vintage · largely deployed vs its usual 26 per fund.

Backed DONECLE, 2026 · AI/ML, France

15. Capital Croissance SponsorVery High78

16 platform investments in Software & IT · 44 in France · 20 deals 2024–26

AUM €950M · Club des entrepreneurs Capital Croissance · 2025 vintage · deploying · check €2-15M

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

Backed Qomon, 2025 · SaaS, France

16. Meanings Capital Partners with Bpifrance SponsorVery High78

8 platform investments in Software & IT · 16 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

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

Backed Instant System, 2026 · Software, France

17. Apax Partners SponsorVery High77

35 platform investments in Software & IT · 16 in France · 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 RapidSOS, 2025 · AI/ML, US

18. Entrepreneur Invest SponsorVery High77

34 platform investments in Software & IT · 100 in France · 11 deals 2024–26

AUM €1.8B · FPCI Entrepreneurs & Croissance N°5 · 2022 vintage · partially deployed · check €3-23M

32 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.

Backed Groupe Pandora, 2026 · Software, France

19. Apax Partners (with NewAlpha) SponsorVery High77

30 platform investments in Software & IT · 8 in France · 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 RapidSOS, 2025 · AI/ML, US

20. Apax Partners and Inova Capital SponsorVery High77

29 platform investments in Software & IT · 7 in France · 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 RapidSOS, 2025 · AI/ML, US

21. Apax Partners and JMI Equity SponsorVery High77

29 platform investments in Software & IT · 7 in France · 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 RapidSOS, 2025 · AI/ML, US

22. Apax Partners SAS SponsorVery High77

29 platform investments in Software & IT · 7 in France · 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 RapidSOS, 2025 · AI/ML, US

23. Sodero Gestion, CENCD SponsorVery High77

5 platform investments in Software & IT · 40 in France · 22 deals 2024–26

AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M

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

Backed Kermap, 2022 · AI/ML, France

24. River Capital SponsorVery High77

6 platform investments in Software & IT · 9 deals 2024–26

AUM €153M · North West Private Equity Fund · 2023 vintage · deploying · check €0-2M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed Deltabase, 2026 · AI/ML, UK

25. Visma PE-backedHigh76

164 acquisitions in Software & IT · 9 in France · 55 deals 2024–26 · add-on program under General Atlantic / Hg

Platform held 6 yrs · likely exiting

Active in France since 2022.

Added on Finmatics, 2025 · AI/ML, Austria