Likely buyers · Aerospace & Defence in Denmark.

1. Bpifrance Investissement SponsorVery High89

27 platform investments in Industrials · 1 in Denmark · 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 Novakamp, 2026 · Aerospace & Defence, France

2. PAI Partners SponsorVery High82

33 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

3. Altor Equity Partners SponsorVery High82

28 platform investments in Industrials · 17 in Denmark · 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. 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 HTSP (Holcim Technical Solutions and Products), 2026 · Aerospace & Defence, Germany

5. Waterland Private Equity SponsorVery High80

38 platform investments in Industrials · 9 in Denmark · 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 Celestia, 2021 · Aerospace & Defence, Netherlands

6. Sodero Gestion, CENCD SponsorVery High79

16 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 Coraxes, 2025 · Aerospace & Defence, France

7. Capidea Management SponsorVery High79

14 platform investments in Industrials · 35 in Denmark · 10 deals 2024–26

Fond IV · 2023 vintage · deploying · check €3-25M

11 platform investments since the 2023 vintage · largely deployed vs its usual 9 per fund.

Backed Guardique Products, 2025 · Industrials, Denmark

8. Blue Equity SponsorVery High79

25 platform investments in Industrials · 31 in Denmark · 4 deals 2024–26

Blue Equity IV K/S · 2026 vintage · deploying

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

Backed GoForward Group, 2026 · Logistics, Denmark

9. PAI Partners (Fund VIII) SponsorVery High78

28 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

10. PAI Partners (Mid-Market Fund) SponsorVery High78

28 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

11. PAI Partners (Mid-Market) SponsorVery High78

28 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

12. PAI Partners / ADIA SponsorVery High78

29 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

13. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High78

28 platform investments in Industrials · 1 in Denmark · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

14. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High78

5 platform investments in Industrials · 7 deals 2024–26

AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland

15. EQT SponsorVery High77

51 platform investments in Industrials · 19 in Denmark · 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.

Bought Ocea Group from ICG, 2024 · Aerospace & Defence, France

16. IK Partners SponsorVery High77

75 platform investments in Industrials · 9 in Denmark · 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 SELATEK from Amplio, 2026 · Industrials, Sweden

17. Omnes Capital SponsorVery High77

20 platform investments in Industrials · 1 in Denmark · 11 deals 2024–26

AUM €6.7B · Capenergie 5 · 2024 vintage · deploying · check €41-308M

11 platform investments since the 2024 vintage · mid-deployment vs its usual 15 per fund.

Backed ARX Robotics, 2025 · Aerospace & Defence, Germany

18. InnovaFonds SponsorVery High77

50 platform investments in Industrials · 18 deals 2024–26

AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M

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

Bought Fleuret from iXO Private Equity, 2025 · Aerospace & Defence, France

19. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High77

10 platform investments in Industrials · 2 in Denmark · 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.

Backed A.Eberle, 2026 · Industrials, Germany

20. BU Bregal Unternehmerkapital SponsorVery High77

10 platform investments in Industrials · 2 in Denmark · 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 A.Eberle, 2026 · Industrials, Germany

21. FCDE SponsorVery High76

11 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 7 per fund.

Backed HEMERIA, 2026 · Aerospace & Defence, France

22. Armira SponsorVery High76

7 platform investments in Industrials · 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 TYTAN Technologies, 2026 · Aerospace & Defence, Germany

23. 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

24. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

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 ACB, 2022 · Aerospace & Defence, France

25. Arkea Capital Partenaire SponsorVery High75

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 ACB, 2022 · Aerospace & Defence, France