Buyer landscape
Likely buyers · HR Tech.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 1,036 verified exits: 46% to sponsors, 50% to corporates and platforms, 2% via IPO, 2% other routes. Route shift since 2020: sponsors 44% (was 48%), corporates and platforms 52% (was 48%), IPO 1% (was 4%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. YFM Equity Partners SponsorVery High83
15 platform investments in Business Services · 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 inploi, 2026 · HR Tech, UK
2. EQT SponsorVery High79
37 platform investments in Business Services · 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 InfoJobs, 2026 · HR Tech, Spain
3. Triton Partners SponsorVery High78
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
4. Permira SponsorVery High78
19 platform investments in Business Services · 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
5. MML Capital SponsorVery High78
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 Coptersafety, 2026 · Education, Finland
6. MML Capital + Bpifrance SponsorVery High78
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 Coptersafety, 2026 · Education, Finland
7. MML Capital Partners SponsorVery High78
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 Coptersafety, 2026 · Education, Finland
8. Axcel SponsorVery High78
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.
Backed LESSOR Group, 2016 · HR Tech, Denmark
9. IK Partners SponsorVery High76
50 platform investments in Business Services · 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
10. IK Partners (IK Small Cap III) SponsorVery High76
46 platform investments in Business Services · 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
11. IK Partners / GIC / Keensight / Parquest / management SponsorVery High76
46 platform investments in Business Services · 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
12. PAI Partners SponsorVery High76
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
13. Isai Gestion SponsorVery High76
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
14. PAI Partners (Fund VIII) SponsorVery High76
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 (Mid-Market Fund) SponsorVery High76
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
16. PAI Partners (Mid-Market) SponsorVery High76
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
17. PAI Partners / ADIA SponsorVery High76
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
18. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High76
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
19. Argos Wityu SponsorVery High76
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
20. NORD Holding SponsorVery High76
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
21. Inspirit Capital SponsorVery High76
9 platform investments in Business Services · 7 deals 2024–26
Inspirit Fund II · 2023 vintage · deploying · check €2-13M
12 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.
Backed Capita Private Sector Contact Centre Business, 2026 · Business Services, UK
22. Maguar Capital SponsorVery High76
9 platform investments in Business Services · 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 shyftplan, 2024 · HR Tech, Germany
23. Ardian SponsorVery High75
87 platform investments in Business Services · 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.
Bought HR Path from Andera Partners, 2024 · HR Tech, France
24. Turenne Groupe SponsorVery High75
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 LINK GROUP, 2018 · HR Tech, France
25. Waterland Private Equity SponsorVery High75
41 platform investments in Business Services · 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
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.