Likely buyers · Biotech in Portugal.

1. Bpifrance Investissement SponsorVery High80

10 platform investments in Healthcare · 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 Adcendo, 2026 · Biotech, Denmark

2. Merieux Equity Partners / Vitruvian Partners SponsorVery High80

57 platform investments in Healthcare · 6 deals 2024–26

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

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

Backed Ona Therapeutics, 2026 · Biotech, Spain

3. ArchiMed SponsorVery High79

56 platform investments in Healthcare · 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 High79

53 platform investments in Healthcare · 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 High79

54 platform investments in Healthcare · 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 High79

54 platform investments in Healthcare · 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

8. 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

9. Audacia SponsorVery High76

9 platform investments in Healthcare · 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

10. 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

11. 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

12. 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

13. Ring Capital SponsorVery High75

10 platform investments in Healthcare · 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

14. 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

15. Turenne Groupe SponsorVery High74

55 platform investments in Healthcare · 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

16. Bridgepoint SponsorVery High74

34 platform investments in Healthcare · 1 in Portugal · 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

17. 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

18. Quadrivio Group SponsorVery High74

6 platform investments in Healthcare · 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

19. bm-t Beteiligungsmanagement Thueringen SponsorVery High74

13 platform investments in Healthcare · 13 deals 2024–26

AUM €465M · Mittelstands-Fonds Thueringen II (MFT II) · 2025 vintage · deploying · check €0-3M

Accelerating: 8 deals in the last 2 years vs 2.5/yr before.

Backed Applyo Jena, 2025 · Biotech, Germany

20. Alantra Private Equity Healthcare Continuation Fund SponsorVery High74

5 platform investments in Healthcare · 2 in Portugal · 5 deals 2024–26

AUM €720M · Alantra Private Equity Fund IV · 2023 vintage · deploying

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

Bought Health in Code from Alantra Private Equity, 2026 · HealthTech, Spain

21. Ardian, Finint Infrastrutture SponsorVery High73

62 platform investments in Healthcare · 2 in Portugal · 43 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.

Backed Ourvita + HBI, 2025 · Healthcare, France

22. Bridgepoint Development Capital SponsorVery High73

31 platform investments in Healthcare · 1 in Portugal · 36 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.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

23. Bridgepoint (52.5% majority stake) SponsorVery High73

30 platform investments in Healthcare · 1 in Portugal · 36 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.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

24. Bridgepoint BE VII + General Atlantic SponsorVery High73

30 platform investments in Healthcare · 1 in Portugal · 37 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.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

25. Bridgepoint Capital SponsorVery High73

31 platform investments in Healthcare · 1 in Portugal · 36 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.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

7. 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