Likely buyers · Cybersecurity in France.

1. Oakley Capital SponsorVery High86

15 platform investments in Software & IT · 7 in France · 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

2. Isai Gestion SponsorVery High85

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

3. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High85

15 platform investments in Software & IT · 6 in France · 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

4. EQT SponsorVery High83

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

5. Bpifrance Investissement SponsorVery High83

6 platform investments in Software & IT · 99 in France · 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 Sekoia.io, 2025 · Cybersecurity, France

6. Hg SponsorVery High81

49 platform investments in Software & IT · 6 in France · 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

7. Meanings Capital Partners SponsorVery High81

9 platform investments in Software & IT · 16 in France · 8 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

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

Backed Instant System, 2026 · Software, France

8. Ring Capital SponsorVery High80

10 platform investments in Software & IT · 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 Enaos, 2025 · Software, Belgium

9. Capital Croissance SponsorVery High80

16 platform investments in Software & IT · 44 in France · 20 deals 2024–26

AUM €950M · Club des entrepreneurs Capital Croissance · 2025 vintage · deploying · check €2-15M

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

Backed STid, 2024 · Cybersecurity, France

10. Sophora Unternehmerkapital SponsorVery High80

5 platform investments in Software & IT · 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

11. Turenne Groupe SponsorVery High79

25 platform investments in Software & IT · 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 M&C3i, 2026 · Software, France

12. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79

19 platform investments in Software & IT · 140 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 Heliaq, 2025 · IT Services, France

13. Arkea Capital Partenaire SponsorVery High79

19 platform investments in Software & IT · 139 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 Heliaq, 2025 · IT Services, France

14. Sodero Gestion, CENCD SponsorVery High79

5 platform investments in Software & IT · 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 Skyld, 2025 · Cybersecurity, France

15. BID Equity Continuation Fund I SCSp SponsorVery High79

23 platform investments in Software & IT · 5 in France · 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 Nextron, 2023 · Cybersecurity, Germany

16. TeamSystem PE-backedVery High78

86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26

Active in France since 2024.

Bought Muscope Cybersecurity from Primo Capital SGR, 2024 · Cybersecurity, Italy

17. Deutsche Beteiligungs SponsorVery High78

13 platform investments in Software & IT · 1 in France · 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

18. BID Equity SponsorVery High78

19 platform investments in Software & IT · 4 in France · 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 Nextron, 2023 · Cybersecurity, Germany

19. Meanings Capital Partners with Bpifrance SponsorVery High78

8 platform investments in Software & IT · 16 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Instant System, 2026 · Software, France

20. Waterland Private Equity SponsorVery High77

18 platform investments in Software & IT · 11 in France · 39 deals 2024–26

Waterland Private Equity Fund IX (WPEF IX) · 2023 vintage · deploying · check €70-525M

48 platform investments since the 2023 vintage · largely deployed vs its usual 19 per fund.

Backed dacoso, 2024 · Cybersecurity, Germany

21. Irdi Capital-Investissement SponsorVery High77

34 platform investments in Software & IT · 132 in France · 35 deals 2024–26

AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M

78 platform investments since the 2021 vintage · largely deployed vs its usual 27 per fund.

Backed PRADEO SECURITY SYSTEMS, 2024 · Cybersecurity, France

22. Entrepreneur Invest SponsorVery High77

34 platform investments in Software & IT · 100 in France · 11 deals 2024–26

AUM €1.8B · FPCI Entrepreneurs & Croissance N°5 · 2022 vintage · partially deployed · check €3-23M

33 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.

Backed Trustbuilder, 2021 · Cybersecurity, France

23. Deutsche Beteiligungs AG SponsorVery High76

12 platform investments in Software & IT · 1 in France · 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

24. Axcel SponsorVery High76

21 platform investments in Software & IT · 1 in France · 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

25. Queka Real Partners SponsorVery High76

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

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Bought Datos101 from Faraday Venture Capital, 2025 · Cybersecurity, Spain