Likely buyers · E-commerce in Portugal.

1. EXTENDAM and Amante Capital SponsorVery High86

38 platform investments in Consumer & Retail · 4 in Portugal · 29 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 15 deals in the last 2 years vs 5.0/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

2. Extendam SponsorVery High86

37 platform investments in Consumer & Retail · 4 in Portugal · 28 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 18 per fund.

Bought Ayre Hoteles from Eurazeo, 2026 · Hospitality, Spain

3. Extendam, Amante Capital SponsorVery High86

37 platform investments in Consumer & Retail · 4 in Portugal · 28 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 18 per fund.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

4. PAI Partners SponsorVery High82

58 platform investments in Consumer & Retail · 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.

Bought Arlettie from BNP Paribas Developpement, 2026 · Consumer, France

5. EQT SponsorVery High81

28 platform investments in Consumer & Retail · 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 Coches.net, 2026 · E-commerce, Spain

6. Quadrivio Group SponsorVery High79

22 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

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

Backed Twist, 2023 · E-commerce, Italy

7. Bpifrance Investissement SponsorVery High78

16 platform investments in Consumer & Retail · 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 Belambra, 2026 · Hospitality, France

8. Finorpa Gestion SponsorVery High78

33 platform investments in Consumer & Retail · 29 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 32 per fund.

Backed BDM Associes (Le Kiosque), 2026 · Consumer, France

9. Riello Investimenti SGR SponsorVery High78

10 platform investments in Consumer & Retail · 8 deals 2024–26

AUM €250M · Buy&Build Opportunities - Private Equity IV · 2025 vintage · deploying

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

Backed Foreverland, 2026 · FoodTech, Italy

10. Turenne Groupe SponsorVery High77

98 platform investments in Consumer & Retail · 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 Le Petit Souk, 2026 · E-commerce, France

11. PAI Partners (Fund VIII) SponsorVery High76

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

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

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

13. PAI Partners (Mid-Market) SponsorVery High76

44 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

14. PAI Partners / ADIA SponsorVery High76

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

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

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

16. Argos Wityu SponsorVery High76

18 platform investments in Consumer & Retail · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Bought FACTUM GROUPE from Turenne Groupe, 2018 · E-commerce, France

17. Investindustrial SponsorVery High76

20 platform investments in Consumer & Retail · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

18. Investindustrial and Sammontana SponsorVery High76

18 platform investments in Consumer & Retail · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

19. Argos Wityu / Management SponsorVery High75

15 platform investments in Consumer & Retail · 9 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed FACTUM GROUPE, 2018 · E-commerce, France

20. Argos Wityu and Bpifrance SponsorVery High75

15 platform investments in Consumer & Retail · 10 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

13 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed FACTUM GROUPE, 2018 · E-commerce, France

21. Wise Equity SGR SponsorVery High75

9 platform investments in Consumer & Retail · 7 deals 2024–26

Wisequity VI · 2023 vintage · deploying · check €8-60M

7 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed Union-Capita (Core Group), 2026 · Consumer, Italy

22. Ardian SponsorVery High74

81 platform investments in Consumer & Retail · 2 in Portugal · 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.

Backed Trade Me, 2019 · E-commerce, New Zealand

23. Ardian, Finint Infrastrutture SponsorVery High74

72 platform investments in Consumer & Retail · 2 in Portugal · 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 Trade Me, 2019 · E-commerce, New Zealand

24. NextStage AM SponsorVery High74

17 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed NaturaBuy, 2017 · E-commerce, France

25. NextStage AM, BNP Développement, Bpifrance and management SponsorVery High74

16 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed NaturaBuy, 2017 · E-commerce, France