Likely buyers · Agriculture in Belgium.

1. Idia SponsorVery High84

53 platform investments in Energy & Climate · 27 deals 2024–26

AUM €2.4B · Crédit Agricole Assurances Avenir et Territoires · 2026 vintage · deploying · check €2-15M

5 platform investments since the 2026 vintage · early in deployment vs its usual 25 per fund.

Backed GROUPE INESSENS, 2026 · Agriculture, France

2. Eiffel Investment Group, Mirova SponsorVery High80

23 platform investments in Energy & Climate · 1 in Belgium · 15 deals 2024–26

AUM €7.0B · Eiffel Energy Transition III · 2025 vintage · deploying · check €24-180M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed British Solar Renewables, 2026 · Energy, UK

3. Ring Capital SponsorVery High79

11 platform investments in Energy & Climate · 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 Enerin, 2026 · ClimateTech, Norway

4. Citizen Capital SponsorVery High79

11 platform investments in Energy & Climate · 10 deals 2024–26

AUM €235M · Citizen CIS · 2023 vintage · deploying · check €0-2M

11 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Cuisinons nos Paysages, 2026 · Agriculture, France

5. Swanlaab Venture Factory SponsorVery High77

6 platform investments in Energy & Climate · 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 Granular Products, 2024 · Agriculture, Australia

6. RGreen Invest SponsorVery High76

17 platform investments in Energy & Climate · 8 deals 2024–26

AUM €2.5B · INFRABRIDGE IV · 2026 vintage · deploying · check €10-75M

3 platform investments since the 2026 vintage · mid-deployment vs its usual 4 per fund.

Backed Geogreen, 2026 · Energy, France

7. EQT SponsorVery High75

29 platform investments in Energy & Climate · 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 Calisen, 2025 · Energy, UK

8. Waterland Private Equity SponsorVery High75

7 platform investments in Energy & Climate · 36 in Belgium · 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 Argona, 2025 · ClimateTech, Belgium

9. Just Climate SponsorVery High75

9 platform investments in Energy & Climate · 11 deals 2024–26

AUM €1.7B · Natural Climate Solutions Strategy · 2024 vintage · deploying · check €7-52M

Accelerating: 9 deals in the last 2 years vs 1.5/yr before.

Backed Afresh, 2026 · AgTech, US

10. Ardian SponsorVery High74

53 platform investments in Energy & Climate · 6 in Belgium · 51 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Bought CÉRÉLIA from Capza, 2020 · Agriculture, France

11. Finorpa Gestion SponsorVery High73

6 platform investments in Energy & Climate · 27 deals 2024–26

Hauts-de-France Avenir TPE PME · 2026 vintage · deploying

8 platform investments since the 2026 vintage · early in deployment vs its usual 28 per fund.

Backed Delecroix Harvesting, 2025 · Agriculture, France

12. Cerea Partners SponsorVery High73

11 platform investments in Energy & Climate · 15 deals 2024–26

AUM €1.5B · Cerea Agro Dev Industrie · 2025 vintage · deploying · check €5-38M

8 platform investments since the 2025 vintage · largely deployed vs its usual 8 per fund.

Backed Groupe Isnard, 2024 · Agriculture, France

13. Edmond de Rothschild Private Equity (France) SponsorVery High73

11 platform investments in Energy & Climate · 11 deals 2024–26

AUM €4.3B · Amethis Fund III · 2023 vintage · deploying · check €8-61M

18 platform investments since the 2023 vintage · largely deployed vs its usual 6 per fund.

Backed BH Holding, 2025 · Agriculture, Morocco

14. Aquila Capital funds SponsorVery High73

17 platform investments in Energy & Climate · 8 deals 2024–26

AUM €6.5B · Aquila Capital Energy Transition Fund I · 2025 vintage · deploying · check €12-90M

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought Desfina Wind Farm from Aquila Capital, 2026 · Energy, Greece

15. Luxcara SponsorVery High73

16 platform investments in Energy & Climate · 4 deals 2024–26

AUM €7.5B · FLAVEO V · 2024 vintage · deploying

4 platform investments since the 2024 vintage · largely deployed vs its usual 3 per fund.

Backed Kozani Solar PV, 2026 · Energy, Greece

16. Aurae Impact SponsorVery High73

3 platform investments in Energy & Climate · 8 deals 2024–26

AUM €20M · Aurae Impact Fund · 2023 vintage · deploying · check €0-3M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed Bioline AgroSciences, 2025 · Agriculture, UK

17. Turenne Groupe SponsorVery High72

19 platform investments in Energy & Climate · 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 ADVITAM PARTICIPATIONS, 2024 · Agriculture, France

18. Ardian Clean Energy Evergreen Fund SponsorVery High71

51 platform investments in Energy & Climate · 6 in Belgium · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

19. Ardian Mid Cap Buyout SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

20. Ardian (Clean Energy Evergreen Fund) SponsorVery High71

50 platform investments in Energy & Climate · 6 in Belgium · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

21. Ardian (ex-AXA Private Equity) SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

22. Ardian / Crédit Agricole Assurances consortium SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

23. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

24. Ardian and Centerbridge Partners SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

25. Ardian and GoldenTree Asset Management SponsorVery High71

49 platform investments in Energy & Climate · 6 in Belgium · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France