Likely buyers · Business Services in Poland.

1. Triton Partners SponsorVery High85

35 platform investments in Business Services · 10 deals 2024–26

AUM €18.5B · Triton Fund VI · 2026 vintage · deploying · check €110-825M

3 platform investments since the 2026 vintage · early in deployment vs its usual 11 per fund.

Backed formicon, 2026 · Business Services, Germany

2. Permira SponsorVery High85

19 platform investments in Business Services · 1 in Poland · 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 Carne from Vitruvian Partners, 2026 · Business Services, Ireland

3. Axcel SponsorVery High85

13 platform investments in Business Services · 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.

Bought Geomatikk Group from Hg, 2026 · Business Services, Norway

4. Waterland Private Equity SponsorVery High84

41 platform investments in Business Services · 3 in Poland · 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 Auren, 2025 · Business Services, Spain

5. EQT SponsorVery High83

37 platform investments in Business Services · 1 in Poland · 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 Eagle Railcar Services, 2025 · Business Services, US

6. IK Partners SponsorVery High83

50 platform investments in Business Services · 2 in Poland · 52 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

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

Backed Selatek, 2026 · Business Services, Sweden

7. IK Partners (IK Small Cap III) SponsorVery High83

46 platform investments in Business Services · 2 in Poland · 39 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

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

Backed Selatek, 2026 · Business Services, Sweden

8. IK Partners / GIC / Keensight / Parquest / management SponsorVery High83

46 platform investments in Business Services · 2 in Poland · 38 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

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

Backed Selatek, 2026 · Business Services, Sweden

9. PAI Partners SponsorVery High83

27 platform investments in Business Services · 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.

Backed Arlettie, 2026 · Business Services, France

10. Isai Gestion SponsorVery High83

6 platform investments in Business Services · 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 APL Data Center, 2026 · Business Services, France

11. PAI Partners (Fund VIII) SponsorVery High83

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

12. PAI Partners (Mid-Market Fund) SponsorVery High83

25 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

13. PAI Partners (Mid-Market) SponsorVery High83

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

14. PAI Partners / ADIA SponsorVery High83

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

15. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High83

24 platform investments in Business Services · 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 Arlettie, 2026 · Business Services, France

16. Argos Wityu SponsorVery High83

10 platform investments in Business Services · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed Star7, 2026 · Business Services, Italy

17. NORD Holding SponsorVery High83

7 platform investments in Business Services · 15 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Backed IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, Germany

18. Turenne Groupe SponsorVery High82

37 platform investments in Business Services · 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 EXEN, 2026 · Business Services, France

19. Inflexion SponsorVery High82

20 platform investments in Business Services · 27 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.

Backed Ranger Fire & Security, 2026 · Business Services, UK

20. MML Capital SponsorVery High82

20 platform investments in Business Services · 16 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed RTM Engineering Consultants, 2026 · Business Services, US

21. MML Capital + Bpifrance SponsorVery High82

21 platform investments in Business Services · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed RTM Engineering Consultants, 2026 · Business Services, US

22. MML Capital Partners SponsorVery High82

20 platform investments in Business Services · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed RTM Engineering Consultants, 2026 · Business Services, US

23. Inflexion (Partnership Capital III) SponsorVery High82

18 platform investments in Business Services · 25 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

Accelerating: 15 deals in the last 2 years vs 5.0/yr before.

Backed Ranger Fire & Security, 2026 · Business Services, UK

24. Initiative & Finance SponsorVery High81

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France

25. Initiative & Finance (FCPR I) with Thierry Suin (MBO) SponsorVery High81

31 platform investments in Business Services · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed OPUS FORMATION, 2026 · Business Services, France