Buyer landscape
Likely buyers · AI/ML in Sweden.
Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables
How companies like this sold · 75 verified exits: 31% to sponsors, 53% to corporates and platforms, 16% via IPO. Route shift since 2020: sponsors 21% (was 21%), corporates and platforms 75% (was 73%), IPO 3% (was 6%) (sector-wide).
The list: 24 Tier 1 · 1 Tier 2 of 120 matched buyers, including 17 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 High84
40 platform investments in Software & IT · 53 in Sweden · 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
2. Axcel SponsorVery High83
20 platform investments in Software & IT · 15 in Sweden · 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
3. 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
4. Bregal Milestone SponsorVery High81
16 platform investments in Software & IT · 2 in Sweden · 7 deals 2024–26
AUM €1.3B · Bregal Milestone Fund III · 2026 vintage · deploying · check €18-137M
2 platform investments since the 2026 vintage · early in deployment vs its usual 8 per fund.
Backed MeteoViva, 2026 · AI/ML, Germany
5. Nordic Capital SponsorVery High77
27 platform investments in Software & IT · 74 in Sweden · 14 deals 2024–26
AUM €39.0B · Nordic Capital Fund XI · 2023 vintage · deploying · check €180M-1.4B
15 platform investments since the 2023 vintage · mid-deployment vs its usual 22 per fund.
Backed Boost.ai, 2021 · AI/ML, Norway
6. Monterro SponsorVery High77
14 platform investments in Software & IT · 18 in Sweden · 4 deals 2024–26
AUM €3.1B · Monterro 4 · 2022 vintage · partially deployed · check €14-105M
4 platform investments since the 2022 vintage · mid-deployment vs its usual 5 per fund.
Backed Palette, 2015 · AI/ML, Sweden
7. River Capital SponsorVery High77
6 platform investments in Software & IT · 9 deals 2024–26
AUM €153M · North West Private Equity Fund · 2023 vintage · deploying · check €0-2M
Accelerating: 7 deals in the last 2 years vs 1.8/yr before.
Backed Deltabase, 2026 · AI/ML, UK
8. Apax Partners SponsorVery High76
35 platform investments in Software & IT · 21 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed RapidSOS, 2025 · AI/ML, US
9. Apax Partners (with NewAlpha) SponsorVery High76
30 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed RapidSOS, 2025 · AI/ML, US
10. Apax Partners and Inova Capital SponsorVery High76
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed RapidSOS, 2025 · AI/ML, US
11. Apax Partners and JMI Equity SponsorVery High76
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed RapidSOS, 2025 · AI/ML, US
12. Apax Partners SAS SponsorVery High76
29 platform investments in Software & IT · 19 deals 2024–26
AUM €70.8B · Apax XI · 2024 vintage · deploying · check €221M-1.7B
19 platform investments since the 2024 vintage · largely deployed vs its usual 12 per fund.
Backed RapidSOS, 2025 · AI/ML, US
13. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High76
18 platform investments in Software & IT · 1 in Sweden · 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
14. Deutsche Telekom Capital Partners SponsorVery High76
34 platform investments in Software & IT · 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
15. VækstPartner Kapital SponsorVery High76
15 platform investments in Software & IT · 6 deals 2024–26
VPK Fond III · 2023 vintage · deploying · check €1-8M
9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed Capturi, 2021 · AI/ML, Denmark
16. Deutsche Beteiligungs SponsorVery High75
13 platform investments in Software & IT · 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
17. Hg SponsorVery High75
48 platform investments in Software & IT · 1 in Sweden · 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
18. Oakley Capital SponsorVery High75
15 platform investments in Software & IT · 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
19. Via Equity SponsorVery High75
27 platform investments in Software & IT · 4 in Sweden · 8 deals 2024–26
AUM €500M · VIA equity Fund V · 2023 vintage · deploying · check €5-38M
9 platform investments since the 2023 vintage · largely deployed vs its usual 8 per fund.
Backed Robopack Group, 2026 · Software, Denmark
20. GRO Capital SponsorVery High75
22 platform investments in Software & IT · 6 in Sweden · 5 deals 2024–26
AUM €1.2B · GRO Generation I · 2024 vintage · deploying · check €3-23M
5 platform investments since the 2024 vintage · mid-deployment vs its usual 6 per fund.
Backed Toolsense, 2026 · SaaS, Austria
21. Priveq SponsorVery High75
5 platform investments in Software & IT · 20 in Sweden · 7 deals 2024–26
Priveq Investment VII · 2024 vintage · deploying · check €5-39M
7 platform investments since the 2024 vintage · largely deployed vs its usual 6 per fund.
Backed Makin Group, 2025 · Software, Norway
Tier 2 · High · score 50+
22. Visma PE-backedHigh74
164 acquisitions in Software & IT · 49 in Sweden · 55 deals 2024–26 · add-on program under General Atlantic / Hg
Platform held 6 yrs · likely exiting
Active in Sweden since 2006.
Added on Finmatics, 2025 · AI/ML, Austria
Tier 1 · Very High · score 70+
23. Isai Gestion SponsorVery High74
61 platform investments in Software & IT · 30 deals 2024–26
AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M
23 platform investments since the 2025 vintage · largely deployed vs its usual 20 per fund.
Backed Tinyclues, 2017 · AI/ML, France
24. BU Bregal Unternehmerkapital SponsorVery High74
17 platform investments in Software & IT · 1 in Sweden · 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
25. AFINUM Management GmbH SponsorVery High74
14 platform investments in Software & IT · 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
Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.