Likely buyers · in France.

1. Turenne Groupe SponsorVery High75

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 Destia, 2026 · Healthcare, France

2. PAI Partners SponsorVery High75

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.

Bought Arlettie from BNP Paribas Developpement, 2026 · Consumer, France

3. NextStage AM SponsorVery High75

142 in France · 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 ABATILLES, 2026 · Business Services, France

4. NextStage AM, BNP Développement, Bpifrance and management SponsorVery High75

141 in France · 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 ABATILLES, 2026 · Business Services, France

5. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

138 in France · 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 123 Elec, 2026 · Consumer, France

6. Arkea Capital Partenaire SponsorVery High75

137 in France · 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 123 Elec, 2026 · Consumer, France

7. Idia SponsorVery High75

126 in France · 27 deals 2024–26

AUM €2.4B · Crédit Agricole Assurances Avenir et Territoires · 2026 vintage · deploying · check €2-15M

5 platform investments since the 2026 vintage · early in deployment vs its usual 25 per fund.

Backed GROUPE INESSENS, 2026 · Agriculture, France

8. Bpifrance Investissement SponsorVery High75

89 in France · 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 Adcendo, 2026 · Biotech, Denmark

9. Finorpa Gestion SponsorVery High75

85 in France · 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 BDM Associes (Le Kiosque), 2026 · Consumer, France

10. Ring Capital SponsorVery High75

52 in France · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Dermascan, 2026 · HealthTech, France

11. Capital Grand Est SponsorVery High75

63 in France · 11 deals 2024–26

AUM €228M · ReBest · 2023 vintage · deploying · check €1-6M

13 platform investments since the 2023 vintage · largely deployed vs its usual 13 per fund.

Backed Groupe Batige, 2026 · Real Estate, France

12. Citizen Capital SponsorVery High75

49 in France · 10 deals 2024–26

AUM €235M · Citizen CIS · 2023 vintage · deploying · check €0-2M

11 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Cuisinons nos Paysages, 2026 · Agriculture, France

13. UI Investissement SponsorVery High75

41 in France · 11 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

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

Backed Bobine, 2026 · ClimateTech, France

14. Sodero Gestion, CENCD SponsorVery High75

40 in France · 22 deals 2024–26

AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M

12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.

Backed CO2 Démolitions, 2026 · Construction, France

15. UI Investissement + Bpifrance SponsorVery High75

39 in France · 11 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

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

Backed Bobine, 2026 · ClimateTech, France

16. UI Investissement + GENEO Capital Entrepreneur + Management SponsorVery High75

39 in France · 11 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

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

Backed Bobine, 2026 · ClimateTech, France

17. UI Investissement and Esfin Gestion SponsorVery High75

39 in France · 10 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

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

Backed Bobine, 2026 · ClimateTech, France

18. UI Investissement, Esfin Gestion and Unexo SponsorVery High75

39 in France · 10 deals 2024–26

AUM €1.7B · Cap Autrement · 2023 vintage · deploying

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

Backed Bobine, 2026 · ClimateTech, France

19. ISALT SponsorVery High75

29 in France · 10 deals 2024–26

AUM €3.0B · Strategie Horizon Dual (SHD) · 2025 vintage · deploying · check €6-45M

4 platform investments since the 2025 vintage · early in deployment vs its usual 10 per fund.

Backed Meelo, 2026 · TMT, France

20. Nord Capital Partenaires SponsorVery High75

27 in France · 5 deals 2024–26

AUM €265M · Nord Capital Investissement FCPR PME · 2024 vintage · deploying · check €2-12M

5 platform investments since the 2024 vintage · mid-deployment vs its usual 9 per fund.

Backed O2D Environnement, 2026 · Construction, France

21. Montyon Capital SponsorVery High75

11 in France · 11 deals 2024–26

Montyon Capital I · 2024 vintage · deploying

Active in France since 2025.

Bought Trigo from Ardian, 2026 · Business Services, France

22. Ardian SponsorVery High74

247 in France · 51 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Axur, 2026 · NULL, NULL

23. Ardian Clean Energy Evergreen Fund SponsorVery High74

221 in France · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Axur, 2026 · NULL, NULL

24. Ardian Mid Cap Buyout SponsorVery High74

220 in France · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Axur, 2026 · NULL, NULL

25. Ardian (Clean Energy Evergreen Fund) SponsorVery High74

220 in France · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed Axur, 2026 · NULL, NULL