Likely buyers · Software in Switzerland.

1. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High86

18 platform investments in Software & IT · 5 in Switzerland · 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

2. Isai Gestion SponsorVery High85

61 platform investments in Software & IT · 30 deals 2024–26

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

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

Backed ProcurePro, 2026 · Software, Australia

3. Deutsche Beteiligungs AG SponsorVery High85

12 platform investments in Software & IT · 4 in Switzerland · 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

4. Deutsche Beteiligungs SponsorVery High85

13 platform investments in Software & IT · 4 in Switzerland · 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

5. TeamSystem PE-backedVery High84

86 acquisitions in Software & IT · 1 in Switzerland · 28 deals 2024–26

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

6. Axcel SponsorVery High83

20 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. bm-t Beteiligungsmanagement Thueringen SponsorVery High83

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

8. BU Bregal Unternehmerkapital SponsorVery High82

17 platform investments in Software & IT · 5 in Switzerland · 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

9. Via Equity SponsorVery High82

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

10. Hg SponsorVery High80

48 platform investments in Software & IT · 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

11. Oakley Capital SponsorVery High80

15 platform investments in Software & IT · 1 in Switzerland · 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

12. Elvaston Capital SponsorVery High80

27 platform investments in Software & IT · 3 in Switzerland · 3 deals 2024–26

AUM €3.0B · Elvaston Capital Fund VI · 2024 vintage · deploying · check €17-124M

3 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.

Backed ERP GmbH, 2025 · Software, Germany

13. Meanings Capital Partners SponsorVery High80

9 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

14. GSG GENII Software Group PE-backedVery High80

13 acquisitions in Software & IT · 4 deals 2024–26 · add-on program under BU Bregal Unternehmerkapital

Buy and build · 9 add-ons in 4 yrs

Added on Inlog SAS, 2025 · Software, France

15. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High79

15 platform investments in Software & IT · 1 in Switzerland · 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

16. AFINUM Management GmbH SponsorVery High79

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

AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M

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

Backed Fairbanks, 2026 · SaaS, Netherlands

17. BID Equity Continuation Fund I SCSp SponsorVery High79

12 platform investments in Software & IT · 2 in Switzerland · 9 deals 2024–26

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

Accelerating: 7 deals in the last 2 years vs 2.0/yr before.

Backed TinyMDM, 2025 · Software, France

18. Capmont SponsorVery High78

16 platform investments in Software & IT · 3 in Switzerland · 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 Boost Inc, 2025 · Software, Germany

19. Swanlaab Venture Factory SponsorVery High78

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

20. 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

21. BID Equity SponsorVery High78

11 platform investments in Software & IT · 2 in Switzerland · 7 deals 2024–26

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

5 platform investments since the 2025 vintage · largely deployed vs its usual 5 per fund.

Backed TinyMDM, 2025 · Software, France

22. Maguar Capital SponsorVery High78

5 platform investments in Software & IT · 1 in Switzerland · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed hsbcad, 2024 · Software, Belgium

23. FLEX Capital SponsorVery High78

11 platform investments in Software & IT · 7 deals 2024–26

AUM €426M · FLEX Capital Fund II · 2022 vintage · partially deployed · check €6-45M

8 platform investments since the 2022 vintage · largely deployed vs its usual 6 per fund.

Backed 3C Deutschland, 2025 · Software, Germany

24. Maguar Capital Partners SponsorVery High78

4 platform investments in Software & IT · 1 in Switzerland · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed hsbcad, 2024 · Software, Belgium

25. 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

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

Backed Groupe Pandora, 2026 · Software, France