Likely buyers · Aerospace & Defence in Italy.

1. PAI Partners SponsorVery High93

33 platform investments in Industrials · 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 Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

2. PAI Partners (Fund VIII) SponsorVery High87

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

3. PAI Partners (Mid-Market Fund) SponsorVery High87

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

4. PAI Partners (Mid-Market) SponsorVery High87

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

5. PAI Partners / ADIA SponsorVery High87

29 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

6. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High87

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

7. IGI Private Equity SponsorVery High87

18 platform investments in Industrials · 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

8. Bpifrance Investissement SponsorVery High85

27 platform investments in Industrials · 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 Novakamp, 2026 · Aerospace & Defence, France

9. DUBAG Group SponsorVery High85

14 platform investments in Industrials · 2 in Italy · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

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

Backed HTSP (Holcim Technical Solutions and Products), 2026 · Aerospace & Defence, Germany

10. Ardian, Finint Infrastrutture SponsorVery High80

126 platform investments in Industrials · 48 in Italy · 43 deals 2024–26

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

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

Backed Munich Electrification, 2026 · Industrials, Germany

11. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High80

10 platform investments in Industrials · 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

12. Sodero Gestion, CENCD SponsorVery High79

16 platform investments in Industrials · 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 Coraxes, 2025 · Aerospace & Defence, France

13. The Equity Club SponsorVery High79

5 platform investments in Industrials · 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 Forgital Group, 2025 · Aerospace & Defence, Italy

14. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High79

5 platform investments in Industrials · 7 deals 2024–26

AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland

15. Ardian SponsorVery High78

137 platform investments in Industrials · 57 in Italy · 51 deals 2024–26

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

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

Backed Munich Electrification, 2026 · Industrials, Germany

16. Omnes Capital SponsorVery High78

20 platform investments in Industrials · 8 in Italy · 11 deals 2024–26

AUM €6.7B · Capenergie 5 · 2024 vintage · deploying · check €41-308M

11 platform investments since the 2024 vintage · mid-deployment vs its usual 15 per fund.

Backed ARX Robotics, 2025 · Aerospace & Defence, Germany

17. Waterland Private Equity SponsorVery High78

38 platform investments in Industrials · 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 Celestia, 2021 · Aerospace & Defence, Netherlands

18. Audacia SponsorVery High78

21 platform investments in Industrials · 1 in Italy · 27 deals 2024–26

AUM €2.8B · Audacia Capital Développement IV · 2023 vintage · deploying · check €4-30M

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

Backed ZODIAC MILPRO, 2022 · Aerospace & Defence, France

19. Sviluppo Imprese Centro Italia SGR SponsorVery High78

26 platform investments in Industrials · 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 Comi Aerospace, 2023 · Aerospace & Defence, Italy

20. Xenon Private Equity SponsorVery High78

12 platform investments in Industrials · 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 Grincore, 2025 · Industrials, Italy

21. EQT SponsorVery High77

51 platform investments in Industrials · 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.

Bought Ocea Group from ICG, 2024 · Aerospace & Defence, France

22. InnovaFonds SponsorVery High77

50 platform investments in Industrials · 18 deals 2024–26

AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M

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

Bought Fleuret from iXO Private Equity, 2025 · Aerospace & Defence, France

23. BU Bregal Unternehmerkapital SponsorVery High77

10 platform investments in Industrials · 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 A.Eberle, 2026 · Industrials, Germany

24. EMK Capital SponsorVery High77

14 platform investments in Industrials · 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

25. Ardian Clean Energy Evergreen Fund SponsorVery High76

126 platform investments in Industrials · 48 in Italy · 44 deals 2024–26

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

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

Backed Munich Electrification, 2026 · Industrials, Germany