Likely buyers · Industrials in Poland.

1. Waterland Private Equity SponsorVery High88

38 platform investments in Industrials · 3 in Poland · 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 Cooper Turner Beck, 2026 · Industrials, UK

2. Bpifrance Investissement SponsorVery High87

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 Gillet Tools, 2026 · Industrials, France

3. IGI Private Equity SponsorVery High87

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

4. Audacia SponsorVery High86

21 platform investments in Industrials · 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 Geolinks, 2026 · Industrials, France

5. SPIE PE-backedVery High86

66 acquisitions in Industrials · 7 in Poland · 24 deals 2024–26

Active in Poland since 2016.

Added on BLOCK Group, 2026 · Industrials, Czech Republic

6. Sodero Gestion, CENCD SponsorVery High84

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 Crea Equipement, 2026 · Industrials, France

7. IK Partners SponsorVery High83

75 platform investments in Industrials · 2 in Poland · 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

8. PAI Partners SponsorVery High83

33 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

9. PAI Partners / ADIA SponsorVery High83

29 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

10. Initiative & Finance SponsorVery High83

28 platform investments in Industrials · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed Airess, 2026 · Industrials, France

11. Initiative & Finance (FCPR I) with Thierry Suin (MBO) SponsorVery High83

28 platform investments in Industrials · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed Airess, 2026 · Industrials, France

12. Initiative & Finance + Turenne + Nord Capital SponsorVery High83

28 platform investments in Industrials · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed Airess, 2026 · Industrials, France

13. Initiative & Finance and Viveris Management SponsorVery High83

27 platform investments in Industrials · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed Airess, 2026 · Industrials, France

14. Initiative & Finance, Bpifrance, GSO Capital and IDIA Capital Investissement SponsorVery High83

27 platform investments in Industrials · 11 deals 2024–26

AUM €800M · Initiative & Finance PME IV · 2025 vintage · deploying · check €5-36M

8 platform investments since the 2025 vintage · early in deployment vs its usual 18 per fund.

Backed Airess, 2026 · Industrials, France

15. InnovaFonds SponsorVery High83

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.

Backed SDAG Adhesifs, 2026 · Industrials, France

16. InnovaFonds + Bpifrance SponsorVery High83

48 platform investments in Industrials · 16 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.

Backed SDAG Adhesifs, 2026 · Industrials, France

17. InnovaFonds and co-investors SponsorVery High83

49 platform investments in Industrials · 15 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.

Backed SDAG Adhesifs, 2026 · Industrials, France

18. Innovafonds Aura SponsorVery High83

49 platform investments in Industrials · 15 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.

Backed SDAG Adhesifs, 2026 · Industrials, France

19. InnovaFonds, BNP Paribas Développement and Carvest SponsorVery High83

48 platform investments in Industrials · 15 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.

Backed SDAG Adhesifs, 2026 · Industrials, France

20. PAI Partners (Fund VIII) SponsorVery High82

28 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

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

28 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

22. PAI Partners (Mid-Market) SponsorVery High82

28 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

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

28 platform investments in Industrials · 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 Tecnova HT, 2026 · Industrials, Italy

24. Inflexion (Partnership Capital III) SponsorVery High82

9 platform investments in Industrials · 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.

Bought Salto Systems from Peninsula Capital, 2026 · Industrials, Spain

25. Capmont SponsorVery High82

11 platform investments in Industrials · 3 in Poland · 16 deals 2024–26

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

16 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Dyneon, 2026 · Industrials, Germany