Likely buyers · Agriculture in Portugal.

1. Idia SponsorVery High85

53 platform investments in Energy & Climate · 27 deals 2024–26

AUM €2.4B · Crédit Agricole Assurances Avenir et Territoires · 2026 vintage · deploying · check €2-15M

5 platform investments since the 2026 vintage · early in deployment vs its usual 25 per fund.

Backed GROUPE INESSENS, 2026 · Agriculture, France

2. Swanlaab Venture Factory SponsorVery High81

6 platform investments in Energy & Climate · 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 Granular Products, 2024 · Agriculture, Australia

3. Citizen Capital SponsorVery High79

11 platform investments in Energy & Climate · 10 deals 2024–26

AUM €235M · Citizen CIS · 2023 vintage · deploying · check €0-2M

11 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.

Backed Cuisinons nos Paysages, 2026 · Agriculture, France

4. Eiffel Investment Group, Mirova SponsorVery High79

23 platform investments in Energy & Climate · 15 deals 2024–26

AUM €7.0B · Eiffel Energy Transition III · 2025 vintage · deploying · check €24-180M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed British Solar Renewables, 2026 · Energy, UK

5. Ring Capital SponsorVery High78

11 platform investments in Energy & Climate · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

17 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Enerin, 2026 · ClimateTech, Norway

6. Ardian SponsorVery High77

53 platform investments in Energy & Climate · 2 in Portugal · 51 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Bought CÉRÉLIA from Capza, 2020 · Agriculture, France

7. Aquila Capital funds SponsorVery High77

17 platform investments in Energy & Climate · 3 in Portugal · 8 deals 2024–26

AUM €6.5B · Aquila Capital Energy Transition Fund I · 2025 vintage · deploying · check €12-90M

Accelerating: 5 deals in the last 2 years vs 0.8/yr before.

Bought Desfina Wind Farm from Aquila Capital, 2026 · Energy, Greece

8. RGreen Invest SponsorVery High76

17 platform investments in Energy & Climate · 8 deals 2024–26

AUM €2.5B · INFRABRIDGE IV · 2026 vintage · deploying · check €10-75M

3 platform investments since the 2026 vintage · mid-deployment vs its usual 4 per fund.

Backed Geogreen, 2026 · Energy, France

9. Ardian, Finint Infrastrutture SponsorVery High75

49 platform investments in Energy & Climate · 2 in Portugal · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

10. EQT SponsorVery High75

29 platform investments in Energy & Climate · 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 Calisen, 2025 · Energy, UK

11. Asterion Industrial Partners SponsorVery High75

12 platform investments in Energy & Climate · 1 in Portugal · 8 deals 2024–26

AUM €10.0B · Asterion Industrial Infra Fund III · 2024 vintage · deploying · check €68-510M

7 platform investments since the 2024 vintage · mid-deployment vs its usual 8 per fund.

Backed Southern Water, 2026 · Energy, UK

12. Luxcara SponsorVery High75

16 platform investments in Energy & Climate · 4 deals 2024–26

AUM €7.5B · FLAVEO V · 2024 vintage · deploying

4 platform investments since the 2024 vintage · largely deployed vs its usual 3 per fund.

Backed Kozani Solar PV, 2026 · Energy, Greece

13. Just Climate SponsorVery High75

9 platform investments in Energy & Climate · 11 deals 2024–26

AUM €1.7B · Natural Climate Solutions Strategy · 2024 vintage · deploying · check €7-52M

Accelerating: 9 deals in the last 2 years vs 1.5/yr before.

Backed Afresh, 2026 · AgTech, US

14. Ardian Clean Energy Evergreen Fund SponsorVery High74

51 platform investments in Energy & Climate · 2 in Portugal · 44 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

15. Ardian Mid Cap Buyout SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

16. Ardian (Clean Energy Evergreen Fund) SponsorVery High74

50 platform investments in Energy & Climate · 2 in Portugal · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

17. Ardian (ex-AXA Private Equity) SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

18. Ardian / Crédit Agricole Assurances consortium SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

19. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

20. Ardian and Centerbridge Partners SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

21. Ardian and GoldenTree Asset Management SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

22. Ardian and Latour Capital SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

23. Ardian Expansion SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

24. Ardian Expansion (Fund V) SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 42 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France

25. Ardian Semiconductor SponsorVery High74

49 platform investments in Energy & Climate · 2 in Portugal · 43 deals 2024–26

AUM €196.0B · Ardian Expansion Fund VI · 2025 vintage · deploying · check €64-480M

13 platform investments since the 2025 vintage · mid-deployment vs its usual 15 per fund.

Backed DRT, 2018 · Agriculture, France