Likely buyers · ClimateTech in Portugal.

1. Ring Capital SponsorVery High89

11 platform investments in Energy & Climate · 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 Enerin, 2026 · ClimateTech, Norway

2. EQT SponsorVery High84

29 platform investments in Energy & Climate · 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 Waga Energy from SWEN CAPITAL PARTNERS, 2025 · ClimateTech, France

3. Swanlaab Venture Factory SponsorVery High83

6 platform investments in Energy & Climate · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Pack2Earth, 2025 · ClimateTech, Spain

4. KGAL SponsorVery High80

17 platform investments in Energy & Climate · 7 deals 2024–26

AUM €15.0B · KGAL ESPF 6 · 2023 vintage · deploying · check €5-38M

9 platform investments since the 2023 vintage · largely deployed vs its usual 6 per fund.

Backed Grevesmuehlen Battery Storage, 2026 · ClimateTech, Germany

5. Ardian SponsorVery High79

53 platform investments in Energy & Climate · 2 in Portugal · 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 Akuo from ICG, 2025 · ClimateTech, France

6. Eiffel Investment Group, Mirova SponsorVery High79

23 platform investments in Energy & Climate · 15 deals 2024–26

AUM €7.0B · Eiffel Energy Transition III · 2025 vintage · deploying · check €24-180M

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

Backed Reforest'Action, 2024 · ClimateTech, France

7. Asterion Industrial Partners SponsorVery High79

12 platform investments in Energy & Climate · 1 in Portugal · 8 deals 2024–26

AUM €10.0B · Asterion Industrial Infra Fund III · 2024 vintage · deploying · check €68-510M

7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.

Backed Abio, 2024 · ClimateTech, Spain

8. TiLT Capital Partners SponsorVery High79

11 platform investments in Energy & Climate · 8 deals 2024–26

AUM €340M · TiLT Capital Fund 1 · 2024 vintage · deploying · check €6-48M

Backed ENDENA, 2025 · ClimateTech, Spain

9. Idia SponsorVery High78

53 platform investments in Energy & Climate · 27 deals 2024–26

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

5 platform investments since the 2026 vintage · early in deployment vs its usual 25 per fund.

Backed GROUPE VALOREM, 2025 · ClimateTech, France

10. Finorpa Gestion SponsorVery High78

6 platform investments in Energy & Climate · 27 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.

Backed Reempro, 2026 · ClimateTech, France

11. Just Climate SponsorVery High78

9 platform investments in Energy & Climate · 11 deals 2024–26

AUM €1.7B · Natural Climate Solutions Strategy · 2024 vintage · deploying · check €7-52M

Accelerating: 9 deals in the last 2 years vs 1.5/yr before.

Backed NatureMetrics, 2025 · ClimateTech, UK

12. Aquila Capital funds SponsorVery High77

17 platform investments in Energy & Climate · 3 in Portugal · 8 deals 2024–26

AUM €6.5B · Aquila Capital Energy Transition Fund I · 2025 vintage · deploying · check €12-90M

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought Desfina Wind Farm from Aquila Capital, 2026 · Energy, Greece

13. Ardian Clean Energy Evergreen Fund SponsorVery High76

51 platform investments in Energy & Climate · 2 in Portugal · 44 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 UNITe from Bpifrance Investissement, 2024 · ClimateTech, France

14. UI Investissement SponsorVery High76

5 platform investments in Energy & Climate · 11 deals 2024–26

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

13 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Bobine, 2026 · ClimateTech, France

15. UI Investissement + Bpifrance SponsorVery High76

5 platform investments in Energy & Climate · 11 deals 2024–26

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

13 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Bobine, 2026 · ClimateTech, France

16. UI Investissement + GENEO Capital Entrepreneur + Management SponsorVery High76

5 platform investments in Energy & Climate · 11 deals 2024–26

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

13 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Bobine, 2026 · ClimateTech, France

17. UI Investissement and Esfin Gestion SponsorVery High76

5 platform investments in Energy & Climate · 10 deals 2024–26

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

13 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Bobine, 2026 · ClimateTech, France

18. UI Investissement, Esfin Gestion and Unexo SponsorVery High76

5 platform investments in Energy & Climate · 10 deals 2024–26

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

13 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Bobine, 2026 · ClimateTech, France

19. RGreen Invest SponsorVery High76

17 platform investments in Energy & Climate · 8 deals 2024–26

AUM €2.5B · INFRABRIDGE IV · 2026 vintage · deploying · check €10-75M

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

Backed Geogreen, 2026 · Energy, France

20. Ardian, Finint Infrastrutture SponsorVery High75

49 platform investments in Energy & Climate · 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 Energia Group, 2026 · Energy, Ireland

21. Luxcara SponsorVery High75

16 platform investments in Energy & Climate · 4 deals 2024–26

AUM €7.5B · FLAVEO V · 2024 vintage · deploying

4 platform investments since the 2024 vintage · largely deployed vs its usual 3 per fund.

Backed Kozani Solar PV, 2026 · Energy, Greece

22. Ardian Mid Cap Buyout SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 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 Energia Group, 2026 · Energy, Ireland

23. Ardian (Clean Energy Evergreen Fund) SponsorVery High74

50 platform investments in Energy & Climate · 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 Energia Group, 2026 · Energy, Ireland

24. Ardian (ex-AXA Private Equity) SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 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 Energia Group, 2026 · Energy, Ireland

25. Ardian / Crédit Agricole Assurances consortium SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 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 Energia Group, 2026 · Energy, Ireland