Likely buyers · IT Services in France.

1. Oakley Capital SponsorVery High84

15 platform investments in Software & IT · 7 in France · 20 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

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

Bought Senef from Isatis Capital, 2026 · SaaS, France

2. Waterland Private Equity SponsorVery High83

18 platform investments in Software & IT · 11 in France · 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 Netconomy, 2025 · IT Services, Austria

3. Isai Gestion SponsorVery High83

61 platform investments in Software & IT · 111 in France · 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 Theodo, 2015 · IT Services, France

4. Bpifrance Investissement SponsorVery High83

5 platform investments in Software & IT · 89 in France · 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 Softway Medical, 2025 · IT Services, France

5. Axcel SponsorVery High82

20 platform investments in Software & IT · 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 Bekk, 2026 · IT Services, Norway

6. EQT SponsorVery High81

40 platform investments in Software & IT · 12 in France · 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 Perficient, 2024 · IT Services, US

7. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High81

19 platform investments in Software & IT · 138 in France · 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 Heliaq, 2025 · IT Services, France

8. Arkea Capital Partenaire SponsorVery High81

19 platform investments in Software & IT · 137 in France · 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 Heliaq, 2025 · IT Services, France

9. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High81

15 platform investments in Software & IT · 6 in France · 19 deals 2024–26

AUM €12.7B · Oakley Capital Fund VI · 2025 vintage · deploying · check €90-675M

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

Backed Senef, 2026 · Software, France

10. Ring Capital SponsorVery High80

10 platform investments in Software & IT · 52 in France · 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 Enaos, 2025 · Software, Belgium

11. Capital Croissance SponsorVery High80

16 platform investments in Software & IT · 44 in France · 20 deals 2024–26

AUM €950M · Club des entrepreneurs Capital Croissance · 2025 vintage · deploying · check €2-15M

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

Backed Travelsoft, 2024 · IT Services, France

12. ICG SponsorVery High80

4 platform investments in Software & IT · 13 in France · 12 deals 2024–26

AUM €103.0B · ICG Europe Mid-Market Fund II · 2025 vintage · deploying · check €60-450M

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Magellan Partners, 2025 · IT Services, France

13. Meanings Capital Partners SponsorVery High80

9 platform investments in Software & IT · 15 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Synolia, 2022 · IT Services, France

14. Queka Real Partners SponsorVery High80

8 platform investments in Software & IT · 8 deals 2024–26

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Backed B2group, 2025 · IT Services, Spain

15. Turenne Groupe SponsorVery High79

25 platform investments in Software & IT · 311 in France · 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 Articque, 2020 · IT Services, France

16. Deutsche Beteiligungs SponsorVery High79

13 platform investments in Software & IT · 1 in France · 10 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Bought MAIT from 3i, 2025 · IT Services, Germany

17. Hg SponsorVery High79

48 platform investments in Software & IT · 5 in France · 22 deals 2024–26

AUM €69.0B · Hg Mercury 4 · 2023 vintage · deploying · check €48-360M

24 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Bought IT Relation from Adelis Equity, 2018 · IT Services, Denmark

18. Meanings Capital Partners with Bpifrance SponsorVery High79

8 platform investments in Software & IT · 16 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Synolia, 2022 · IT Services, France

19. TeamSystem PE-backedVery High78

86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26

Active in France since 2024.

Added on Macrogroup, 2024 · IT Services, Italy

20. Deutsche Beteiligungs AG SponsorVery High78

12 platform investments in Software & IT · 1 in France · 9 deals 2024–26

AUM €2.7B · DBAG Solvares Continuation Fund · 2024 vintage · deploying · check €3-20M

9 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed MAIT, 2025 · IT Services, Germany

21. Ouest Croissance Gestion SponsorVery High78

6 platform investments in Software & IT · 60 in France · 5 deals 2024–26

AUM €400M · Ouest Croissance II · 2024 vintage · deploying · check €2-16M

5 platform investments since the 2024 vintage · early in deployment vs its usual 20 per fund.

Backed Coaxis, 2025 · IT Services, France

22. Axio Capital / Siparex Intermezzo SponsorVery High78

6 platform investments in Software & IT · 42 in France · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

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

Backed Infodip, 2025 · IT Services, France

23. Axio Capital / Siparex Intermezzo 3 SponsorVery High78

6 platform investments in Software & IT · 42 in France · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

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

Backed Infodip, 2025 · IT Services, France

24. Sodero Gestion, CENCD SponsorVery High78

5 platform investments in Software & IT · 40 in France · 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 Kanoma, 2024 · IT Services, France

25. Irdi Capital-Investissement SponsorVery High77

34 platform investments in Software & IT · 131 in France · 33 deals 2024–26

AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M

76 platform investments since the 2021 vintage · largely deployed vs its usual 26 per fund.

Backed SD TECH, 2024 · IT Services, France