Likely buyers · IT Services in Italy.

1. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High85

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.

Backed Communardo, 2024 · IT Services, Germany

2. Alkemia SGR SponsorVery High84

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 Izertis, 2026 · IT Services, Spain

3. Queka Real Partners SponsorVery High84

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

4. Deutsche Beteiligungs SponsorVery High82

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.

Bought MAIT from 3i, 2025 · IT Services, Germany

5. Axcel SponsorVery High82

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. Fondo Italiano d'Investimento SGR SponsorVery High82

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 Spindox, 2025 · IT Services, Italy

7. TeamSystem PE-backedVery High81

86 acquisitions in Software & IT · 85 in Italy · 28 deals 2024–26

Active in Italy since 2007.

Added on Macrogroup, 2024 · IT Services, Italy

8. Deutsche Beteiligungs AG SponsorVery High80

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 MAIT, 2025 · IT Services, Germany

9. BU Bregal Unternehmerkapital SponsorVery High80

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 Communardo, 2024 · IT Services, Germany

10. Renaissance Partners SponsorVery High80

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

11. 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 Lutech, 2021 · IT Services, Italy

12. Permira SponsorVery High79

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

13. ICG SponsorVery High79

4 platform investments in Software & IT · 5 in Italy · 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 Magellan Partners, 2025 · IT Services, France

14. 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

15. Waterland Private Equity SponsorVery High78

18 platform investments in Software & IT · 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 Netconomy, 2025 · IT Services, Austria

16. 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 Lutech, 2021 · IT Services, Italy

17. 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 Lutech, 2021 · IT Services, Italy

18. 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 Lutech, 2021 · IT Services, Italy

19. 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 Lutech, 2021 · IT Services, Italy

20. 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.

Bought Senef from Isatis Capital, 2026 · SaaS, France

21. 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 Perficient, 2024 · IT Services, US

22. 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 Senef, 2026 · Software, France

23. Friulia SponsorVery High76

4 platform investments in Software & IT · 36 in Italy · 10 deals 2024–26

AUM €212M · Friulia Balance Sheet · 1991 vintage · no newer fund · check €4-32M

Active in Italy since 2012.

Bought Quin (Quid Informatica Group) from Equinox, 2026 · IT Services, Italy

24. Sophora Unternehmerkapital SponsorVery High76

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

Sophora Capital Unternehmer-Fonds I · 2023 vintage · deploying · check €1-8M

Accelerating: 4 deals in the last 2 years vs 0.8/yr before.

Backed SQUER, 2026 · IT Services, Austria

25. 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.

Bought IT Relation from Adelis Equity, 2018 · IT Services, Denmark