Likely buyers · IT Services in Norway.

1. Axcel SponsorVery High93

20 platform investments in Software & IT · 6 in Norway · 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

2. 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

3. Deutsche Beteiligungs SponsorVery High79

13 platform investments in Software & IT · 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

4. Deutsche Beteiligungs AG SponsorVery High78

12 platform investments in Software & IT · 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

5. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High78

18 platform investments in Software & IT · 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

6. VækstPartner Kapital SponsorVery High78

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

VPK Fond III · 2023 vintage · deploying · check €1-8M

9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Blue Line Industrial IT, 2025 · IT Services, Denmark

7. EQT SponsorVery High77

40 platform investments in Software & IT · 12 in Norway · 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

8. Waterland Private Equity SponsorVery High77

18 platform investments in Software & IT · 1 in Norway · 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

9. Apax Partners SponsorVery High77

35 platform investments in Software & IT · 6 in Norway · 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 Lutech, 2021 · IT Services, Italy

10. Permira SponsorVery High77

27 platform investments in Software & IT · 1 in Norway · 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

11. Apax Partners (with NewAlpha) SponsorVery High77

30 platform investments in Software & IT · 4 in Norway · 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 Lutech, 2021 · IT Services, Italy

12. Apax Partners and Inova Capital SponsorVery High77

29 platform investments in Software & IT · 4 in Norway · 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 Lutech, 2021 · IT Services, Italy

13. Apax Partners and JMI Equity SponsorVery High77

29 platform investments in Software & IT · 4 in Norway · 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 Lutech, 2021 · IT Services, Italy

14. Apax Partners SAS SponsorVery High77

29 platform investments in Software & IT · 4 in Norway · 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 Lutech, 2021 · IT Services, Italy

15. BU Bregal Unternehmerkapital SponsorVery High76

17 platform investments in Software & IT · 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

16. Standout SponsorVery High76

14 platform investments in Software & IT · 3 in Norway · 5 deals 2024–26

Standout Capital II · 2021 vintage · partially deployed · check €3-23M

9 platform investments since the 2021 vintage · largely deployed vs its usual 9 per fund.

Bought Group Online from CataCap Management, 2026 · IT Services, Denmark

17. Sophora Unternehmerkapital SponsorVery High76

5 platform investments in Software & IT · 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

18. Nordic Capital SponsorVery High75

27 platform investments in Software & IT · 16 in Norway · 14 deals 2024–26

AUM €39.0B · Nordic Capital Fund XI · 2023 vintage · deploying · check €180M-1.4B

15 platform investments since the 2023 vintage · mid-deployment vs its usual 22 per fund.

Backed Foxway, 2023 · IT Services, Sweden

19. YFM Equity Partners SponsorVery High75

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

AUM €878M · YFM Buyout Fund III · 2023 vintage · deploying · check €2-17M

32 platform investments since the 2023 vintage · largely deployed vs its usual 20 per fund.

Backed The Networking People (TNP), 2025 · IT Services, UK

20. Oakley Capital SponsorVery High75

15 platform investments in Software & IT · 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

21. Via Equity SponsorVery High75

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

AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M

9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Sonat, 2023 · IT Services, Norway

22. Swanlaab Venture Factory SponsorVery High75

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

23. Alkemia SGR SponsorVery High75

8 platform investments in Software & IT · 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 Izertis, 2026 · IT Services, Spain

24. 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 Theodo, 2015 · IT Services, France

25. Bpifrance Investissement SponsorVery High74

5 platform investments in Software & IT · 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 Softway Medical, 2025 · IT Services, France