Buyer landscape
Likely buyers · Aerospace & Defence.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 2,170 verified exits: 39% to sponsors, 57% to corporates and platforms, 4% via IPO, 1% other routes. Route shift since 2020: sponsors 36% (was 42%), corporates and platforms 59% (was 53%), IPO 4% (was 4%).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.
Financial buyers · 25
Tier 1 · Very High · score 70+
1. Bpifrance Investissement SponsorVery High88
27 platform investments in Industrials · 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 Novakamp, 2026 · Aerospace & Defence, France
2. PAI Partners SponsorVery High85
33 platform investments in Industrials · 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 Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy
3. DUBAG Group SponsorVery High84
14 platform investments in Industrials · 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 HTSP (Holcim Technical Solutions and Products), 2026 · Aerospace & Defence, Germany
4. Sodero Gestion, CENCD SponsorVery High82
16 platform investments in Industrials · 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 Coraxes, 2025 · Aerospace & Defence, France
5. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High82
5 platform investments in Industrials · 7 deals 2024–26
AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M
Accelerating: 6 deals in the last 2 years vs 0.5/yr before.
Backed Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland
6. Omnes Capital SponsorVery High81
20 platform investments in Industrials · 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
7. PAI Partners (Fund VIII) SponsorVery High81
28 platform investments in Industrials · 17 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.
Backed Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy
8. PAI Partners (Mid-Market Fund) SponsorVery High81
28 platform investments in Industrials · 16 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.
Backed Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy
9. PAI Partners (Mid-Market) SponsorVery High81
28 platform investments in Industrials · 16 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.
Backed Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy
10. PAI Partners / ADIA SponsorVery High81
29 platform investments in Industrials · 17 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.
Backed Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy
11. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High81
28 platform investments in Industrials · 16 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.
Backed Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy
12. InnovaFonds SponsorVery High81
50 platform investments in Industrials · 18 deals 2024–26
AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M
9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Bought Fleuret from iXO Private Equity, 2025 · Aerospace & Defence, France
13. Waterland Private Equity SponsorVery High79
38 platform investments in Industrials · 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 Celestia, 2021 · Aerospace & Defence, Netherlands
14. Altor Equity Partners SponsorVery High79
28 platform investments in Industrials · 12 deals 2024–26
AUM €8.3B · Altor Fund VI · 2023 vintage · deploying · check €60-450M
16 platform investments since the 2023 vintage · mid-deployment vs its usual 18 per fund.
Backed ElteraGruppen, 2026 · Construction, Norway
15. InnovaFonds + Bpifrance SponsorVery High79
48 platform investments in Industrials · 16 deals 2024–26
AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M
9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed Fleuret, 2025 · Aerospace & Defence, France
16. InnovaFonds and co-investors SponsorVery High79
49 platform investments in Industrials · 15 deals 2024–26
AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M
9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed Fleuret, 2025 · Aerospace & Defence, France
17. Innovafonds Aura SponsorVery High79
49 platform investments in Industrials · 15 deals 2024–26
AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M
9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed Fleuret, 2025 · Aerospace & Defence, France
18. InnovaFonds, BNP Paribas Développement and Carvest SponsorVery High79
48 platform investments in Industrials · 15 deals 2024–26
AUM €600M · Fonds Industries et Technologies III · 2025 vintage · deploying · check €4-32M
9 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.
Backed Fleuret, 2025 · Aerospace & Defence, France
19. NCI SponsorVery High79
20 platform investments in Industrials · 12 deals 2024–26
AUM €400M · Reprendre & Developper 6 · 2025 vintage · deploying · check €2-15M
8 platform investments since the 2025 vintage · mid-deployment vs its usual 8 per fund.
Backed Expliseat, 2025 · Aerospace & Defence, France
20. FCDE SponsorVery High79
11 platform investments in Industrials · 5 deals 2024–26
AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M
3 platform investments since the 2025 vintage · early in deployment vs its usual 7 per fund.
Backed HEMERIA, 2026 · Aerospace & Defence, France
21. Armira SponsorVery High79
7 platform investments in Industrials · 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 TYTAN Technologies, 2026 · Aerospace & Defence, Germany
22. IGI Private Equity SponsorVery High79
18 platform investments in Industrials · 8 deals 2024–26
AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying
Accelerating: 6 deals in the last 2 years vs 1.3/yr before.
Backed WeBlade, 2026 · Industrials, Italy
23. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High78
47 platform investments in Industrials · 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 ACB, 2022 · Aerospace & Defence, France
24. Arkea Capital Partenaire SponsorVery High78
46 platform investments in Industrials · 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 ACB, 2022 · Aerospace & Defence, France
25. Audacia SponsorVery High78
21 platform investments in Industrials · 27 deals 2024–26
AUM €2.8B · Audacia Capital Développement IV · 2023 vintage · deploying · check €4-30M
45 platform investments since the 2023 vintage · largely deployed vs its usual 12 per fund.
Backed ZODIAC MILPRO, 2022 · Aerospace & Defence, France
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.