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Buyer landscape

Likely buyers · HR Tech in Italy.

Prepared 2026-09-29 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 37 verified exits: 59% to sponsors, 35% to corporates and platforms, 5% via IPO. Route shift since 2020: sponsors 45% (was 48%), corporates and platforms 51% (was 47%), IPO 1% (was 4%) (sector-wide).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 7 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. PAI Partners SponsorVery High84

27 platform investments in Business Services · 16 in Italy · 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.

Backed Arlettie, 2026 · Business Services, France

2. PAI Partners (Fund VIII) SponsorVery High83

24 platform investments in Business Services · 12 in Italy · 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 Arlettie, 2026 · Business Services, France

3. PAI Partners (Mid-Market Fund) SponsorVery High83

25 platform investments in Business Services · 12 in Italy · 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 Arlettie, 2026 · Business Services, France

4. PAI Partners (Mid-Market) SponsorVery High83

24 platform investments in Business Services · 12 in Italy · 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 Arlettie, 2026 · Business Services, France

5. PAI Partners / ADIA SponsorVery High83

24 platform investments in Business Services · 12 in Italy · 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 Arlettie, 2026 · Business Services, France

6. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High83

24 platform investments in Business Services · 12 in Italy · 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 Arlettie, 2026 · Business Services, France

7. Argos Wityu SponsorVery High82

10 platform investments in Business Services · 18 in Italy · 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 Star7, 2026 · Business Services, Italy

8. YFM Equity Partners SponsorVery High80

15 platform investments in Business Services · 23 deals 2024–26

AUM €878M · YFM Buyout Fund III · 2023 vintage · deploying · check €2-17M

32 platform investments since the 2023 vintage · largely deployed vs its usual 20 per fund.

Backed inploi, 2026 · HR Tech, UK

9. Argos Wityu / Management SponsorVery High80

10 platform investments in Business Services · 14 in Italy · 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 Star7, 2026 · Business Services, Italy

10. Argos Wityu and Bpifrance SponsorVery High80

9 platform investments in Business Services · 14 in Italy · 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 Star7, 2026 · Business Services, Italy

11. EQT SponsorVery High79

37 platform investments in Business Services · 3 in Italy · 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 InfoJobs, 2026 · HR Tech, Spain

12. Ardian SponsorVery High78

88 platform investments in Business Services · 57 in Italy · 52 deals 2024–26

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

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

Bought HR Path from Andera Partners, 2024 · HR Tech, France

13. Ardian, Finint Infrastrutture SponsorVery High78

81 platform investments in Business Services · 48 in Italy · 44 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

14. Permira SponsorVery High78

19 platform investments in Business Services · 9 in Italy · 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.

Bought Carne from Vitruvian Partners, 2026 · Business Services, Ireland

15. Adelis Equity Partners SponsorVery High78

9 platform investments in Business Services · 10 deals 2024–26

Adelis Equity Partners Fund IV · 2024 vintage · deploying · check €32-242M

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

Bought Horn & Cosifan from Harald Quandt Industriebeteiligungen, 2026 · Business Services, Germany

16. Apax Partners SponsorVery High77

16 platform investments in Business Services · 6 in Italy · 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 greytHR, 2024 · HR Tech, India

17. Ardian Clean Energy Evergreen Fund SponsorVery High76

81 platform investments in Business Services · 48 in Italy · 45 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

18. Ardian Mid Cap Buyout SponsorVery High76

81 platform investments in Business Services · 47 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

19. Ardian (Clean Energy Evergreen Fund) SponsorVery High76

81 platform investments in Business Services · 47 in Italy · 44 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

20. Ardian (ex-AXA Private Equity) SponsorVery High76

81 platform investments in Business Services · 47 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

21. Ardian / Crédit Agricole Assurances consortium SponsorVery High76

81 platform investments in Business Services · 48 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

22. Ardian + Tikehau Capital + EMZ consortium (Bpifrance + Amundi + Siparex) SponsorVery High76

82 platform investments in Business Services · 47 in Italy · 44 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

23. Ardian and Centerbridge Partners SponsorVery High76

81 platform investments in Business Services · 47 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

24. Ardian and GoldenTree Asset Management SponsorVery High76

81 platform investments in Business Services · 47 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

25. Ardian and Latour Capital SponsorVery High76

82 platform investments in Business Services · 47 in Italy · 43 deals 2024–26

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

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

Backed HR Path, 2024 · HR Tech, France

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.