Buyer landscape

Likely buyers · Pharma in Germany.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 280 verified exits: 22% to sponsors, 71% to corporates and platforms, 6% via IPO, 1% other routes. Route shift since 2020: sponsors 18% (was 28%), corporates and platforms 79% (was 59%), IPO 2% (was 11%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 2 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. Archimedes Partners SponsorVery High90

53 platform investments in Healthcare · 7 in Germany · 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 IRAB, 2026 · Pharma, Spain

2. NORD Holding SponsorVery High87

15 platform investments in Healthcare · 40 in Germany · 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.

Backed NEC MED PHARMA GmbH, 2016 · Pharma, Germany

3. ARCHIMED and Institut Mérieux SponsorVery High85

54 platform investments in Healthcare · 4 in Germany · 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 IRAB, 2026 · Pharma, Spain

4. NORD Holding / Pinova Capital SponsorVery High85

12 platform investments in Healthcare · 37 in Germany · 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 NEC MED PHARMA GmbH, 2016 · Pharma, Germany

5. SHS Gesellschaft für Beteiligungsmanagement SponsorVery High85

37 platform investments in Healthcare · 20 in Germany · 6 deals 2024–26

SHS VI · 2022 vintage · partially deployed · check €5-41M

12 platform investments since the 2022 vintage · largely deployed vs its usual 8 per fund.

Backed AMW, 2026 · Pharma, Germany

6. Inflexion SponsorVery High84

10 platform investments in Healthcare · 5 in Germany · 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

7. ArchiMed SponsorVery High84

56 platform investments in Healthcare · 5 in Germany · 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 IRAB, 2026 · Pharma, Spain

8. ArchiMed and Tethys Invest SponsorVery High84

54 platform investments in Healthcare · 4 in Germany · 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 IRAB, 2026 · Pharma, Spain

9. Armira SponsorVery High83

6 platform investments in Healthcare · 23 in Germany · 12 deals 2024–26

AUM €5.0B · Armira III · 2025 vintage · deploying · check €20-150M

8 platform investments since the 2025 vintage · mid-deployment vs its usual 10 per fund.

Backed almapharm, 2024 · Pharma, Germany

10. capiton VI SponsorVery High81

13 platform investments in Healthcare · 48 in Germany · 3 deals 2024–26

AUM €1.6B · capiton Quantum · 2023 vintage · deploying · check €5-37M

4 platform investments since the 2023 vintage · mid-deployment vs its usual 7 per fund.

Bought Dec Group from capiton, 2025 · Pharma, Switzerland

11. 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 Biogaran, 2026 · Pharma, France

12. Inflexion (Partnership Capital III) SponsorVery High80

9 platform investments in Healthcare · 4 in Germany · 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

13. IK Partners SponsorVery High79

34 platform investments in Healthcare · 34 in Germany · 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.

Backed Ceva Santé Animale, 2003 · Pharma, France

14. Merieux Equity Partners / Vitruvian Partners SponsorVery High79

57 platform investments in Healthcare · 1 in Germany · 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 CEVA Santé Animale, 2025 · Pharma, France

15. bm-t Beteiligungsmanagement Thueringen SponsorVery High79

13 platform investments in Healthcare · 28 in Germany · 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

16. EQT SponsorVery High78

50 platform investments in Healthcare · 40 in Germany · 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 Dechra Pharmaceuticals, 2024 · Pharma, UK

17. Bridgepoint SponsorVery High78

34 platform investments in Healthcare · 9 in Germany · 43 deals 2024–26