Likely buyers · Aerospace & Defence in Belgium.

1. PAI Partners SponsorVery High90

33 platform investments in Industrials · 5 in Belgium · 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 Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

2. Bpifrance Investissement SponsorVery High85

27 platform investments in Industrials · 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 Novakamp, 2026 · Aerospace & Defence, France

3. Waterland Private Equity SponsorVery High83

38 platform investments in Industrials · 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 Celestia, 2021 · Aerospace & Defence, Netherlands

4. PAI Partners (Fund VIII) SponsorVery High82

28 platform investments in Industrials · 4 in Belgium · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

5. PAI Partners (Mid-Market Fund) SponsorVery High82

28 platform investments in Industrials · 4 in Belgium · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

6. PAI Partners (Mid-Market) SponsorVery High82

28 platform investments in Industrials · 4 in Belgium · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

7. PAI Partners / ADIA SponsorVery High82

29 platform investments in Industrials · 4 in Belgium · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

8. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High82

28 platform investments in Industrials · 4 in Belgium · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

9. DUBAG Group SponsorVery High81

14 platform investments in Industrials · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed HTSP (Holcim Technical Solutions and Products), 2026 · Aerospace & Defence, Germany

10. Omnes Capital SponsorVery High80

20 platform investments in Industrials · 4 in Belgium · 11 deals 2024–26

AUM €6.7B · Capenergie 5 · 2024 vintage · deploying · check €41-308M

11 platform investments since the 2024 vintage · mid-deployment vs its usual 15 per fund.

Backed ARX Robotics, 2025 · Aerospace & Defence, Germany

11. Apheon SponsorVery High79

14 platform investments in Industrials · 14 in Belgium · 11 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Rubio Monocoat, 2026 · Industrials, Belgium

12. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High79

14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Rubio Monocoat, 2026 · Industrials, Belgium

13. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High79

14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Rubio Monocoat, 2026 · Industrials, Belgium

14. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + MML Capital-backed continuation fund) SponsorVery High79

14 platform investments in Industrials · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Rubio Monocoat, 2026 · Industrials, Belgium

15. Sodero Gestion, CENCD SponsorVery High79

16 platform investments in Industrials · 22 deals 2024–26

AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M

12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.

Backed Coraxes, 2025 · Aerospace & Defence, France

16. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High78

5 platform investments in Industrials · 7 deals 2024–26

AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland

17. EQT SponsorVery High77

51 platform investments in Industrials · 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.

Bought Ocea Group from ICG, 2024 · Aerospace & Defence, France

18. IK Partners SponsorVery High77

75 platform investments in Industrials · 8 in Belgium · 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.

Bought SELATEK from Amplio, 2026 · Industrials, Sweden

19. InnovaFonds SponsorVery High77

50 platform investments in Industrials · 18 deals 2024–26

AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M

9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Bought Fleuret from iXO Private Equity, 2025 · Aerospace & Defence, France

20. Armira SponsorVery High77

7 platform investments in Industrials · 12 deals 2024–26

AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Backed TYTAN Technologies, 2026 · Aerospace & Defence, Germany

21. Altor Equity Partners SponsorVery High76

28 platform investments in Industrials · 12 deals 2024–26

AUM €8.3B · Altor Fund VI · 2023 vintage · deploying · check €60-450M

16 platform investments since the 2023 vintage · mid-deployment vs its usual 18 per fund.

Backed ElteraGruppen, 2026 · Construction, Norway

22. FCDE SponsorVery High76

11 platform investments in Industrials · 5 deals 2024–26

AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M

3 platform investments since the 2025 vintage · early in deployment vs its usual 7 per fund.

Backed HEMERIA, 2026 · Aerospace & Defence, France

23. IGI Private Equity SponsorVery High76

18 platform investments in Industrials · 8 deals 2024–26

AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying

Accelerating: 6 deals in the last 2 years vs 1.3/yr before.

Backed WeBlade, 2026 · Industrials, Italy

24. Turenne Groupe SponsorVery High75

58 platform investments in Industrials · 3 in Belgium · 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 Aura Aero, 2021 · Aerospace & Defence, France

25. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

47 platform investments in Industrials · 25 deals 2024–26

AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M

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

Backed ACB, 2022 · Aerospace & Defence, France