Likely buyers · MedTech in Belgium.

1. NORD Holding SponsorVery High85

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.

Bought Hallmarq Veterinary Imaging from August Equity, 2026 · MedTech, UK

2. IK Partners SponsorVery High83

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 Sterimed from Sagard, 2025 · MedTech, France

3. Inflexion SponsorVery High83

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

4. ArchiMed SponsorVery High83

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 Stago, 2026 · MedTech, France

5. Archimedes Partners SponsorVery High83

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 Stago, 2026 · MedTech, France

6. ARCHIMED and Institut Mérieux SponsorVery High83

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 Stago, 2026 · MedTech, France

7. ArchiMed and Tethys Invest SponsorVery High83

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 Stago, 2026 · MedTech, France

8. NORD Holding / Pinova Capital SponsorVery High82

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 Hallmarq Veterinary Imaging, 2026 · MedTech, UK

9. Apheon SponsorVery High81

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

10. Apheon TMC HDC Long Term Value Fund (HarbourVest-led) + LFPI SponsorVery High81

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

11. Apheon TMC HDC Long Term Value Fund SCSp (HarbourVest + LFPI-backed continuation fund) SponsorVery High81

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 + MML Capital-backed continuation fund) SponsorVery High81

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. Irdi Capital-Investissement SponsorVery High78

25 platform investments in Healthcare · 33 deals 2024–26

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

76 platform investments since the 2021 vintage · largely deployed vs its usual 26 per fund.

Backed DiappyMed, 2026 · MedTech, France

14. Inflexion (Partnership Capital III) SponsorVery High78

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

15. Quadrivio Group SponsorVery High78

6 platform investments in Healthcare · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Backed Biotec Italia, 2025 · MedTech, Italy

16. Lauxera Capital Partners SponsorVery High78

16 platform investments in Healthcare · 6 deals 2024–26

AUM €780M · Lauxera Growth II · 2025 vintage · deploying · check €10-78M

3 platform investments since the 2025 vintage · early in deployment vs its usual 8 per fund.

Backed Bridge to Life, 2026 · MedTech, US

17. bm-t Beteiligungsmanagement Thueringen SponsorVery High77

13 platform investments in Healthcare · 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 DeepEn, 2025 · MedTech, Germany

18. Ring Capital SponsorVery High76

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

19. Charterhouse Capital Partners SponsorVery High76

11 platform investments in Healthcare · 1 in Belgium · 10 deals 2024–26

AUM €7.0B · Charterhouse Capital Partners XI · 2023 vintage · deploying · check €28-210M

10 platform investments since the 2023 vintage · mid-deployment vs its usual 14 per fund.

Backed Winback, 2025 · MedTech, France

20. Merieux Equity Partners / Vitruvian Partners SponsorVery High76

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 Prothea Technologies, 2024 · MedTech, UK

21. GHO Capital Partners SponsorVery High76

21 platform investments in Healthcare · 1 in Belgium · 4 deals 2024–26

AUM €9.0B · GHO Capital IV LP · 2025 vintage · deploying · check €50-375M

3 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Bought Fotofinder Systems from EMZ Partners, 2025 · MedTech, Germany

22. 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 CAIRDAC, 2022 · MedTech, France

23. IK Partners (IK Small Cap III) SponsorVery High75

29 platform investments in Healthcare · 8 in Belgium · 39 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.

Backed Sterimed, 2025 · MedTech, France

24. IK Partners / GIC / Keensight / Parquest / management SponsorVery High75

28 platform investments in Healthcare · 8 in Belgium · 38 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.

Backed Sterimed, 2025 · MedTech, France

25. 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 ELITECH from Naxicap Partners, 2017 · MedTech, France