Buyer landscape

Likely buyers · AI/ML in Germany.

Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 360 verified exits: 20% to sponsors, 78% to corporates and platforms, 1% via IPO, 1% other routes. Route shift since 2020: sponsors 19% (was 24%), corporates and platforms 79% (was 74%), IPO 0% (was 3%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 4 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. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High85

18 platform investments in Software & IT · 32 in Germany · 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

2. Deutsche Beteiligungs SponsorVery High84

13 platform investments in Software & IT · 80 in Germany · 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

3. Deutsche Telekom Capital Partners SponsorVery High84

34 platform investments in Software & IT · 8 in Germany · 9 deals 2024–26

DTCP Growth Equity III · 2022 vintage · partially deployed

15 platform investments since the 2022 vintage · largely deployed vs its usual 14 per fund.

Backed SPREAD AI, 2026 · AI/ML, Germany

4. Deutsche Beteiligungs AG SponsorVery High83

12 platform investments in Software & IT · 85 in Germany · 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

5. Hg SponsorVery High83

49 platform investments in Software & IT · 19 in Germany · 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 CUBE from Bregal Milestone, 2024 · AI/ML, UK

6. BU Bregal Unternehmerkapital SponsorVery High83

17 platform investments in Software & IT · 32 in Germany · 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 Safety21, 2026 · Software, Italy

7. Capmont SponsorVery High83

16 platform investments in Software & IT · 32 in Germany · 17 deals 2024–26

Capmont Technology Fund · 2024 vintage · deploying · check €2-15M

17 platform investments since the 2024 vintage · largely deployed vs its usual 15 per fund.

Backed Manex AI, 2025 · AI/ML, Germany

8. Adelis Equity Partners SponsorVery High83

13 platform investments in Software & IT · 6 in Germany · 10 deals 2024–26

Adelis Equity Partners Fund IV · 2024 vintage · deploying · check €32-242M

4 platform investments since the 2024 vintage · mid-deployment vs its usual 7 per fund.

Bought Plenticon Group from Cadence Growth Capital, 2026 · IT Services, Germany

9. AFINUM Management GmbH SponsorVery High83

14 platform investments in Software & IT · 24 in Germany · 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

10. EQT SponsorVery High82

40 platform investments in Software & IT · 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 Lovable, 2025 · AI/ML, Sweden

11. Swanlaab Venture Factory SponsorVery High81

12 platform investments in Software & IT · 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

12. Sophora Unternehmerkapital SponsorVery High81

5 platform investments in Software & IT · 4 in Germany · 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

13. Oakley Capital SponsorVery High80

15 platform investments in Software & IT · 15 in Germany · 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

14. Axcel SponsorVery High80

20 platform investments in Software & IT · 1 in Germany · 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

15. BID Equity Continuation Fund I SCSp SponsorVery High80

22 platform investments in Software & IT · 21 in Germany · 15 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Bought Bmobile from BID Equity, 2025 · SaaS, France

16. Armira SponsorVery High80

8 platform investments in Software & IT · 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 PartSpace, 2025 · AI/ML, Germany

17. BID Equity SponsorVery High80

18 platform investments in Software & IT · 18 in Germany · 10 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

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

Backed Bmobile, 2025 · SaaS, France

18. Apax Partners SponsorVery High79

35 platform investments in Software & IT · 6 in Germany · 21 deals 2024–26

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