Likely buyers · Biotech in Belgium.

1. Bpifrance Investissement SponsorVery High80

10 platform investments in Healthcare · 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

2. Novo Holdings SponsorVery High79

114 platform investments in Healthcare · 1 in Belgium · 43 deals 2024–26

AUM €93.0B · Novo Holdings Bioindustrial Investments · 1999 vintage · no newer fund

142 platform investments since the 1999 vintage · largely deployed vs its usual 24 per fund.

Backed cAMPfield, 2026 · Biotech, US

3. ArchiMed SponsorVery High78

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 ExcellGene, 2025 · Biotech, Switzerland

4. Archimedes Partners SponsorVery High78

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 ExcellGene, 2025 · Biotech, Switzerland

5. 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 Ona Therapeutics, 2026 · Biotech, Spain

6. 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

7. 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

8. 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

9. 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

10. ARCHIMED and Institut Mérieux SponsorVery High78

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 ExcellGene, 2025 · Biotech, Switzerland

11. ArchiMed and Tethys Invest SponsorVery High78

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 ExcellGene, 2025 · Biotech, Switzerland

12. 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

14. 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 Biobank from Bpifrance Investissement, 2024 · Biotech, France

15. 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 Exapto, 2024 · Biotech, France

16. NORD Holding SponsorVery High76

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

17. Lauxera Capital Partners SponsorVery High76

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 GenePlanet, 2026 · Biotech, Slovenia

18. 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 Mablink, 2021 · Biotech, France

19. 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

20. 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

21. NORD Holding / Pinova Capital SponsorVery High75

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

22. Audacia SponsorVery High74

9 platform investments in Healthcare · 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 Biomemory, 2025 · Biotech, France

23. bm-t Beteiligungsmanagement Thueringen SponsorVery High74

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 Applyo Jena, 2025 · Biotech, Germany

24. Impact Expansion Management SponsorVery High74

5 platform investments in Healthcare · 4 in Belgium · 10 deals 2024–26

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

10 platform investments since the 2024 vintage · largely deployed vs its usual 8 per fund.

Backed neurocare, 2025 · HealthTech, Germany

25. EQT SponsorVery High73

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 Aldevron, 2019 · Biotech, US

13. Gilead Sciences CorporateVery High77

6 acquisitions in Healthcare · 4 deals 2024–26

Accelerating: 4 deals in the last 2 years vs 0.3/yr before.

Bought Tubulis from Athos, 2026 · Biotech, Germany