Likely buyers · HealthTech in Belgium.

1. Ring Capital SponsorVery High86

10 platform investments in Healthcare · 2 in Belgium · 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

2. Impact Expansion Management SponsorVery High84

5 platform investments in Healthcare · 6 in Belgium · 14 deals 2024–26

AUM €150M · Impact Expansion Fund I · 2024 vintage · deploying · check €3-23M

Accelerating: 6 deals in the last 2 years vs 2.0/yr before.

Backed neurocare, 2025 · HealthTech, Germany

3. ArchiMed SponsorVery High80

56 platform investments in Healthcare · 1 in Belgium · 18 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 Arkstone, 2025 · HealthTech, US

4. Archimedes Partners SponsorVery High80

53 platform investments in Healthcare · 1 in Belgium · 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 Arkstone, 2025 · HealthTech, US

5. ARCHIMED and Institut Mérieux SponsorVery High80

54 platform investments in Healthcare · 1 in Belgium · 19 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 Arkstone, 2025 · HealthTech, US

6. ArchiMed and Tethys Invest SponsorVery High80

54 platform investments in Healthcare · 1 in Belgium · 18 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 Arkstone, 2025 · HealthTech, US

7. NORD Holding SponsorVery High80

15 platform investments in Healthcare · 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 Medas Group, 2026 · HealthTech, Germany

9. Merieux Equity Partners / Vitruvian Partners SponsorVery High78

57 platform investments in Healthcare · 6 in Belgium · 6 deals 2024–26

AUM €1.6B · Mérieux Participations 5 · 2026 vintage · deploying · check €7-50M

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

Backed Health in Code, 2026 · HealthTech, Spain

10. Apheon SponsorVery High78

11 platform investments in Healthcare · 14 in Belgium · 11 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Teknimed, 2026 · MedTech, France

11. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High78

11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Teknimed, 2026 · MedTech, France

12. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High78

11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Teknimed, 2026 · MedTech, France

13. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + MML Capital-backed continuation fund) SponsorVery High78

11 platform investments in Healthcare · 14 in Belgium · 12 deals 2024–26

AUM €4.5B · AMB VI · 2025 vintage · deploying · check €25-188M

7 platform investments since the 2025 vintage · largely deployed vs its usual 6 per fund.

Backed Teknimed, 2026 · MedTech, France

14. NORD Holding / Pinova Capital SponsorVery High78

12 platform investments in Healthcare · 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 Medas Group, 2026 · HealthTech, Germany

15. EQT SponsorVery High77

50 platform investments in Healthcare · 5 in Belgium · 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 CluePoints, 2024 · HealthTech, Belgium

16. Inflexion SponsorVery High77

10 platform investments in Healthcare · 1 in Belgium · 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.

Bought Primed from Paragon Partners, 2026 · MedTech, Germany

17. IK Partners SponsorVery High76

34 platform investments in Healthcare · 8 in Belgium · 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 Ellab from EQT, 2023 · HealthTech, Denmark

18. Alantra Private Equity Healthcare Continuation Fund SponsorVery High76

5 platform investments in Healthcare · 5 deals 2024–26

AUM €720M · Alantra Private Equity Fund IV · 2023 vintage · deploying

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

Bought Health in Code from Alantra Private Equity, 2026 · HealthTech, Spain

20. Turenne Groupe SponsorVery High75

55 platform investments in Healthcare · 3 in Belgium · 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 Bow Medical, 2023 · HealthTech, France

21. PAI Partners SponsorVery High75

24 platform investments in Healthcare · 5 in Belgium · 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 Nuzoa from Abac Capital, 2025 · Pharma, Spain

22. Bpifrance Investissement SponsorVery High75

14 platform investments in Healthcare · 38 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 32 deals in the last 2 years vs 5.8/yr before.

Backed Amblea, 2020 · HealthTech, France

23. Inflexion (Partnership Capital III) SponsorVery High75

9 platform investments in Healthcare · 1 in Belgium · 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 Primed, 2026 · MedTech, Germany

24. Five Arrows Managers SponsorVery High75

14 platform investments in Healthcare · 1 in Belgium · 23 deals 2024–26

AUM €31M · Five Arrows Principal Investments · 2024 vintage · deploying · check €25-188M

23 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.

Backed Blue Mountain, 2025 · HealthTech, US

25. Armira SponsorVery High75

6 platform investments in Healthcare · 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 nyra health, 2026 · HealthTech, Austria

8. PsychPlus CorporateVery High79

5 acquisitions in Healthcare · 5 deals 2024–26

Bought Koa Health from Yaday, 2026 · HealthTech, Spain

19. Thermo Fisher Scientific CorporateVery High76

8 acquisitions in Healthcare · 5 deals 2024–26

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought Clario from Astorg, 2026 · HealthTech, US