Likely buyers · IT Services in Spain.

1. Queka Real Partners SponsorVery High89

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

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Backed B2group, 2025 · IT Services, Spain

2. Swanlaab Venture Factory SponsorVery High85

12 platform investments in Software & IT · 24 in Spain · 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 Dolfin, 2026 · AI/ML, Spain

3. Waterland Private Equity SponsorVery High82

18 platform investments in Software & IT · 3 in Spain · 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 Netconomy, 2025 · IT Services, Austria

4. Axcel SponsorVery High82

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 Bekk, 2026 · IT Services, Norway

5. EQT SponsorVery High81

40 platform investments in Software & IT · 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 Perficient, 2024 · IT Services, US

6. Alkemia SGR SponsorVery High81

8 platform investments in Software & IT · 1 in Spain · 8 deals 2024–26

AUM €270M · Food Excellence I · 2025 vintage · deploying

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Izertis, 2026 · IT Services, Spain

7. Deutsche Beteiligungs SponsorVery High80

13 platform investments in Software & IT · 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.

Bought MAIT from 3i, 2025 · IT Services, Germany

8. Oakley Capital SponsorVery High80

15 platform investments in Software & IT · 7 in Spain · 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.

Bought Senef from Isatis Capital, 2026 · SaaS, France

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

15 platform investments in Software & IT · 6 in Spain · 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

10. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High79

18 platform investments in Software & IT · 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 Communardo, 2024 · IT Services, Germany

11. ICG SponsorVery High79

4 platform investments in Software & IT · 6 in Spain · 12 deals 2024–26

AUM €103.0B · ICG Europe Mid-Market Fund II · 2025 vintage · deploying · check €60-450M

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Magellan Partners, 2025 · IT Services, France

12. TeamSystem PE-backedVery High78

86 acquisitions in Software & IT · 10 in Spain · 28 deals 2024–26

Active in Spain since 2020.

Added on Macrogroup, 2024 · IT Services, Italy

13. Deutsche Beteiligungs AG SponsorVery High78

12 platform investments in Software & IT · 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 MAIT, 2025 · IT Services, Germany

14. Permira SponsorVery High78

27 platform investments in Software & IT · 2 in Spain · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

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

Bought The Key Group from CBPE Capital, 2025 · IT Services, UK

15. Hg SponsorVery High78

48 platform investments in Software & IT · 2 in Spain · 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.

Bought IT Relation from Adelis Equity, 2018 · IT Services, Denmark

16. BU Bregal Unternehmerkapital SponsorVery High77

17 platform investments in Software & IT · 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 Communardo, 2024 · IT Services, Germany

17. Fondo Italiano d'Investimento SGR SponsorVery High77

9 platform investments in Software & IT · 10 deals 2024–26

AUM €4.3B · Fondo Italiano Consolidamento e Crescita II (FICC II) · 2023 vintage · deploying

14 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed Spindox, 2025 · IT Services, Italy

18. Apax Partners SponsorVery High76

35 platform investments in Software & IT · 2 in Spain · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Lutech, 2021 · IT Services, Italy

19. Sophora Unternehmerkapital SponsorVery High76

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

Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M

Accelerating: 4 deals in the last 2 years vs 0.8/yr before.

Backed SQUER, 2026 · IT Services, Austria

20. Apax Partners (with NewAlpha) SponsorVery High75

30 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Lutech, 2021 · IT Services, Italy

21. Apax Partners and Inova Capital SponsorVery High75

29 platform investments in Software & IT · 3 in Spain · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Lutech, 2021 · IT Services, Italy

22. Apax Partners and JMI Equity SponsorVery High75

29 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Lutech, 2021 · IT Services, Italy

23. Apax Partners SAS SponsorVery High75

29 platform investments in Software & IT · 2 in Spain · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Lutech, 2021 · IT Services, Italy

24. Permira Credit SponsorVery High75

25 platform investments in Software & IT · 2 in Spain · 14 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

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

Backed The Key Group, 2025 · IT Services, UK

25. YFM Equity Partners SponsorVery High75

26 platform investments in Software & IT · 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 The Networking People (TNP), 2025 · IT Services, UK