Likely buyers · Biotech in Italy.

1. Merieux Equity Partners / Vitruvian Partners SponsorVery High81

57 platform investments in Healthcare · 7 deals 2024–26

AUM €1.6B · Mérieux Participations 5 · 2026 vintage · deploying · check €7-50M

3 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.

Backed Ona Therapeutics, 2026 · Biotech, Spain

2. Bpifrance Investissement SponsorVery High80

15 platform investments in Healthcare · 38 deals 2024–26

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

Accelerating: 32 deals in the last 2 years vs 6.3/yr before.

Backed Adcendo, 2026 · Biotech, Denmark

3. ArchiMed SponsorVery High80

56 platform investments in Healthcare · 6 in Italy · 18 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.

Backed ExcellGene, 2025 · Biotech, Switzerland

4. Archimedes Partners SponsorVery High80

53 platform investments in Healthcare · 6 in Italy · 21 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.

Backed ExcellGene, 2025 · Biotech, Switzerland

5. ARCHIMED and Institut Mérieux SponsorVery High80

54 platform investments in Healthcare · 6 in Italy · 19 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.

Backed ExcellGene, 2025 · Biotech, Switzerland

6. ArchiMed and Tethys Invest SponsorVery High80

54 platform investments in Healthcare · 6 in Italy · 18 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.

Backed ExcellGene, 2025 · Biotech, Switzerland

7. Quadrivio Group SponsorVery High79

6 platform investments in Healthcare · 28 in Italy · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Biotec Italia, 2025 · MedTech, Italy

8. Audacia SponsorVery High78

9 platform investments in Healthcare · 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 Biomemory, 2025 · Biotech, France

9. PAI Partners SponsorVery High77

24 platform investments in Healthcare · 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 Nuzoa from Abac Capital, 2025 · Pharma, Spain

10. Ring Capital SponsorVery High77

10 platform investments in Healthcare · 1 in Italy · 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 Exapto, 2024 · Biotech, France

12. Turenne Groupe SponsorVery High76

55 platform investments in Healthcare · 1 in Italy · 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 Mablink, 2021 · Biotech, France

13. Novo Holdings SponsorVery High76

114 platform investments in Healthcare · 43 deals 2024–26

AUM €93.0B · Novo Holdings Bioindustrial Investments · 1999 vintage · no newer fund

142 platform investments since the 1999 vintage · largely deployed vs its usual 24 per fund.

Backed cAMPfield, 2026 · Biotech, US

14. NORD Holding SponsorVery High76

15 platform investments in Healthcare · 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.

Bought Hallmarq Veterinary Imaging from August Equity, 2026 · MedTech, UK

15. Lauxera Capital Partners SponsorVery High76

16 platform investments in Healthcare · 6 deals 2024–26

AUM €780M · Lauxera Growth II · 2025 vintage · deploying · check €10-78M

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

Backed GenePlanet, 2026 · Biotech, Slovenia

16. Ardian, Finint Infrastrutture SponsorVery High75

64 platform investments in Healthcare · 48 in Italy · 44 deals 2024–26

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

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

Backed Ourvita + HBI, 2025 · Healthcare, France

17. Inflexion SponsorVery High75

10 platform investments in Healthcare · 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.

Bought Primed from Paragon Partners, 2026 · MedTech, Germany

18. NORD Holding / Pinova Capital SponsorVery High75

12 platform investments in Healthcare · 12 deals 2024–26

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

Accelerating: 10 deals in the last 2 years vs 2.5/yr before.

Backed Hallmarq Veterinary Imaging, 2026 · MedTech, UK

19. Bridgepoint SponsorVery High74

34 platform investments in Healthcare · 2 in Italy · 43 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Bought {my}dentist (formerly IDH) from Palamon Capital Partners, 2025 · Healthcare, UK

20. Idia SponsorVery High74

12 platform investments in Healthcare · 1 in Italy · 30 deals 2024–26

AUM €2.4B · Crédit Agricole Assurances Avenir et Territoires · 2026 vintage · deploying · check €2-15M

8 platform investments since the 2026 vintage · early in deployment vs its usual 26 per fund.

Backed Lagarrigue, 2026 · Healthcare, France

21. Inflexion (Partnership Capital III) SponsorVery High74

9 platform investments in Healthcare · 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 Primed, 2026 · MedTech, Germany

22. Charterhouse Capital Partners SponsorVery High74

11 platform investments in Healthcare · 4 in Italy · 10 deals 2024–26

AUM €7.0B · Charterhouse Capital Partners XI · 2023 vintage · deploying · check €28-210M

10 platform investments since the 2023 vintage · mid-deployment vs its usual 14 per fund.

Backed Animalcare Group, 2026 · Healthcare, UK

23. UI Investissement SponsorVery High74

17 platform investments in Healthcare · 13 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.

Backed Brenus Pharma, 2024 · Biotech, France

24. UI Investissement + Bpifrance SponsorVery High74

17 platform investments in Healthcare · 13 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.

Backed Brenus Pharma, 2024 · Biotech, France

25. UI Investissement + GENEO Capital Entrepreneur + Management SponsorVery High74

17 platform investments in Healthcare · 13 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

17 platform investments since the 2023 vintage · largely deployed vs its usual 14 per fund.

Backed Brenus Pharma, 2024 · Biotech, France

11. Gilead Sciences CorporateVery High77

6 acquisitions in Healthcare · 4 deals 2024–26

Accelerating: 4 deals in the last 2 years vs 0.3/yr before.

Bought Tubulis from Athos, 2026 · Biotech, Germany