Buyer landscape

Likely buyers · Cybersecurity in Netherlands.

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

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 12 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. EQT SponsorVery High81

40 platform investments in Software & IT · 9 in Netherlands · 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 ReliaQuest, 2025 · Cybersecurity, US

2. Sophora Unternehmerkapital SponsorVery High80

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 Argos Security, 2025 · Cybersecurity, Germany

3. Waterland Private Equity SponsorVery High79

18 platform investments in Software & IT · 56 in Netherlands · 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 dacoso, 2024 · Cybersecurity, Germany

4. Hg SponsorVery High79

48 platform investments in Software & IT · 1 in Netherlands · 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 A-LIGN, 2025 · Cybersecurity, US

5. Deutsche Beteiligungs SponsorVery High78

13 platform investments in Software & IT · 1 in Netherlands · 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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

6. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High78

15 platform investments in Software & IT · 1 in Netherlands · 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.

Bought Bridewell from Growth Capital Partners, 2025 · Cybersecurity, UK

7. AFINUM Management GmbH SponsorVery High78

14 platform investments in Software & IT · 1 in Netherlands · 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

8. Oakley Capital SponsorVery High77

15 platform investments in Software & IT · 1 in Netherlands · 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 Assured Data Protection, 2024 · Cybersecurity, UK

9. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High77

18 platform investments in Software & IT · 1 in Netherlands · 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

10. Deutsche Beteiligungs AG SponsorVery High76

12 platform investments in Software & IT · 1 in Netherlands · 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 Bug Bounty Switzerland, 2026 · Cybersecurity, Switzerland

11. 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 BullWall, 2022 · Cybersecurity, Denmark

12. Armira SponsorVery High76

8 platform investments in Software & IT · 1 in Netherlands · 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 FTAPI, 2025 · Cybersecurity, Germany

13. Maguar Capital SponsorVery High76

5 platform investments in Software & IT · 1 in Netherlands · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

14. Queka Real Partners SponsorVery High76

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.

Bought Datos101 from Faraday Venture Capital, 2025 · Cybersecurity, Spain

15. Maguar Capital Partners SponsorVery High76

4 platform investments in Software & IT · 1 in Netherlands · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed GlobalSuite Solutions, 2026 · Cybersecurity, Spain

16. Apax Partners SponsorVery High75

35 platform investments in Software & IT · 1 in Netherlands · 21 deals 2024–26

AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B