Skip to content
Back to the interactive shortlist

Buyer landscape

Likely buyers · LegalTech in Belgium.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 8 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. PAI Partners SponsorVery High81

27 platform investments in Business Services · 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.

Backed Arlettie, 2026 · Business Services, France

2. EQT SponsorVery High79

37 platform investments in Business Services · 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 Harvey, 2025 · LegalTech, US

3. Waterland Private Equity SponsorVery High79

41 platform investments in Business Services · 36 in Belgium · 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 Auren, 2025 · Business Services, Spain

4. PAI Partners (Fund VIII) SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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

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

25 platform investments in Business Services · 4 in Belgium · 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

6. PAI Partners (Mid-Market) SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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

7. PAI Partners / ADIA SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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

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

24 platform investments in Business Services · 4 in Belgium · 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

9. IK Partners SponsorVery High77

50 platform investments in Business Services · 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 Selatek, 2026 · Business Services, Sweden

10. IK Partners (IK Small Cap III) SponsorVery High76

46 platform investments in Business Services · 8 in Belgium · 39 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 Selatek, 2026 · Business Services, Sweden

11. IK Partners / GIC / Keensight / Parquest / management SponsorVery High76

46 platform investments in Business Services · 8 in Belgium · 38 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 Selatek, 2026 · Business Services, Sweden

12. MML Capital SponsorVery High76

20 platform investments in Business Services · 2 in Belgium · 16 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

13. MML Capital + Bpifrance SponsorVery High76

21 platform investments in Business Services · 2 in Belgium · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

14. MML Capital Partners SponsorVery High76

20 platform investments in Business Services · 2 in Belgium · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

15. Triton Partners SponsorVery High75

35 platform investments in Business Services · 10 deals 2024–26

AUM €18.5B · Triton Fund VI · 2026 vintage · deploying · check €110-825M

3 platform investments since the 2026 vintage · early in deployment vs its usual 11 per fund.

Backed formicon, 2026 · Business Services, Germany

16. Permira SponsorVery High75

19 platform investments in Business Services · 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.

Backed Axiom, 2019 · LegalTech, US

17. Inflexion SponsorVery High75

20 platform investments in Business Services · 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.

Backed Aosphere, 2023 · LegalTech, UK

18. Inflexion (Partnership Capital III) SponsorVery High75

18 platform investments in Business Services · 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 Aosphere, 2023 · LegalTech, UK

19. YFM Equity Partners SponsorVery High75

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 Summize, 2022 · LegalTech, UK

20. Axcel SponsorVery High75

13 platform investments in Business Services · 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.

Bought Geomatikk Group from Hg, 2026 · Business Services, Norway

21. Turenne Groupe SponsorVery High74

37 platform investments in Business Services · 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 EXEN, 2026 · Business Services, France

22. CBPE Capital SponsorVery High74

7 platform investments in Business Services · 8 deals 2024–26

AUM €1.7B · CBPE Fund XI · 2025 vintage · deploying · check €17-125M

5 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed HF, 2025 · LegalTech, UK

23. Isai Gestion SponsorVery High73

6 platform investments in Business Services · 30 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed APL Data Center, 2026 · Business Services, France

24. Argos Wityu SponsorVery High73

10 platform investments in Business Services · 2 in Belgium · 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. NORD Holding SponsorVery High73

7 platform investments in Business Services · 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 IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, 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.