Buyer landscape
Likely buyers · Cloud Infrastructure in Italy.
Prepared 2026-09-04 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 70 verified exits: 29% to sponsors, 59% to corporates and platforms, 11% via IPO, 1% other routes. Route shift since 2020: sponsors 21% (was 21%), corporates and platforms 75% (was 72%), IPO 3% (was 6%) (sector-wide).
The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 7 geographic expansion candidates without a local platform yet. 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. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High83
18 platform investments in Software & IT · 5 in Italy · 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
2. Alkemia SGR SponsorVery High83
8 platform investments in Software & IT · 19 in Italy · 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 DHH, 2024 · Cloud Infrastructure, Italy
3. TeamSystem PE-backedVery High81
86 acquisitions in Software & IT · 85 in Italy · 28 deals 2024–26
Active in Italy since 2007.
Added on ACD (ACD Finances), 2026 · Software, France
4. Apax Partners SponsorVery High79
35 platform investments in Software & IT · 6 in Italy · 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
5. Swanlaab Venture Factory SponsorVery High79
12 platform investments in Software & IT · 1 in Italy · 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 Dolfin, 2026 · AI/ML, Spain
6. Apax Partners (with NewAlpha) SponsorVery High78
30 platform investments in Software & IT · 4 in Italy · 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
7. Apax Partners and Inova Capital SponsorVery High78
29 platform investments in Software & IT · 4 in Italy · 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
8. Apax Partners and JMI Equity SponsorVery High78
29 platform investments in Software & IT · 4 in Italy · 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
9. Apax Partners SAS SponsorVery High78
29 platform investments in Software & IT · 5 in Italy · 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
10. Oakley Capital SponsorVery High78
15 platform investments in Software & IT · 4 in Italy · 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.
Backed Hosting.com, 2023 · Cloud Infrastructure, US
11. BU Bregal Unternehmerkapital SponsorVery High78
17 platform investments in Software & IT · 4 in Italy · 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
12. EQT SponsorVery High77
40 platform investments in Software & IT · 3 in Italy · 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 McNair, 2024 · Cloud Infrastructure, US
13. Deutsche Beteiligungs SponsorVery High77
13 platform investments in Software & IT · 4 in Italy · 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 Green Datahub, 2022 · Cloud Infrastructure, Germany
14. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High77
15 platform investments in Software & IT · 4 in Italy · 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 Hosting.com, 2023 · Cloud Infrastructure, US
15. Deutsche Beteiligungs AG SponsorVery High76
12 platform investments in Software & IT · 4 in Italy · 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 Green Datahub, 2022 · Cloud Infrastructure, Germany
16. 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
17. Fondo Italiano d'Investimento SGR SponsorVery High76
9 platform investments in Software & IT · 28 in Italy · 10 deals 2024–26
AUM €4.3B · Fondo Italiano Consolidamento e Crescita II (FICC II) · 2023 vintage · deploying
14 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.
Backed BV Tech, 2025 · Cybersecurity, Italy
18. 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 team.blue, 2019 · Cloud Infrastructure, Belgium
19. 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 Platform.sh, 2021 · Cloud Infrastructure, France
20. Permira SponsorVery High74
27 platform investments in Software & IT · 9 in Italy · 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.
Bought The Key Group from CBPE Capital, 2025 · IT Services, UK
21. Capmont SponsorVery High74
16 platform investments in Software & IT · 1 in Italy · 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
22. 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
23. Xenon Private Equity SponsorVery High74
4 platform investments in Software & IT · 23 in Italy · 9 deals 2024–26
AUM €1.0B · Xenon Private Equity Small Cap II · 2025 vintage · deploying · check €3-20M
5 platform investments since the 2025 vintage · largely deployed vs its usual 3 per fund.
Backed Eles, 2026 · Deep Tech, Italy
24. Renaissance Partners SponsorVery High74
6 platform investments in Software & IT · 17 in Italy · 3 deals 2024–26
AUM €3.5B · Renaissance Partners Fund IV · 2025 vintage · deploying
2 platform investments since the 2025 vintage · early in deployment vs its usual 5 per fund.
Bought Lodestar from Bravo Capital Partners, 2025 · IT Services, Italy
25. 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
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.