Buyer landscape
Likely buyers · HR Tech in Spain.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 46 verified exits: 46% to sponsors, 54% to corporates and platforms. Route shift since 2020: sponsors 44% (was 48%), corporates and platforms 52% (was 48%), IPO 1% (was 4%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 6 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. EQT SponsorVery High83
37 platform investments in Business Services · 13 in Spain · 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 InfoJobs, 2026 · HR Tech, Spain
2. Ardian SponsorVery High82
87 platform investments in Business Services · 27 in Spain · 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.
Bought HR Path from Andera Partners, 2024 · HR Tech, France
3. PAI Partners SponsorVery High80
27 platform investments in Business Services · 12 in Spain · 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.
Backed Arlettie, 2026 · Business Services, France
4. YFM Equity Partners SponsorVery High80
15 platform investments in Business Services · 23 deals 2024–26
AUM €878M · YFM Buyout Fund III · 2023 vintage · deploying · check €2-17M
32 platform investments since the 2023 vintage · largely deployed vs its usual 20 per fund.
Backed inploi, 2026 · HR Tech, UK
5. Ardian Clean Energy Evergreen Fund SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
6. Ardian Mid Cap Buyout SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
7. Ardian (Clean Energy Evergreen Fund) SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
8. Ardian (ex-AXA Private Equity) SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
9. Ardian / Crédit Agricole Assurances consortium SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
10. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High79
81 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
11. Ardian and Centerbridge Partners SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
12. Ardian and GoldenTree Asset Management SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
13. Ardian and Latour Capital SponsorVery High79
81 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
14. Ardian Expansion SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
15. Ardian Expansion (Fund V) SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
16. Ardian Semiconductor SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
17. Ardian Tikehau EMZ consortium SponsorVery High79
81 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
18. Ardian, Finint Infrastrutture SponsorVery High79
80 platform investments in Business Services · 22 in Spain · 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 HR Path, 2024 · HR Tech, France
19. PAI Partners (Fund VIII) SponsorVery High79
24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France
20. PAI Partners (Mid-Market Fund) SponsorVery High79
25 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France
21. PAI Partners (Mid-Market) SponsorVery High79
24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France
22. PAI Partners / ADIA SponsorVery High79
24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France
23. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High79
24 platform investments in Business Services · 9 in Spain · 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 Arlettie, 2026 · Business Services, France
24. Argos Wityu SponsorVery High79
10 platform investments in Business Services · 1 in Spain · 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.
Backed Star7, 2026 · Business Services, Italy
25. Bridgepoint SponsorVery High78
20 platform investments in Business Services · 7 in Spain · 43 deals 2024–26
AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M
4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.
Backed Exile Group, 2026 · Business Services, UK
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.