Buyer landscape
Likely buyers · HR Tech in France.
Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 381 verified exits: 54% to sponsors, 44% to corporates and platforms, 0% via IPO, 2% other routes. Route shift since 2020: sponsors 51% (was 60%), corporates and platforms 45% (was 40%), IPO 0% (was 1%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 2 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 High84
37 platform investments in Business Services · 12 in France · 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. PAI Partners SponsorVery High84
27 platform investments in Business Services · 68 in France · 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
3. Isai Gestion SponsorVery High84
6 platform investments in Business Services · 113 in France · 32 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
25 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed APL Data Center, 2026 · Business Services, France
4. Ardian SponsorVery High83
88 platform investments in Business Services · 248 in France · 52 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Bought HR Path from Andera Partners, 2024 · HR Tech, France
5. Turenne Groupe SponsorVery High83
37 platform investments in Business Services · 311 in France · 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 LINK GROUP, 2018 · HR Tech, France
6. PAI Partners (Fund VIII) SponsorVery High82
24 platform investments in Business Services · 51 in France · 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
7. PAI Partners (Mid-Market Fund) SponsorVery High82
25 platform investments in Business Services · 50 in France · 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
8. PAI Partners (Mid-Market) SponsorVery High82
24 platform investments in Business Services · 51 in France · 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. PAI Partners / ADIA SponsorVery High82
24 platform investments in Business Services · 51 in France · 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
10. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High82
24 platform investments in Business Services · 50 in France · 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
11. Ardian Clean Energy Evergreen Fund SponsorVery High81
81 platform investments in Business Services · 222 in France · 45 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
12. Ardian Mid Cap Buyout SponsorVery High81
81 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
13. Ardian (Clean Energy Evergreen Fund) SponsorVery High81
81 platform investments in Business Services · 221 in France · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
14. Ardian (ex-AXA Private Equity) SponsorVery High81
81 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
15. Ardian / Crédit Agricole Assurances consortium SponsorVery High81
81 platform investments in Business Services · 220 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
16. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High81
82 platform investments in Business Services · 221 in France · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
17. Ardian and Centerbridge Partners SponsorVery High81
81 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
18. Ardian and GoldenTree Asset Management SponsorVery High81
81 platform investments in Business Services · 220 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
19. Ardian and Latour Capital SponsorVery High81
82 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
20. Ardian Expansion SponsorVery High81
81 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
21. Ardian Expansion (Fund V) SponsorVery High81
81 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
22. Ardian Semiconductor SponsorVery High81
81 platform investments in Business Services · 221 in France · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
23. Ardian Tikehau EMZ consortium SponsorVery High81
82 platform investments in Business Services · 221 in France · 43 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
24. Ardian, Finint Infrastrutture SponsorVery High81
81 platform investments in Business Services · 220 in France · 44 deals 2024–26
AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M
14 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.
Backed HR Path, 2024 · HR Tech, France
25. IK Partners SponsorVery High81
50 platform investments in Business Services · 82 in France · 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
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.