Likely buyers · Software in Belgium.

1. Isai Gestion SponsorVery High83

61 platform investments in Software & IT · 32 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

25 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed ProcurePro, 2026 · Software, Australia

2. TeamSystem PE-backedVery High82

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

Added on ACD (ACD Finances), 2026 · Software, France

3. Hg SponsorVery High82

49 platform investments in Software & IT · 4 in Belgium · 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.

Backed Parte, 2025 · Software, Belgium

4. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High82

18 platform investments in Software & IT · 15 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

5. Meanings Capital Partners SponsorVery High82

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

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

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

Backed Instant System, 2026 · Software, France

6. Axcel SponsorVery High81

21 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 KapitalKontroll, 2026 · Software, Norway

7. BID Equity Continuation Fund I SCSp SponsorVery High81

23 platform investments in Software & IT · 15 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 13 deals in the last 2 years vs 2.8/yr before.

Bought everii Group GmbH from BID Equity, 2025 · Software, Germany

8. Via Equity SponsorVery High80

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

AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M

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

Backed Robopack Group, 2026 · Software, Denmark

9. bm-t Beteiligungsmanagement Thueringen SponsorVery High79

6 platform investments in Software & IT · 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 Leapter, 2025 · Software, Germany

10. Turenne Groupe SponsorVery High78

25 platform investments in Software & IT · 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 M&C3i, 2026 · Software, France

11. Deutsche Beteiligungs AG SponsorVery High78

12 platform investments in Software & IT · 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 Totalmobile, 2026 · Software, UK

12. Deutsche Beteiligungs SponsorVery High78

13 platform investments in Software & IT · 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.

Backed Totalmobile, 2026 · Software, UK

13. Oakley Capital SponsorVery High78

15 platform investments in Software & IT · 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.

Backed Senef, 2026 · Software, France

14. BU Bregal Unternehmerkapital SponsorVery High78

17 platform investments in Software & IT · 14 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Safety21, 2026 · Software, Italy

15. BID Equity SponsorVery High78

19 platform investments in Software & IT · 10 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

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

Backed everii Group GmbH, 2025 · Software, Germany

16. VækstPartner Kapital SponsorVery High78

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

VPK Fond III · 2023 vintage · deploying · check €1-8M

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

Backed Subit, 2026 · Software, Denmark

17. EQT SponsorVery High77

40 platform investments in Software & IT · 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 Next One Technology from Monterro, 2024 · Software, Sweden

18. Entrepreneur Invest SponsorVery High77

34 platform investments in Software & IT · 11 deals 2024–26

AUM €1.8B · FPCI Entrepreneurs & Croissance N°5 · 2022 vintage · partially deployed · check €3-23M

33 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.

Backed Groupe Pandora, 2026 · Software, France

19. Ring Capital SponsorVery High77

10 platform investments in Software & IT · 2 in Belgium · 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

20. Bowmark Capital SponsorVery High77

22 platform investments in Software & IT · 11 deals 2024–26

AUM €2.3B · Bowmark Capital Partners VII · 2024 vintage · deploying · check €21-158M

7 platform investments since the 2024 vintage · mid-deployment vs its usual 10 per fund.

Backed Altia, 2025 · Software, UK

21. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High77

15 platform investments in Software & IT · 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

22. Swanlaab Venture Factory SponsorVery High77

12 platform investments in Software & IT · 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 Junsoft, 2025 · Software, Brazil

23. Monterro SponsorVery High77

14 platform investments in Software & IT · 4 deals 2024–26

AUM €3.1B · Monterro 4 · 2022 vintage · partially deployed · check €14-105M

4 platform investments since the 2022 vintage · mid-deployment vs its usual 5 per fund.

Bought Kaisa from Ventech, 2026 · Software, Sweden

24. Alkemia SGR SponsorVery High77

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

AUM €270M · Food Excellence I · 2025 vintage · deploying

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

Backed Circle Group, 2026 · Software, Italy

25. Meanings Capital Partners with Bpifrance SponsorVery High77

8 platform investments in Software & IT · 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 Instant System, 2026 · Software, France