Likely buyers · AI/ML in Italy.

1. Swanlaab Venture Factory SponsorVery High85

12 platform investments in Software & IT · 1 in Italy · 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. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High83

18 platform investments in Software & IT · 5 in Italy · 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

3. TeamSystem PE-backedVery High82

86 acquisitions in Software & IT · 85 in Italy · 28 deals 2024–26

Active in Italy since 2007.

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

4. Apax Partners SponsorVery High81

35 platform investments in Software & IT · 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 RapidSOS, 2025 · AI/ML, US

5. Alkemia SGR SponsorVery High81

8 platform investments in Software & IT · 19 in Italy · 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

6. Apax Partners (with NewAlpha) SponsorVery High80

30 platform investments in Software & IT · 4 in Italy · 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

7. Apax Partners and Inova Capital SponsorVery High80

29 platform investments in Software & IT · 4 in Italy · 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

8. Apax Partners and JMI Equity SponsorVery High80

29 platform investments in Software & IT · 4 in Italy · 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 SAS SponsorVery High80

29 platform investments in Software & IT · 5 in Italy · 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. EQT SponsorVery High79

40 platform investments in Software & IT · 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 Lovable, 2025 · AI/ML, Sweden

11. Oakley Capital SponsorVery High78

15 platform investments in Software & IT · 4 in Italy · 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

12. BU Bregal Unternehmerkapital SponsorVery High78

17 platform investments in Software & IT · 4 in Italy · 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

13. Deutsche Beteiligungs SponsorVery High77

13 platform investments in Software & IT · 4 in Italy · 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

14. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High77

15 platform investments in Software & IT · 4 in Italy · 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

15. Capmont SponsorVery High77

16 platform investments in Software & IT · 1 in Italy · 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

16. 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

17. Deutsche Beteiligungs AG SponsorVery High76

12 platform investments in Software & IT · 4 in Italy · 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

18. 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

19. 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

20. 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

21. Fondo Italiano d'Investimento SGR SponsorVery High76

9 platform investments in Software & IT · 28 in Italy · 10 deals 2024–26

AUM €4.3B · Fondo Italiano Consolidamento e Crescita II (FICC II) · 2023 vintage · deploying

14 platform investments since the 2023 vintage · largely deployed vs its usual 5 per fund.

Backed BV Tech, 2025 · Cybersecurity, Italy

22. Bregal Milestone SponsorVery High75

16 platform investments in Software & IT · 2 in Italy · 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

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. Permira SponsorVery High74

27 platform investments in Software & IT · 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.

Backed Lytx, 2020 · AI/ML, US

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