Likely buyers · Construction.

1. Altor Equity Partners SponsorVery High85

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

2. Turenne Groupe SponsorVery High84

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

3. 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 H.K.O., 2026 · Construction, Germany

4. Sodero Gestion, CENCD SponsorVery High83

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

5. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High82

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 Synelis, 2026 · Construction, France

6. Arkea Capital Partenaire SponsorVery High82

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 Synelis, 2026 · Construction, France

7. Ardian SponsorVery High81

137 platform investments in Industrials · 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 Fermax from Eurazeo, 2025 · Construction, Spain

8. 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 BRIFER, 2025 · Construction, France

9. FCDE SponsorVery High81

11 platform investments in Industrials · 5 deals 2024–26

AUM €604M · FCDE Fund III · 2025 vintage · deploying · check €8-60M

3 platform investments since the 2025 vintage · early in deployment vs its usual 7 per fund.

Backed SKAKO, 2025 · Construction, France

10. Waterland Private Equity SponsorVery High80

38 platform investments in Industrials · 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 Interalu, 2024 · Construction, Belgium

11. PAI Partners SponsorVery High79

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.

Backed Xella, 2008 · Construction, Germany

12. NCI SponsorVery High79

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 Technologies & Habitat, 2025 · Construction, France

13. IGI Private Equity SponsorVery High79

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

14. PAI Partners (Fund VIII) SponsorVery High78

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 Xella, 2008 · Construction, Germany

15. PAI Partners (Mid-Market Fund) SponsorVery High78

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 Xella, 2008 · Construction, Germany

16. PAI Partners (Mid-Market) SponsorVery High78

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 Xella, 2008 · Construction, Germany

17. PAI Partners / ADIA SponsorVery High78

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 Xella, 2008 · Construction, Germany

18. PAI Partners and Ontario Teachers' Pension Plan SponsorVery High78

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 Xella, 2008 · Construction, Germany

19. Audacia SponsorVery High78

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 GROUPE OBER, 2022 · Construction, France

20. IXO Private Equity SponsorVery High78

33 platform investments in Industrials · 10 deals 2024–26

AUM €1.0B · IXO 5 · 2025 vintage · deploying · check €4-33M

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

Backed MOON SAFARI, 2024 · Construction, France

21. iXO Private Equity and Bpifrance Investissement SponsorVery High78

32 platform investments in Industrials · 10 deals 2024–26

AUM €1.0B · IXO 5 · 2025 vintage · deploying · check €4-33M

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

Backed MOON SAFARI, 2024 · Construction, France

22. Accursia Capital SponsorVery High78

24 platform investments in Industrials · 21 deals 2024–26

Accursia Capital Evergreen · 2017 vintage · no newer fund

Accelerating: 17 deals in the last 2 years vs 2.8/yr before.

Backed Doering Berlin, 2026 · Construction, Germany

23. Trill Impact SponsorVery High78

4 platform investments in Industrials · 8 deals 2024–26

AUM €1.4B · Trill Impact Fund II · 2024 vintage · deploying

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

Bought Primutec Solutions Group from DPE Deutsche Private Equity, 2025 · Construction, Netherlands

24. Capital Grand Est SponsorVery High77

18 platform investments in Industrials · 11 deals 2024–26

AUM €228M · ReBest · 2023 vintage · deploying · check €1-6M

13 platform investments since the 2023 vintage · largely deployed vs its usual 13 per fund.

Backed Lagarde Meregnani, 2026 · Construction, France

25. Capital Croissance SponsorVery High77

6 platform investments in Industrials · 20 deals 2024–26

AUM €950M · Club des entrepreneurs Capital Croissance · 2025 vintage · deploying · check €2-15M

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

Backed Renobat, 2025 · Construction, France