Likely buyers · in Germany.

1. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High75

32 in Germany · 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 A.Eberle, 2026 · Industrials, Germany

2. BU Bregal Unternehmerkapital SponsorVery High75

32 in Germany · 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 A.Eberle, 2026 · Industrials, Germany

3. NORD Holding SponsorVery High75

40 in Germany · 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 all inclusive Fitness, 2026 · Hospitality, Germany

4. NORD Holding / Pinova Capital SponsorVery High75

37 in Germany · 12 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 10 deals in the last 2 years vs 2.5/yr before.

Backed all inclusive Fitness, 2026 · Hospitality, Germany

5. Adelis Equity Partners SponsorVery High75

6 in Germany · 10 deals 2024–26

Adelis Equity Partners Fund IV · 2024 vintage · deploying · check €32-242M

4 platform investments since the 2024 vintage · mid-deployment vs its usual 7 per fund.

Bought Horn & Cosifan from Harald Quandt Industriebeteiligungen, 2026 · Business Services, Germany

6. Deutsche Beteiligungs AG SponsorVery High74

85 in Germany · 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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

7. Triton Partners SponsorVery High74

41 in Germany · 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 Flender, 2026 · Industrials, Germany

8. Deutsche Beteiligungs SponsorVery High74

80 in Germany · 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.

Backed Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

9. Inflexion SponsorVery High74

5 in Germany · 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 Ascend Insurance Holdings, 2026 · Financials, UK

10. DUBAG Group SponsorVery High74

17 in Germany · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed H.K.O., 2026 · Construction, Germany

11. Liberta Partners SponsorVery High74

11 in Germany · 8 deals 2024–26

AUM €160M · Liberta Partners Fund III · 2023 vintage · deploying · check €2-11M

7 platform investments since the 2023 vintage · largely deployed vs its usual 7 per fund.

Backed Zeeh Design / Brace Group, 2026 · Business Services, Germany

12. Paragon Partners SponsorVery High73

38 in Germany · 6 deals 2024–26

AUM €2.4B · Paragon Fund IV · 2023 vintage · deploying · check €24-180M

5 platform investments since the 2023 vintage · mid-deployment vs its usual 10 per fund.

Backed BALDUR-Garten, 2026 · E-commerce, Germany

13. Capmont SponsorVery High73

32 in Germany · 17 deals 2024–26

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

17 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Dyneon, 2026 · Industrials, Germany

14. AFINUM Management GmbH SponsorVery High73

24 in Germany · 9 deals 2024–26

AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M

2 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Fairbanks, 2026 · SaaS, Netherlands

15. BID Equity Continuation Fund I SCSp SponsorVery High73

22 in Germany · 15 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 13 deals in the last 2 years vs 2.8/yr before.

Backed Local Brand X, 2026 · AdTech, Germany

16. Armira SponsorVery High73

23 in Germany · 12 deals 2024–26

AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Backed AVILOO, 2026 · Mobility, Austria

17. bm-t Beteiligungsmanagement Thueringen SponsorVery High73

28 in Germany · 13 deals 2024–26

AUM €465M · Mittelstands-Fonds Thueringen II (MFT II) · 2025 vintage · deploying · check €0-3M

Accelerating: 8 deals in the last 2 years vs 2.5/yr before.

Backed ad hoc energy, 2026 · Energy, Germany

18. BID Equity SponsorVery High73

19 in Germany · 10 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

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

Backed Local Brand X, 2026 · AdTech, Germany

19. IK Partners SponsorVery High72

34 in Germany · 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.

Bought Domek Group from Capital A Investment Partners, 2026 · Financials, Netherlands

20. IK Partners (IK Small Cap III) SponsorVery High72

32 in Germany · 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 Domek Group, 2026 · Financials, Netherlands

21. IK Partners / GIC / Keensight / Parquest / management SponsorVery High72

32 in Germany · 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 Domek Group, 2026 · Financials, Netherlands

22. Omnes Capital SponsorVery High72

14 in Germany · 11 deals 2024–26

AUM €6.7B · Capenergie 5 · 2024 vintage · deploying · check €41-308M

11 platform investments since the 2024 vintage · mid-deployment vs its usual 15 per fund.

Backed ARX Robotics, 2025 · Aerospace & Defence, Germany

23. Hg SponsorVery High72

19 in Germany · 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.

Backed OneStream, 2026 · SaaS, US

24. Inflexion (Partnership Capital III) SponsorVery High72

4 in Germany · 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 Ascend Insurance Holdings, 2026 · Financials, UK

25. Archimedes Partners SponsorVery High72

7 in Germany · 21 deals 2024–26

AUM €9.0B · MED Rise · 2024 vintage · deploying · check €8-60M

18 platform investments since the 2024 vintage · largely deployed vs its usual 9 per fund.

Backed Esperion Therapeutics, 2026 · NULL, NULL