Likely buyers · Cybersecurity in Germany.

1. Sophora Unternehmerkapital SponsorVery High88

5 platform investments in Software & IT · 4 in Germany · 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 Argos Security, 2025 · Cybersecurity, Germany

2. Deutsche Beteiligungs SponsorVery High87

13 platform investments in Software & IT · 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

3. Deutsche Beteiligungs AG SponsorVery High86

12 platform investments in Software & IT · 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

4. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High85

18 platform investments in Software & IT · 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.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

5. Hg SponsorVery High84

48 platform investments in Software & IT · 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 A-LIGN, 2025 · Cybersecurity, US

6. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High83

15 platform investments in Software & IT · 13 in Germany · 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.

Bought Bridewell from Growth Capital Partners, 2025 · Cybersecurity, UK

7. BU Bregal Unternehmerkapital SponsorVery High83

17 platform investments in Software & IT · 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 Safety21, 2026 · Software, Italy

8. AFINUM Management GmbH SponsorVery High83

14 platform investments in Software & IT · 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

9. EQT SponsorVery High82

40 platform investments in Software & IT · 40 in Germany · 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 ReliaQuest, 2025 · Cybersecurity, US

10. Oakley Capital SponsorVery High82

15 platform investments in Software & IT · 15 in Germany · 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.

Backed Assured Data Protection, 2024 · Cybersecurity, UK

11. Maguar Capital SponsorVery High82

5 platform investments in Software & IT · 9 in Germany · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

12. Maguar Capital Partners SponsorVery High82

4 platform investments in Software & IT · 7 in Germany · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

13. Deutsche Telekom Capital Partners SponsorVery High81

34 platform investments in Software & IT · 8 in Germany · 9 deals 2024–26

DTCP Growth Equity III · 2022 vintage · partially deployed

15 platform investments since the 2022 vintage · largely deployed vs its usual 14 per fund.

Backed Cerby, 2025 · Cybersecurity, US

14. Axcel SponsorVery High80

20 platform investments in Software & IT · 1 in Germany · 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 BullWall, 2022 · Cybersecurity, Denmark

15. NORD Holding SponsorVery High80

9 platform investments in Software & IT · 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 HvS-Consulting GmbH, 2023 · Cybersecurity, Germany

16. Capmont SponsorVery High80

16 platform investments in Software & IT · 32 in Germany · 16 deals 2024–26

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

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

Backed Boost Inc, 2025 · Software, Germany

17. NORD Holding / Pinova Capital SponsorVery High80

10 platform investments in Software & IT · 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 HvS-Consulting GmbH, 2023 · Cybersecurity, Germany

18. Armira SponsorVery High80

8 platform investments in Software & IT · 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 FTAPI, 2025 · Cybersecurity, Germany

19. BID Equity Continuation Fund I SCSp SponsorVery High80

12 platform investments in Software & IT · 14 in Germany · 9 deals 2024–26

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

Accelerating: 7 deals in the last 2 years vs 2.0/yr before.

Backed Nextron, 2023 · Cybersecurity, Germany

20. BID Equity SponsorVery High80

11 platform investments in Software & IT · 13 in Germany · 7 deals 2024–26

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

5 platform investments since the 2025 vintage · largely deployed vs its usual 5 per fund.

Backed Nextron, 2023 · Cybersecurity, Germany

21. bm-t Beteiligungsmanagement Thueringen SponsorVery High79

6 platform investments in Software & IT · 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 Leapter, 2025 · Software, Germany

22. Isai Gestion SponsorVery High78

61 platform investments in Software & IT · 1 in Germany · 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 datadome, 2023 · Cybersecurity, France

23. Inflexion SponsorVery High78

8 platform investments in Software & IT · 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 Nomentia, 2025 · SaaS, Finland

24. Bregal Milestone SponsorVery High78

16 platform investments in Software & IT · 3 in Germany · 7 deals 2024–26

AUM €1.3B · Bregal Milestone Fund III · 2026 vintage · deploying · check €18-137M

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

Backed TitanHQ, 2025 · Cybersecurity, Ireland

25. OneSpan CorporateVery High78

3 acquisitions in Software & IT · 3 in Germany · 3 deals 2024–26

Active in Germany since 2026.

Bought Build38 from eCAPITAL ENTREPRENEURIAL PARTNERS, 2026 · Cybersecurity, Germany