Likely buyers · AI/ML in Portugal.

1. Swanlaab Venture Factory SponsorVery High85

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

2. EQT SponsorVery High79

40 platform investments in Software & IT · 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

3. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High78

18 platform investments in Software & IT · 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

4. Apax Partners SponsorVery High77

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

5. Oakley Capital SponsorVery High77

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

6. 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

7. TeamSystem PE-backedVery High76

86 acquisitions in Software & IT · 28 deals 2024–26

Added on Normo.ai, 2025 · AI/ML, Italy

8. 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

9. 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

10. 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

11. 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

12. Hg SponsorVery High76

48 platform investments in Software & IT · 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

13. Axcel SponsorVery High76

20 platform investments in Software & IT · 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

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. Alkemia SGR SponsorVery High76

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

AUM €270M · Food Excellence I · 2025 vintage · deploying

6 platform investments since the 2025 vintage · largely deployed vs its usual 4 per fund.

Backed Contents, 2021 · AI/ML, Italy

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. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High75

15 platform investments in Software & IT · 19 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.

Backed Senef, 2026 · Software, France

18. Capmont SponsorVery High75

16 platform investments in Software & IT · 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 Manex AI, 2025 · AI/ML, Germany

19. 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

20. Deutsche Beteiligungs AG SponsorVery High74

12 platform investments in Software & IT · 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

21. Permira SponsorVery High74

27 platform investments in Software & IT · 1 in Portugal · 17 deals 2024–26

AUM €80.0B · Permira VIII · 2023 vintage · deploying · check €334M-2.5B

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

Backed Lytx, 2020 · AI/ML, US

22. BU Bregal Unternehmerkapital SponsorVery High74

17 platform investments in Software & IT · 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

23. 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

24. Bregal Milestone SponsorVery High74

16 platform investments in Software & IT · 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

25. Queka Real Partners SponsorVery High74

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

AUM €350M · Queka Real Partners II · 2023 vintage · deploying · check €4-29M

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

Backed B2group, 2025 · IT Services, Spain