Likely buyers · Hospitality in Portugal.

1. EXTENDAM and Amante Capital SponsorVery High98

31 platform investments in Consumer & Retail · 4 in Portugal · 22 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 15 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

2. Extendam SponsorVery High98

30 platform investments in Consumer & Retail · 4 in Portugal · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Bought Ayre Hoteles from Eurazeo, 2026 · Hospitality, Spain

3. Extendam, Amante Capital SponsorVery High98

30 platform investments in Consumer & Retail · 4 in Portugal · 21 deals 2024–26

AUM €5.1B · FPCI Experimental Hotels Collection · 2025 vintage · deploying · check €3-23M

Accelerating: 14 deals in the last 2 years vs 3.3/yr before.

Backed Ayre Hoteles, 2026 · Hospitality, Spain

4. Bpifrance Investissement SponsorVery High87

13 platform investments in Consumer & Retail · 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 Belambra, 2026 · Hospitality, France

5. Cerea Partners SponsorVery High83

17 platform investments in Consumer & Retail · 15 deals 2024–26

AUM €1.5B · Cerea Agro Dev Industrie · 2025 vintage · deploying · check €5-38M

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

Backed Gruppo PEPPE, 2026 · Hospitality, France

6. PAI Partners SponsorVery High82

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 European Camping Group from Montefiore Investment, 2021 · Hospitality, France

7. Quadrivio Group SponsorVery High82

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.

Backed Alice Pizza, 2026 · Hospitality, Italy

8. Finorpa Gestion SponsorVery High81

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 Donuts & Donuts, 2026 · Hospitality, France

9. Vitruvian Partners SponsorVery High78

26 platform investments in Consumer & Retail · 19 deals 2024–26

AUM €18.0B · Vitruvian Investment Partnership V · 2023 vintage · deploying · check €146M-1.1B

20 platform investments since the 2023 vintage · mid-deployment vs its usual 20 per fund.

Bought Great Rail Journeys from Duke Street, 2025 · Hospitality, UK

10. Riello Investimenti SGR SponsorVery High78

10 platform investments in Consumer & Retail · 8 deals 2024–26

AUM €250M · Buy&Build Opportunities - Private Equity IV · 2025 vintage · deploying

Accelerating: 7 deals in the last 2 years vs 1.5/yr before.

Backed Foreverland, 2026 · FoodTech, Italy

11. Turenne Groupe SponsorVery High77

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

AUM €2.0B · Capital Sante 3 · 2025 vintage · deploying · check €3-21M

20 platform investments since the 2025 vintage · early in deployment vs its usual 80 per fund.

Backed Ô Voyages, 2025 · Hospitality, France

12. Axio Capital / Siparex Intermezzo SponsorVery High77

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 NCI, 2026 · Hospitality, France

13. TDR Capital Titan (continuation vehicle) SponsorVery High77

15 platform investments in Consumer & Retail · 8 deals 2024–26

AUM €15.0B · TDR Capital Titan · 2025 vintage · deploying · check €20-147M

3 platform investments since the 2025 vintage · mid-deployment vs its usual 4 per fund.

Bought David Lloyd Leisure from TDR Capital, 2025 · Hospitality, UK

14. PAI Partners (Fund VIII) SponsorVery High76

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 B&B Hotels, 2016 · Hospitality, France

15. PAI Partners (Mid-Market Fund) SponsorVery High76

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 B&B Hotels, 2016 · Hospitality, France

16. PAI Partners (Mid-Market) SponsorVery High76

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 B&B Hotels, 2016 · Hospitality, France

17. PAI Partners / ADIA SponsorVery High76

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 B&B Hotels, 2016 · Hospitality, France

18. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High76

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 B&B Hotels, 2016 · Hospitality, France

19. Argos Wityu SponsorVery High76

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

20. Investindustrial SponsorVery High76

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.

Bought Eataly from 360 Capital Partners, 2021 · Hospitality, Italy

21. Investindustrial and Sammontana SponsorVery High76

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 PortAventura, 2013 · Hospitality, Spain

22. Argos Wityu / Management SponsorVery High75

15 platform investments in Consumer & Retail · 9 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

23. Argos Wityu and Bpifrance SponsorVery High75

15 platform investments in Consumer & Retail · 10 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

24. Amethis SponsorVery High75

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

AUM €1.4B · Amethis Fund III · 2026 vintage · deploying · check €8-61M

4 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.

Backed OCS, 2026 · Hospitality, Morocco

25. Wise Equity SGR SponsorVery High75

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

Wisequity VI · 2023 vintage · deploying · check €8-60M

7 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed Alpitour, 2012 · Hospitality, Italy