Likely buyers · Consumer in Finland.

1. PAI Partners SponsorVery High90

58 platform investments in Consumer & Retail · 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.

Bought Arlettie from BNP Paribas Developpement, 2026 · Consumer, France

2. Finorpa Gestion SponsorVery High90

30 platform investments in Consumer & Retail · 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 BDM Associes (Le Kiosque), 2026 · Consumer, France

3. Orlando Management SponsorVery High86

7 platform investments in Consumer & Retail · 10 deals 2024–26

AUM €800M · Orlando Capital V · 2024 vintage · deploying · check €5-38M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Kwantum, 2026 · Consumer, Netherlands

4. NextStage AM SponsorVery High85

17 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

5. NextStage AM, BNP Développement, Bpifrance and management SponsorVery High85

16 platform investments in Consumer & Retail · 21 deals 2024–26

AUM €11.6B · FCPI NextStage CAP 2026 · 2026 vintage · deploying

5 platform investments since the 2026 vintage · early in deployment vs its usual 14 per fund.

Backed La Fabrique Cookies, 2026 · Consumer, France

6. Axio Capital / Siparex Intermezzo 3 SponsorVery High85

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

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

Bought Asia Voyages from Adaxtra Capital, 2026 · Consumer, France

7. FrenchFood Capital SponsorVery High85

33 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

8. FrenchFood Capital + Cerea Capital SponsorVery High85

34 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

9. FrenchFood Capital, Socadif SponsorVery High85

33 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €450M · FrenchFood Agro Invest · 2023 vintage · deploying · check €2-15M

14 platform investments since the 2023 vintage · largely deployed vs its usual 10 per fund.

Backed EMMA Pâtisserie, 2026 · Consumer, France

10. Altor Equity Partners SponsorVery High84

26 platform investments in Consumer & Retail · 6 in Finland · 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 Imbox, 2025 · Consumer, Denmark

11. Quadrivio Group SponsorVery High84

22 platform investments in Consumer & Retail · 14 deals 2024–26

AUM €2.0B · Artificial Intelligence PE Fund · 2025 vintage · deploying

6 platform investments since the 2025 vintage · mid-deployment vs its usual 6 per fund.

Bought Les Secrets de Loly from Quilvest Capital Partners, 2026 · Consumer, France

12. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High83

38 platform investments in Consumer & Retail · 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 123 Elec, 2026 · Consumer, France

13. Arkea Capital Partenaire SponsorVery High83

38 platform investments in Consumer & Retail · 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 123 Elec, 2026 · Consumer, France

14. Indigo Capital SponsorVery High83

26 platform investments in Consumer & Retail · 10 deals 2024–26

AUM €800M · Indigo Capital III · 2024 vintage · deploying · check €5-38M

10 platform investments since the 2024 vintage · early in deployment vs its usual 25 per fund.

Backed Emosia Group, 2026 · Consumer, France

15. PAI Partners (Fund VIII) SponsorVery High82

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

16. PAI Partners (Mid-Market Fund) SponsorVery High82

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

17. PAI Partners (Mid-Market) SponsorVery High82

44 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

18. PAI Partners / ADIA SponsorVery High82

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

19. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High82

43 platform investments in Consumer & Retail · 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 Innovad Group, 2026 · Consumer, Belgium

20. Bpifrance Investissement SponsorVery High82

13 platform investments in Consumer & Retail · 1 in Finland · 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 Fabulous French Brasseurs, 2026 · Consumer, France

21. Axio Capital / Siparex Intermezzo SponsorVery High82

11 platform investments in Consumer & Retail · 12 deals 2024–26

AUM €80M · Together (TGT) · 2025 vintage · deploying · check €1-9M

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

Backed Asia Voyages, 2026 · Consumer, France

22. Investindustrial SponsorVery High82

20 platform investments in Consumer & Retail · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

23. Investindustrial and Sammontana SponsorVery High82

18 platform investments in Consumer & Retail · 11 deals 2024–26

AUM €11.0B · Investindustrial VIII · 2025 vintage · deploying · check €80-600M

6 platform investments since the 2025 vintage · mid-deployment vs its usual 7 per fund.

Backed TreeHouse Foods, 2026 · Consumer, US

24. Erhvervsinvest SponsorVery High82

13 platform investments in Consumer & Retail · 4 deals 2024–26

Erhvervsinvest Sileo · 2022 vintage · partially deployed

6 platform investments since the 2022 vintage · largely deployed vs its usual 6 per fund.

Backed Them Andelsmejeri, 2026 · Consumer, Denmark

25. Argos Wityu SponsorVery High81

18 platform investments in Consumer & Retail · 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.

Backed Relevi, 2026 · Consumer, Spain