Likely buyers · DevTools in Portugal.

1. Swanlaab Venture Factory SponsorVery High79

12 platform investments in Software & IT · 18 deals 2024–26

Swanlaab Innvierte Agrifood Tech · 2024 vintage · deploying

Accelerating: 15 deals in the last 2 years vs 1.3/yr before.

Backed Codee, 2023 · DevTools, Spain

2. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High78

18 platform investments in Software & IT · 15 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Bought Safety21 from BU Bregal Unternehmerkapital, 2026 · Software, Italy

3. Oakley Capital SponsorVery High77

15 platform investments in Software & IT · 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.

Bought Senef from Isatis Capital, 2026 · SaaS, France

4. EQT SponsorVery High76

40 platform investments in Software & IT · 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 Mews, 2026 · SaaS, Netherlands

5. Axcel SponsorVery High76

20 platform investments in Software & IT · 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 Bekk, 2026 · IT Services, Norway

6. Alkemia SGR SponsorVery High76

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

AUM €270M · Food Excellence I · 2025 vintage · deploying

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Circle Group, 2026 · Software, Italy

7. TeamSystem PE-backedVery High75

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

Added on ACD (ACD Finances), 2026 · Software, France

8. Apax Partners SponsorVery High75

35 platform investments in Software & IT · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

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

Backed Sedex, 2026 · Data & Analytics, UK

9. Deutsche Beteiligungs SponsorVery High75

13 platform investments in Software & IT · 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

10. Hg SponsorVery High75

48 platform investments in Software & IT · 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 OneStream, 2026 · SaaS, US

11. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High75

15 platform investments in Software & IT · 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.

Backed Senef, 2026 · Software, France

12. Isai Gestion SponsorVery High74

61 platform investments in Software & IT · 30 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.

Backed ProcurePro, 2026 · Software, Australia

13. Deutsche Beteiligungs AG SponsorVery High74

12 platform investments in Software & IT · 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

14. Permira SponsorVery High74

27 platform investments in Software & IT · 1 in Portugal · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed SonarSource, 2022 · DevTools, Switzerland

15. Apax Partners (with NewAlpha) SponsorVery High74

30 platform investments in Software & IT · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

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

Backed Sedex, 2026 · Data & Analytics, UK

16. Apax Partners and Inova Capital SponsorVery High74

29 platform investments in Software & IT · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

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

Backed Sedex, 2026 · Data & Analytics, UK

17. Apax Partners and JMI Equity SponsorVery High74

29 platform investments in Software & IT · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

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

Backed Sedex, 2026 · Data & Analytics, UK

18. Apax Partners SAS SponsorVery High74

29 platform investments in Software & IT · 19 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B

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

Backed Sedex, 2026 · Data & Analytics, UK

19. BU Bregal Unternehmerkapital SponsorVery High74

17 platform investments in Software & IT · 14 deals 2024–26

AUM €7.0B · BU Bregal Unternehmerkapital Multi-Asset Continuation Fund · 2026 vintage · deploying · check €16-122M

4 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Safety21, 2026 · Software, Italy

20. AFINUM Management GmbH SponsorVery High74

14 platform investments in Software & IT · 9 deals 2024–26

AFINUM X Buyout (2026) · 2026 vintage · deploying · check €10-75M

2 platform investments since the 2026 vintage · early in deployment vs its usual 9 per fund.

Backed Fairbanks, 2026 · SaaS, Netherlands

21. Queka Real Partners SponsorVery High74

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.

Backed B2group, 2025 · IT Services, Spain

22. Permira Credit SponsorVery High73

25 platform investments in Software & IT · 1 in Portugal · 14 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

17 platform investments since the 2023 vintage · largely deployed vs its usual 11 per fund.

Backed SonarSource, 2022 · DevTools, Switzerland

23. YFM Equity Partners SponsorVery High73

26 platform investments in Software & IT · 23 deals 2024–26

AUM €878M · YFM Buyout Fund III · 2023 vintage · deploying · check €2-17M

32 platform investments since the 2023 vintage · largely deployed vs its usual 20 per fund.

Backed AutomatePro, 2023 · DevTools, UK

24. Capmont SponsorVery High73

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

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

16 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Boost Inc, 2025 · Software, Germany

25. Maguar Capital SponsorVery High73

5 platform investments in Software & IT · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

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

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain