Likely buyers · Deep Tech in Belgium.

1. Hg SponsorVery High78

48 platform investments in Software & IT · 4 in Belgium · 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

2. EQT SponsorVery High77

40 platform investments in Software & IT · 5 in Belgium · 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

3. Waterland Private Equity SponsorVery High76

18 platform investments in Software & IT · 36 in Belgium · 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

4. 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

5. AFINUM Management GmbH SponsorVery High76

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

6. Apax Partners SponsorVery High75

35 platform investments in Software & IT · 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

7. Deutsche Beteiligungs SponsorVery High75

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.

Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

8. 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

9. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High75

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.

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

10. 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 Situm, 2019 · Deep Tech, Spain

11. Sophora Unternehmerkapital SponsorVery High75

5 platform investments in Software & IT · 1 in Belgium · 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

12. 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

13. Apax Partners (with NewAlpha) SponsorVery High74

30 platform investments in Software & IT · 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

14. Apax Partners and Inova Capital SponsorVery High74

29 platform investments in Software & IT · 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

15. Apax Partners and JMI Equity SponsorVery High74

29 platform investments in Software & IT · 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

16. Apax Partners SAS SponsorVery High74

29 platform investments in Software & IT · 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

17. Ring Capital SponsorVery High74

10 platform investments in Software & IT · 2 in Belgium · 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

18. 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

19. Maguar Capital SponsorVery High74

5 platform investments in Software & IT · 1 in Belgium · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

20. Maguar Capital Partners SponsorVery High74

4 platform investments in Software & IT · 1 in Belgium · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

21. Nordic Capital SponsorVery High73

27 platform investments in Software & IT · 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.

Bought Evosep from Eifo, 2025 · Deep Tech, Denmark

22. Deutsche Beteiligungs AG SponsorVery High73

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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

23. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High73

15 platform investments in Software & IT · 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

24. BU Bregal Unternehmerkapital SponsorVery High73

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 Safety21, 2026 · Software, Italy

25. Meanings Capital Partners SponsorVery High73

9 platform investments in Software & IT · 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