Likely buyers · Logistics in Portugal.

1. Waterland Private Equity SponsorVery High82

38 platform investments in Industrials · 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 Palletways, 2026 · Logistics, UK

2. Ardian, Finint Infrastrutture SponsorVery High81

126 platform investments in Industrials · 2 in Portugal · 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.

Bought SAVE from InfraVia Capital Partners, 2026 · Logistics, Italy

3. PAI Partners SponsorVery High81

33 platform investments in Industrials · 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.

Backed Albea, 2018 · Logistics, France

4. Bpifrance Investissement SponsorVery High81

27 platform investments in Industrials · 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 Francbord, 2026 · Logistics, France

5. IGI Private Equity SponsorVery High81

18 platform investments in Industrials · 8 deals 2024–26

AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying

Accelerating: 6 deals in the last 2 years vs 1.3/yr before.

Backed Bracchi, 2016 · Logistics, Italy

6. DUBAG Group SponsorVery High80

14 platform investments in Industrials · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed H.K.O., 2026 · Construction, Germany

7. PAI Partners (Fund VIII) SponsorVery High78

28 platform investments in Industrials · 17 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.

Backed Albea, 2018 · Logistics, France

8. PAI Partners (Mid-Market Fund) SponsorVery High78

28 platform investments in Industrials · 16 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.

Backed Albea, 2018 · Logistics, France

9. PAI Partners (Mid-Market) SponsorVery High78

28 platform investments in Industrials · 16 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.

Backed Albea, 2018 · Logistics, France

10. PAI Partners / ADIA SponsorVery High78

29 platform investments in Industrials · 17 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.

Backed Albea, 2018 · Logistics, France

11. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High78

28 platform investments in Industrials · 16 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.

Backed Albea, 2018 · Logistics, France

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

10 platform investments in Industrials · 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.

Backed SwipBox, 2025 · Logistics, Denmark

13. Sodero Gestion, CENCD SponsorVery High78

16 platform investments in Industrials · 22 deals 2024–26

AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M

12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.

Backed The Reefer Group, 2025 · Logistics, France

14. Ardian SponsorVery High77

137 platform investments in Industrials · 2 in Portugal · 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 Staci from Cobepa, 2019 · Logistics, France

15. EQT SponsorVery High77

51 platform investments in Industrials · 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 Constellation Cold Logistics, 2024 · Logistics, Netherlands

16. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High77

47 platform investments in Industrials · 25 deals 2024–26

AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M

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

Backed The Reefer Group, 2025 · Logistics, France

17. Arkea Capital Partenaire SponsorVery High77

46 platform investments in Industrials · 25 deals 2024–26

AUM €1.3B · Arkea Capital 3 · 2025 vintage · deploying · check €1-11M

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

Backed The Reefer Group, 2025 · Logistics, France

18. Audacia SponsorVery High76

21 platform investments in Industrials · 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 Geolinks, 2026 · Industrials, France

19. Altor Equity Partners SponsorVery High76

28 platform investments in Industrials · 12 deals 2024–26

AUM €8.3B · Altor Fund VI · 2023 vintage · deploying · check €60-450M

16 platform investments since the 2023 vintage · mid-deployment vs its usual 18 per fund.

Backed Wrist Ship Supply, 2007 · Logistics, Denmark

20. BU Bregal Unternehmerkapital SponsorVery High76

10 platform investments in Industrials · 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 SwipBox, 2025 · Logistics, Denmark

21. ICG SponsorVery High76

9 platform investments in Industrials · 12 deals 2024–26

AUM €103.0B · ICG Europe Mid-Market Fund II · 2025 vintage · deploying · check €60-450M

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

Backed Paulo Duarte Group, 2026 · Logistics, Spain

22. Swanlaab Venture Factory SponsorVery High76

1 platform investments in Industrials · 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 Eaship, 2026 · Logistics, Spain

23. Nexxus Iberia SponsorVery High76

7 platform investments in Industrials · 1 in Portugal · 6 deals 2024–26

AUM €465M · Nexxus Iberia Private Equity Fund II · 2023 vintage · deploying · check €5-36M

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

Backed Maresa Logistica, 2020 · Logistics, Spain

24. Sviluppo Imprese Centro Italia SGR SponsorVery High75

26 platform investments in Industrials · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed Uniport Livorno, 2026 · Logistics, Italy

25. Argos Wityu SponsorVery High75

20 platform investments in Industrials · 13 deals 2024–26

AUM €2.3B · Argos Climate Action · 2023 vintage · deploying · check €7-51M

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

Bought Demeco from Siparex, 2025 · Logistics, France