Likely buyers · Mobility in Poland.

1. DUBAG Group SponsorVery High84

14 platform investments in Industrials · 8 deals 2024–26

Lenbach Equity Opportunities III · 2024 vintage · deploying · check €2-12M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed ItalPresseGauss, 2026 · Mobility, Italy

2. Bpifrance Investissement SponsorVery High81

27 platform investments in Industrials · 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 Instant System, 2026 · Mobility, France

3. NCI SponsorVery High80

20 platform investments in Industrials · 12 deals 2024–26

AUM €400M · Reprendre & Developper 6 · 2025 vintage · deploying · check €2-15M

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

Backed Starwash, 2026 · Mobility, France

4. Waterland Private Equity SponsorVery High79

38 platform investments in Industrials · 3 in Poland · 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 Heliox, 2018 · Mobility, Netherlands

5. EQT SponsorVery High78

51 platform investments in Industrials · 1 in Poland · 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 Arlanda Express, 2026 · Mobility, Sweden

6. PAI Partners SponsorVery High76

33 platform investments in Industrials · 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 Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

7. Altor Equity Partners SponsorVery High76

28 platform investments in Industrials · 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 ElteraGruppen, 2026 · Construction, Norway

8. Sodero Gestion, CENCD SponsorVery High76

16 platform investments in Industrials · 22 deals 2024–26

AUM €350M · Transmettre & Pérenniser III · 2025 vintage · deploying · check €2-15M

12 platform investments since the 2025 vintage · largely deployed vs its usual 10 per fund.

Backed CO2 Démolitions, 2026 · Construction, France

9. IGI Private Equity SponsorVery High76

18 platform investments in Industrials · 8 deals 2024–26

AUM €169M · IGI Sustainable Transition Fund · 2024 vintage · deploying

Accelerating: 6 deals in the last 2 years vs 1.3/yr before.

Backed WeBlade, 2026 · Industrials, Italy

10. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

47 platform investments in Industrials · 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 Fountaine Pajot, 2020 · Mobility, France

11. Arkea Capital Partenaire SponsorVery High75

46 platform investments in Industrials · 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 Fountaine Pajot, 2020 · Mobility, France

12. PAI Partners (Fund VIII) SponsorVery High75

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

13. PAI Partners (Mid-Market Fund) SponsorVery High75

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

14. PAI Partners (Mid-Market) SponsorVery High75

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

15. PAI Partners / ADIA SponsorVery High75

29 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

16. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High75

28 platform investments in Industrials · 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

17. Audacia SponsorVery High75

21 platform investments in Industrials · 27 deals 2024–26

AUM €2.8B · Audacia Capital Développement IV · 2023 vintage · deploying · check €4-30M

45 platform investments since the 2023 vintage · largely deployed vs its usual 12 per fund.

Backed Geolinks, 2026 · Industrials, France

18. Capmont SponsorVery High75

11 platform investments in Industrials · 3 in Poland · 16 deals 2024–26

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

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

Backed Dyneon, 2026 · Industrials, Germany

19. Armira SponsorVery High75

7 platform investments in Industrials · 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 AVILOO, 2026 · Mobility, Austria

20. SPIE PE-backedVery High74

66 acquisitions in Industrials · 7 in Poland · 24 deals 2024–26

Active in Poland since 2016.

Added on BLOCK Group, 2026 · Industrials, Czech Republic

21. FLEXAM INVEST ASSET MANAGEMENT SponsorVery High74

5 platform investments in Industrials · 1 in Poland · 7 deals 2024–26

AUM €287M · Kartesia Asset Finance III · 2024 vintage · deploying · check €4-30M

Accelerating: 6 deals in the last 2 years vs 0.5/yr before.

Backed Aeronautical Financial Ireland, 2025 · Aerospace & Defence, Ireland

22. Ardian SponsorVery High73

137 platform investments in Industrials · 3 in Poland · 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.

Backed 2i Aeroporti, 2015 · Mobility, Italy

23. Ardian, Finint Infrastrutture SponsorVery High73

126 platform investments in Industrials · 3 in Poland · 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 2i Aeroporti, 2015 · Mobility, Italy

24. Turenne Groupe SponsorVery High73

58 platform investments in Industrials · 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 O2D Environnement, 2026 · Construction, France

25. IK Partners SponsorVery High73

75 platform investments in Industrials · 2 in Poland · 52 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

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

Bought SELATEK from Amplio, 2026 · Industrials, Sweden