Buyer landscape
Likely buyers · Pharma in Belgium.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 22 verified exits: 14% to sponsors, 68% to corporates and platforms, 18% via IPO. Route shift since 2020: sponsors 23% (was 30%), corporates and platforms 67% (was 54%), IPO 8% (was 15%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 14 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. ARCHIMED and Institut Mérieux SponsorVery High83
54 platform investments in Healthcare · 1 in Belgium · 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 IRAB, 2026 · Pharma, Spain
2. ArchiMed SponsorVery High82
56 platform investments in Healthcare · 1 in Belgium · 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 IRAB, 2026 · Pharma, Spain
3. Archimedes Partners SponsorVery High82
53 platform investments in Healthcare · 1 in Belgium · 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 IRAB, 2026 · Pharma, Spain
4. ArchiMed and Tethys Invest SponsorVery High82
54 platform investments in Healthcare · 1 in Belgium · 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 IRAB, 2026 · Pharma, Spain
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 Biogaran, 2026 · Pharma, France
6. Merieux Equity Partners / Vitruvian Partners SponsorVery High78
57 platform investments in Healthcare · 6 in Belgium · 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 CEVA Santé Animale, 2025 · Pharma, France
7. Apheon SponsorVery High78
11 platform investments in Healthcare · 14 in Belgium · 11 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Teknimed, 2026 · MedTech, France
8. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High78
11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Teknimed, 2026 · MedTech, France
9. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High78
11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Teknimed, 2026 · MedTech, France
10. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + MML Capital-backed continuation fund) SponsorVery High78
11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26
AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M
7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.
Backed Teknimed, 2026 · MedTech, France
11. SHS Gesellschaft für Beteiligungsmanagement SponsorVery High78
37 platform investments in Healthcare · 1 in Belgium · 6 deals 2024–26
SHS VI · 2022 vintage · partially deployed · check €5-41M
12 platform investments since the 2022 vintage · largely deployed vs its usual 8 per fund.
Backed AMW, 2026 · Pharma, Germany
12. PAI Partners SponsorVery High77
24 platform investments in Healthcare · 5 in Belgium · 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 Nuzoa from Abac Capital, 2025 · Pharma, Spain
13. Inflexion SponsorVery High77
10 platform investments in Healthcare · 1 in Belgium · 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
14. IK Partners SponsorVery High76
34 platform investments in Healthcare · 8 in Belgium · 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.
Backed Ceva Santé Animale, 2003 · Pharma, France
15. BC Partners SponsorVery High76
19 platform investments in Healthcare · 5 deals 2024–26
AUM €40.0B · BC Partners XII · 2025 vintage · deploying · check €44-330M
5 platform investments since the 2025 vintage · early in deployment vs its usual 12 per fund.
Backed InfoRLife, 2026 · Pharma, Switzerland
16. Ring Capital SponsorVery High76
10 platform investments in Healthcare · 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 Dermascan, 2026 · HealthTech, France
17. BC Partners / PSP Investments / Ontario Teachers SponsorVery High76
13 platform investments in Healthcare · 5 deals 2024–26
AUM €40.0B · BC Partners XII · 2025 vintage · deploying · check €44-330M
5 platform investments since the 2025 vintage · early in deployment vs its usual 12 per fund.
Backed InfoRLife, 2026 · Pharma, Switzerland
18. BC Partners + Intermediate Capital Group SponsorVery High76
13 platform investments in Healthcare · 5 deals 2024–26
AUM €40.0B · BC Partners XII · 2025 vintage · deploying · check €44-330M
5 platform investments since the 2025 vintage · early in deployment vs its usual 12 per fund.
Backed InfoRLife, 2026 · Pharma, Switzerland
19. BC Partners and AXA Private Equity SponsorVery High76
14 platform investments in Healthcare · 5 deals 2024–26
AUM €40.0B · BC Partners XII · 2025 vintage · deploying · check €44-330M
5 platform investments since the 2025 vintage · early in deployment vs its usual 12 per fund.
Backed InfoRLife, 2026 · Pharma, Switzerland
20. BC Partners Fund XI and CPP Investments SponsorVery High76
13 platform investments in Healthcare · 5 deals 2024–26
AUM €40.0B · BC Partners XII · 2025 vintage · deploying · check €44-330M
5 platform investments since the 2025 vintage · early in deployment vs its usual 12 per fund.
Backed InfoRLife, 2026 · Pharma, Switzerland
21. NORD Holding SponsorVery High76
15 platform investments in Healthcare · 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.
Backed NEC MED PHARMA GmbH, 2016 · Pharma, Germany
22. Armira SponsorVery High76
6 platform investments in Healthcare · 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 almapharm, 2024 · Pharma, Germany
23. Turenne Groupe SponsorVery High75
55 platform investments in Healthcare · 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 Destia, 2026 · Healthcare, France
24. EQT SponsorVery High75
50 platform investments in Healthcare · 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.
Backed Dechra Pharmaceuticals, 2024 · Pharma, UK
25. Inflexion (Partnership Capital III) SponsorVery High75
9 platform investments in Healthcare · 1 in Belgium · 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
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.