Likely buyers · Hospitality in Switzerland.

1. EXTENDAM and Amante Capital SponsorVery High90

31 platform investments in Consumer & Retail · 22 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 15 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

2. Extendam SponsorVery High90

30 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Bought Ayre Hoteles from Eurazeo, 2026 · Hospitality, Spain

3. Extendam, Amante Capital SponsorVery High90

30 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

4. Bpifrance Investissement SponsorVery High87

13 platform investments in Consumer & Retail · 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 Belambra, 2026 · Hospitality, France

5. Cerea Partners SponsorVery High83

17 platform investments in Consumer & Retail · 15 deals 2024–26

AUM €1.5B · Cerea Agro Dev Industrie · 2025 vintage · deploying · check €5-38M

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

Backed Gruppo PEPPE, 2026 · Hospitality, France

6. Finorpa Gestion SponsorVery High81

30 platform investments in Consumer & Retail · 27 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.

Backed Donuts & Donuts, 2026 · Hospitality, France

7. PAI Partners SponsorVery High79

58 platform investments in Consumer & Retail · 2 in Switzerland · 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 European Camping Group from Montefiore Investment, 2021 · Hospitality, France

8. Quadrivio Group SponsorVery High79

22 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Alice Pizza, 2026 · Hospitality, Italy

9. Orlando Management SponsorVery High79

7 platform investments in Consumer & Retail · 1 in Switzerland · 10 deals 2024–26

AUM €800M · Orlando Capital V · 2024 vintage · deploying · check €5-38M

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

Backed Kwantum, 2026 · Consumer, Netherlands

10. Riello Investimenti SGR SponsorVery High78

10 platform investments in Consumer & Retail · 1 in Switzerland · 8 deals 2024–26

AUM €250M · Buy&Build Opportunities - Private Equity IV · 2025 vintage · deploying

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

Backed Foreverland, 2026 · FoodTech, Italy

11. Vitruvian Partners SponsorVery High77

26 platform investments in Consumer & Retail · 19 deals 2024–26

AUM €18.0B · Vitruvian Investment Partnership V · 2023 vintage · deploying · check €146M-1.1B

20 platform investments since the 2023 vintage · mid-deployment vs its usual 20 per fund.

Bought Great Rail Journeys from Duke Street, 2025 · Hospitality, UK

12. Axio Capital / Siparex Intermezzo SponsorVery High77

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 11 per fund.

Bought Asia Voyages from NCI, 2026 · Hospitality, France

13. Turenne Groupe SponsorVery High76

98 platform investments in Consumer & Retail · 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 Ô Voyages, 2025 · Hospitality, France

14. TDR Capital Titan (continuation vehicle) SponsorVery High75

15 platform investments in Consumer & Retail · 8 deals 2024–26

AUM €15.0B · TDR Capital Titan · 2025 vintage · deploying · check €20-147M

3 platform investments since the 2025 vintage · mid-deployment vs its usual 4 per fund.

Bought David Lloyd Leisure from TDR Capital, 2025 · Hospitality, UK

15. Waterland Private Equity SponsorVery High74

36 platform investments in Consumer & Retail · 3 in Switzerland · 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 IFS (International Food Services), 2025 · Hospitality, Belgium

16. NextStage AM SponsorVery High74

17 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

17. NextStage AM, BNP Développement, Bpifrance and management SponsorVery High74

16 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

18. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High74

38 platform investments in Consumer & Retail · 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 Crep eat, 2024 · Hospitality, France

19. Arkea Capital Partenaire SponsorVery High74

38 platform investments in Consumer & Retail · 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 Crep eat, 2024 · Hospitality, France

20. Argos Wityu SponsorVery High74

18 platform investments in Consumer & Retail · 1 in Switzerland · 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 Relevi, 2026 · Consumer, Spain

21. Quilvest Capital Partners SponsorVery High74

19 platform investments in Consumer & Retail · 2 in Switzerland · 13 deals 2024–26

AUM €6.5B · QCP Buyout Fund III · 2025 vintage · deploying · check €9-69M

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

Backed Cabaia, 2025 · Consumer, France

22. Amethis SponsorVery High74

10 platform investments in Consumer & Retail · 11 deals 2024–26

AUM €1.4B · Amethis Fund III · 2026 vintage · deploying · check €8-61M

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

Backed OCS, 2026 · Hospitality, Morocco

23. Axio Capital / Siparex Intermezzo 3 SponsorVery High74

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 11 per fund.

Bought Asia Voyages from Adaxtra Capital, 2026 · Consumer, France

24. FrenchFood Capital SponsorVery High74

33 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Nouvelle Garde, 2020 · Hospitality, France

25. FrenchFood Capital + Cerea Capital SponsorVery High74

34 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed Nouvelle Garde, 2020 · Hospitality, France