Likely buyers · Biotech in Switzerland.

1. Novo Holdings SponsorVery High83

114 platform investments in Healthcare · 5 in Switzerland · 43 deals 2024–26

AUM €93.0B · Novo Holdings Bioindustrial Investments · 1999 vintage · no newer fund

142 platform investments since the 1999 vintage · largely deployed vs its usual 24 per fund.

Backed cAMPfield, 2026 · Biotech, US

2. Archimedes Partners SponsorVery High82

53 platform investments in Healthcare · 2 in Switzerland · 21 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

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

Backed ExcellGene, 2025 · Biotech, Switzerland

4. NORD Holding SponsorVery High81

15 platform investments in Healthcare · 1 in Switzerland · 15 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Bought Hallmarq Veterinary Imaging from August Equity, 2026 · MedTech, UK

5. Bpifrance Investissement SponsorVery High80

10 platform investments in Healthcare · 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 Adcendo, 2026 · Biotech, Denmark

6. ArchiMed SponsorVery High80

56 platform investments in Healthcare · 2 in Switzerland · 18 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

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

Backed ExcellGene, 2025 · Biotech, Switzerland

7. ARCHIMED and Institut Mérieux SponsorVery High80

54 platform investments in Healthcare · 2 in Switzerland · 19 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

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

Backed ExcellGene, 2025 · Biotech, Switzerland

8. ArchiMed and Tethys Invest SponsorVery High80

54 platform investments in Healthcare · 2 in Switzerland · 18 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

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

Backed ExcellGene, 2025 · Biotech, Switzerland

9. Merieux Equity Partners / Vitruvian Partners SponsorVery High79

57 platform investments in Healthcare · 1 in Switzerland · 6 deals 2024–26

AUM €1.6B · Mérieux Participations 5 · 2026 vintage · deploying · check €7-50M

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

Backed Ona Therapeutics, 2026 · Biotech, Spain

10. NORD Holding / Pinova Capital SponsorVery High79

12 platform investments in Healthcare · 1 in Switzerland · 12 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 10 deals in the last 2 years vs 2.5/yr before.

Backed Hallmarq Veterinary Imaging, 2026 · MedTech, UK

11. Inflexion SponsorVery High78

10 platform investments in Healthcare · 27 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.

Bought Primed from Paragon Partners, 2026 · MedTech, Germany

12. bm-t Beteiligungsmanagement Thueringen SponsorVery High78

13 platform investments in Healthcare · 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 Applyo Jena, 2025 · Biotech, Germany

13. capiton VI SponsorVery High77

13 platform investments in Healthcare · 8 in Switzerland · 3 deals 2024–26

AUM €1.6B · capiton Quantum · 2023 vintage · deploying · check €5-37M

4 platform investments since the 2023 vintage · mid-deployment vs its usual 7 per fund.

Backed SAPV Care, 2026 · Healthcare, Germany

14. Lauxera Capital Partners SponsorVery High77

16 platform investments in Healthcare · 6 deals 2024–26

AUM €780M · Lauxera Growth II · 2025 vintage · deploying · check €10-78M

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

Backed GenePlanet, 2026 · Biotech, Slovenia

15. Audacia SponsorVery High76

9 platform investments in Healthcare · 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 Biomemory, 2025 · Biotech, France

16. Armira SponsorVery High76

6 platform investments in Healthcare · 2 in Switzerland · 12 deals 2024–26

AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Backed nyra health, 2026 · HealthTech, Austria

17. GHO Capital Partners SponsorVery High76

21 platform investments in Healthcare · 4 deals 2024–26

AUM €9.0B · GHO Capital IV LP · 2025 vintage · deploying · check €50-375M

3 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Avid Bioservices, 2025 · Biotech, US

19. IK Partners SponsorVery High75

34 platform investments in Healthcare · 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 Biobank from Bpifrance Investissement, 2024 · Biotech, France

20. Ring Capital SponsorVery High75

10 platform investments in Healthcare · 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 Exapto, 2024 · Biotech, France

21. Inflexion (Partnership Capital III) SponsorVery High75

9 platform investments in Healthcare · 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.

Backed Primed, 2026 · MedTech, Germany

22. Bridgepoint SponsorVery High74

34 platform investments in Healthcare · 2 in Switzerland · 43 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Bought {my}dentist (formerly IDH) from Palamon Capital Partners, 2025 · Healthcare, UK

23. Bridgepoint Development Capital SponsorVery High74

31 platform investments in Healthcare · 2 in Switzerland · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

24. Bridgepoint (52.5% majority stake) SponsorVery High74

30 platform investments in Healthcare · 2 in Switzerland · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

25. Bridgepoint BE VII + General Atlantic SponsorVery High74

30 platform investments in Healthcare · 2 in Switzerland · 37 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed {my}dentist (formerly IDH), 2025 · Healthcare, UK

3. Gilead Sciences CorporateVery High82

6 acquisitions in Healthcare · 4 deals 2024–26

Accelerating: 4 deals in the last 2 years vs 0.3/yr before.

Bought Tubulis from Athos, 2026 · Biotech, Germany

18. Ipsen CorporateVery High76

8 acquisitions in Healthcare · 1 in Switzerland · 8 deals 2024–26

Bought Memo Therapeutics from Ysios Capital Partners, 2026 · Biotech, CH