Likely buyers · HR Tech in Belgium.

1. PAI Partners SponsorVery High81

27 platform investments in Business Services · 5 in Belgium · 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. EQT SponsorVery High80

37 platform investments in Business Services · 5 in Belgium · 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

3. 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

4. Waterland Private Equity SponsorVery High79

41 platform investments in Business Services · 36 in Belgium · 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 Auren, 2025 · Business Services, Spain

5. PAI Partners (Fund VIII) SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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 (Mid-Market Fund) SponsorVery High78

25 platform investments in Business Services · 4 in Belgium · 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. PAI Partners (Mid-Market) SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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

8. PAI Partners / ADIA SponsorVery High78

24 platform investments in Business Services · 4 in Belgium · 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

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

24 platform investments in Business Services · 4 in Belgium · 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

10. IK Partners SponsorVery High77

50 platform investments in Business Services · 8 in Belgium · 52 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

18 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Selatek, 2026 · Business Services, Sweden

11. IK Partners (IK Small Cap III) SponsorVery High76

46 platform investments in Business Services · 8 in Belgium · 39 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

18 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Selatek, 2026 · Business Services, Sweden

12. IK Partners / GIC / Keensight / Parquest / management SponsorVery High76

46 platform investments in Business Services · 8 in Belgium · 38 deals 2024–26

AUM €13.8B · IK Partnership Fund III · 2025 vintage · deploying · check €10-75M

18 platform investments since the 2025 vintage · largely deployed vs its usual 13 per fund.

Backed Selatek, 2026 · Business Services, Sweden

13. MML Capital SponsorVery High76

20 platform investments in Business Services · 2 in Belgium · 16 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

14. MML Capital + Bpifrance SponsorVery High76

21 platform investments in Business Services · 2 in Belgium · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

15. MML Capital Partners SponsorVery High76

20 platform investments in Business Services · 2 in Belgium · 15 deals 2024–26

AUM €2.0B · MML Dorchester SCSp · 2025 vintage · deploying · check €13-95M

8 platform investments since the 2025 vintage · largely deployed vs its usual 7 per fund.

Backed Coptersafety, 2026 · Education, Finland

16. Triton Partners SponsorVery High75

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

AUM €18.5B · Triton Fund VI · 2026 vintage · deploying · check €110-825M

3 platform investments since the 2026 vintage · early in deployment vs its usual 11 per fund.

Backed formicon, 2026 · Business Services, Germany

17. Permira SponsorVery High75

19 platform investments in Business Services · 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

18. Inflexion SponsorVery High75

20 platform investments in Business Services · 1 in Belgium · 27 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

4 platform investments since the 2026 vintage · mid-deployment vs its usual 6 per fund.

Backed Ranger Fire & Security, 2026 · Business Services, UK

19. Inflexion (Partnership Capital III) SponsorVery High75

18 platform investments in Business Services · 1 in Belgium · 25 deals 2024–26

AUM €11.0B · Inflexion Buyout Fund VII · 2026 vintage · deploying · check €90-675M

Accelerating: 15 deals in the last 2 years vs 5.0/yr before.

Backed Ranger Fire & Security, 2026 · Business Services, UK

20. Axcel SponsorVery High75

13 platform investments in Business Services · 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 LESSOR Group, 2016 · HR Tech, Denmark

21. Maguar Capital SponsorVery High75

9 platform investments in Business Services · 1 in Belgium · 7 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Backed shyftplan, 2024 · HR Tech, Germany

22. Turenne Groupe SponsorVery High74

37 platform investments in Business Services · 3 in Belgium · 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 LINK GROUP, 2018 · HR Tech, France

23. Maguar Capital Partners SponsorVery High74

8 platform investments in Business Services · 1 in Belgium · 6 deals 2024–26

AUM €595M · Maguar Continuation Fund I · 2023 vintage · deploying · check €5-35M

7 platform investments since the 2023 vintage · largely deployed vs its usual 4 per fund.

Bought shyftplan from coparion, 2024 · HR Tech, Germany

24. Ardian SponsorVery High73

87 platform investments in Business Services · 6 in Belgium · 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 HR Path from Andera Partners, 2024 · HR Tech, France

25. Isai Gestion SponsorVery High73

6 platform investments in Business Services · 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 APL Data Center, 2026 · Business Services, France