Likely buyers · Construction in Ireland.

1. Waterland Private Equity SponsorVery High83

38 platform investments in Industrials · 7 in Ireland · 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 Interalu, 2024 · Construction, Belgium

2. Ardian SponsorVery High82

137 platform investments in Industrials · 1 in Ireland · 52 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Bought Fermax from Eurazeo, 2025 · Construction, Spain

3. Altor Equity Partners SponsorVery High82

28 platform investments in Industrials · 12 deals 2024–26

AUM €8.3B · Altor Fund VI · 2023 vintage · deploying · check €60-450M

16 platform investments since the 2023 vintage · mid-deployment vs its usual 18 per fund.

Backed ElteraGruppen, 2026 · Construction, Norway

4. Turenne Groupe SponsorVery High81

58 platform investments in Industrials · 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 O2D Environnement, 2026 · Construction, France

5. DUBAG Group SponsorVery High81

14 platform investments in Industrials · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

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

Backed H.K.O., 2026 · Construction, Germany

6. Sodero Gestion, CENCD SponsorVery High80

17 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 CO2 Démolitions, 2026 · Construction, France

7. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79

47 platform investments in Industrials · 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 Synelis, 2026 · Construction, France

8. Arkea Capital Partenaire SponsorVery High79

46 platform investments in Industrials · 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 Synelis, 2026 · Construction, France

9. PAI Partners SponsorVery High78

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 Xella, 2008 · Construction, Germany

10. Bpifrance Investissement SponsorVery High78

30 platform investments in Industrials · 38 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 32 deals in the last 2 years vs 5.5/yr before.

Backed BRIFER, 2025 · Construction, France

11. Ardian, Finint Infrastrutture SponsorVery High77

126 platform investments in Industrials · 1 in Ireland · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Spie Batignolles, 2014 · Construction, France

12. IK Partners SponsorVery High77

75 platform investments in Industrials · 1 in Ireland · 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 Consolis from Abénex, 2005 · Construction, France

13. Inflexion (Partnership Capital III) SponsorVery High77

9 platform investments in Industrials · 1 in Ireland · 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

14. FCDE SponsorVery High77

12 platform investments in Industrials · 5 deals 2024–26

AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M

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

Backed SKAKO, 2025 · Construction, France

15. EQT SponsorVery High76

51 platform investments in Industrials · 3 in Ireland · 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 HusCompagniet, 2015 · Construction, Denmark

16. PAI Partners (Fund VIII) SponsorVery High76

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 Xella, 2008 · Construction, Germany

17. PAI Partners (Mid-Market Fund) SponsorVery High76

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 Xella, 2008 · Construction, Germany

18. PAI Partners (Mid-Market) SponsorVery High76

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 Xella, 2008 · Construction, Germany

19. PAI Partners / ADIA SponsorVery High76

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 Xella, 2008 · Construction, Germany

20. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High76

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 Xella, 2008 · Construction, Germany

21. Apax Partners SponsorVery High76

7 platform investments in Industrials · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Bought CEME from Azulis Capital, 2022 · Construction, France

22. MML Capital SponsorVery High76

18 platform investments in Industrials · 4 in Ireland · 16 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

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

Bought LVO Groupe from TRAIL, 2025 · Industrials, France

23. Accursia Capital SponsorVery High76

24 platform investments in Industrials · 21 deals 2024–26

Accursia Capital Evergreen · 2017 vintage · no newer fund

Accelerating: 17 deals in the last 2 years vs 2.8/yr before.

Backed Doering Berlin, 2026 · Construction, Germany

24. IGI Private Equity SponsorVery High76

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

25. Ardian Clean Energy Evergreen Fund SponsorVery High75

126 platform investments in Industrials · 1 in Ireland · 45 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Spie Batignolles, 2014 · Construction, France