Likely buyers · Mobility in Italy.

1. DUBAG Group SponsorVery High88

14 platform investments in Industrials · 2 in Italy · 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 ItalPresseGauss, 2026 · Mobility, Italy

2. PAI Partners SponsorVery High87

33 platform investments in Industrials · 16 in Italy · 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. IGI Private Equity SponsorVery High87

18 platform investments in Industrials · 19 in Italy · 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

4. PAI Partners (Fund VIII) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

5. PAI Partners (Mid-Market Fund) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

6. PAI Partners (Mid-Market) SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

7. PAI Partners / ADIA SponsorVery High84

29 platform investments in Industrials · 12 in Italy · 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

8. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High84

28 platform investments in Industrials · 12 in Italy · 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

9. Bpifrance Investissement SponsorVery High81

27 platform investments in Industrials · 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 Instant System, 2026 · Mobility, France

10. Accursia Capital SponsorVery High81

24 platform investments in Industrials · 5 in Italy · 21 deals 2024–26

Accursia Capital Evergreen · 2017 vintage · no newer fund

Accelerating: 17 deals in the last 2 years vs 2.8/yr before.

Backed AIOS Automotive Integrated Overhead Systems, 2026 · Mobility, Germany

11. Ardian, Finint Infrastrutture SponsorVery High80

126 platform investments in Industrials · 48 in Italy · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed 2i Aeroporti, 2015 · Mobility, Italy

12. EQT SponsorVery High80

51 platform investments in Industrials · 3 in Italy · 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 Arlanda Express, 2026 · Mobility, Sweden

13. Sviluppo Imprese Centro Italia SGR SponsorVery High80

26 platform investments in Industrials · 69 in Italy · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed CoDrive, 2023 · Mobility, Italy

14. NCI SponsorVery High80

20 platform investments in Industrials · 12 deals 2024–26

AUM €400M · Reprendre & Developper 6 · 2025 vintage · deploying · check €2-15M

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

Backed Starwash, 2026 · Mobility, France

15. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High80

10 platform investments in Industrials · 5 in Italy · 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

16. EMK Capital SponsorVery High79

14 platform investments in Industrials · 7 in Italy · 13 deals 2024–26

AUM €7.0B · EMK Capital Partners III · 2023 vintage · deploying · check €60-450M

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

Bought Argos Surface Technologies from Gradiente SGR, 2025 · Mobility, Italy

17. Ardian SponsorVery High78

137 platform investments in Industrials · 57 in Italy · 51 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed 2i Aeroporti, 2015 · Mobility, Italy

18. Waterland Private Equity SponsorVery High78

38 platform investments in Industrials · 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 Heliox, 2018 · Mobility, Netherlands

19. Audacia SponsorVery High78

21 platform investments in Industrials · 1 in Italy · 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 Geolinks, 2026 · Industrials, France

20. Xenon Private Equity SponsorVery High78

12 platform investments in Industrials · 23 in Italy · 9 deals 2024–26

AUM €1.0B · Xenon Private Equity Small Cap II · 2025 vintage · deploying · check €3-20M

5 platform investments since the 2025 vintage · largely deployed vs its usual 3 per fund.

Backed Grincore, 2025 · Industrials, Italy

21. BU Bregal Unternehmerkapital SponsorVery High77

10 platform investments in Industrials · 4 in Italy · 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

22. Asterion Industrial Partners SponsorVery High77

4 platform investments in Industrials · 6 in Italy · 8 deals 2024–26

AUM €10.0B · Asterion Industrial Infra Fund III · 2024 vintage · deploying · check €68-510M

7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.

Bought 2i Aeroporti from Ardian, 2024 · Mobility, Italy

23. Koinos Capital SponsorVery High77

5 platform investments in Industrials · 12 in Italy · 9 deals 2024–26

Italian Founders Fund · 2024 vintage · deploying · check €2-14M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Platum, 2022 · Mobility, Italy

24. Ardian Clean Energy Evergreen Fund SponsorVery High76

126 platform investments in Industrials · 48 in Italy · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed 2i Aeroporti, 2015 · Mobility, Italy

25. Ardian Mid Cap Buyout SponsorVery High76

126 platform investments in Industrials · 47 in Italy · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed 2i Aeroporti, 2015 · Mobility, Italy