Likely buyers · Deep Tech in France.

1. Isai Gestion SponsorVery High85

61 platform investments in Software & IT · 115 in France · 33 deals 2024–26

AUM €458M · ISAI Expansion III · 2025 vintage · deploying · check €6-45M

26 platform investments since the 2025 vintage · largely deployed vs its usual 21 per fund.

Backed ProcurePro, 2026 · Software, Australia

2. Oakley Capital SponsorVery High84

15 platform investments in Software & IT · 7 in France · 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

3. Bpifrance Investissement SponsorVery High83

6 platform investments in Software & IT · 99 in France · 38 deals 2024–26

AUM €57.3B · Bpifrance Amorçage Industriel · 2023 vintage · deploying · check €1-8M

Accelerating: 32 deals in the last 2 years vs 6.3/yr before.

Backed Diamfab, 2024 · Deep Tech, France

4. Ring Capital SponsorVery High82

10 platform investments in Software & IT · 52 in France · 32 deals 2024–26

AUM €470M · Ring Altitude II · 2025 vintage · deploying · check €4-33M

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

Backed HyLight, 2024 · Deep Tech, France

5. EQT SponsorVery High81

40 platform investments in Software & IT · 12 in France · 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 12 per fund.

Backed VTI Technologies, 2002 · Deep Tech, Finland

6. Oakley Capital, Eurazeo, Sagard NewGen (I-Tracing platform) SponsorVery High81

15 platform investments in Software & IT · 6 in France · 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

7. Meanings Capital Partners SponsorVery High81

9 platform investments in Software & IT · 18 in France · 8 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 7 deals in the last 2 years vs 1.8/yr before.

Backed Instant System, 2026 · Software, France

8. Turenne Groupe SponsorVery High80

25 platform investments in Software & IT · 311 in France · 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 Green-Communications, 2022 · Deep Tech, France

9. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High79

19 platform investments in Software & IT · 141 in France · 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 16 per fund.

Backed Heliaq, 2025 · IT Services, France

10. Arkea Capital Partenaire SponsorVery High79

19 platform investments in Software & IT · 140 in France · 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 16 per fund.

Backed Heliaq, 2025 · IT Services, France

11. Hg SponsorVery High79

49 platform investments in Software & IT · 6 in France · 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.

Backed OneStream, 2026 · SaaS, US

12. BID Equity Continuation Fund I SCSp SponsorVery High79

24 platform investments in Software & IT · 5 in France · 16 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 14 deals in the last 2 years vs 2.8/yr before.

Bought Bmobile from BID Equity, 2025 · SaaS, France

13. Irdi Capital-Investissement SponsorVery High78

34 platform investments in Software & IT · 134 in France · 40 deals 2024–26

AUM €550M · IRDI Impulsion · 2021 vintage · partially deployed · check €2-15M

84 platform investments since the 2021 vintage · largely deployed vs its usual 28 per fund.

Backed KEYSOM, 2024 · Deep Tech, France

14. TeamSystem PE-backedVery High78

86 acquisitions in Software & IT · 5 in France · 28 deals 2024–26

Active in France since 2024.

Added on ACD (ACD Finances), 2026 · Software, France

15. Capital Croissance SponsorVery High78

16 platform investments in Software & IT · 45 in France · 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 Advanced Track and Trace, 2021 · Deep Tech, France

16. BID Equity SponsorVery High78

20 platform investments in Software & IT · 4 in France · 11 deals 2024–26

AUM €800M · BID Equity Continuation Fund I · 2025 vintage · deploying · check €6-45M

Accelerating: 9 deals in the last 2 years vs 3.0/yr before.

Backed Bmobile, 2025 · SaaS, France

17. Meanings Capital Partners with Bpifrance SponsorVery High78

8 platform investments in Software & IT · 18 in France · 7 deals 2024–26

AUM €906M · Meanings Private Equity Fund IV (MPEF IV) · 2025 vintage · deploying · check €6-45M

Accelerating: 6 deals in the last 2 years vs 1.8/yr before.

Backed Instant System, 2026 · Software, France

18. Entrepreneur Invest SponsorVery High77

34 platform investments in Software & IT · 101 in France · 11 deals 2024–26

AUM €1.8B · FPCI Entrepreneurs & Croissance N°5 · 2022 vintage · partially deployed · check €3-23M

33 platform investments since the 2022 vintage · largely deployed vs its usual 17 per fund.

Backed Groupe Pandora, 2026 · Software, France

19. Nordic Capital SponsorVery High76

27 platform investments in Software & IT · 1 in France · 14 deals 2024–26

AUM €39.0B · Nordic Capital Fund XI · 2023 vintage · deploying · check €180M-1.4B

15 platform investments since the 2023 vintage · mid-deployment vs its usual 22 per fund.

Bought Evosep from Eifo, 2025 · Deep Tech, Denmark

20. Axcel SponsorVery High76

21 platform investments in Software & IT · 1 in France · 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

21. Peugeot Invest SponsorVery High76

5 platform investments in Software & IT · 23 in France · 10 deals 2024–26

AUM €4.2B · Direct investment by Peugeot Invest · 2025 vintage · deploying · check €2-16M

6 platform investments since the 2025 vintage · early in deployment vs its usual 15 per fund.

Backed Solvares Group / Totalmobile, 2026 · SaaS, Germany

22. Sodero Gestion, CENCD SponsorVery High76

5 platform investments in Software & IT · 40 in France · 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 Skyld, 2025 · Cybersecurity, France

23. Waterland Private Equity SponsorVery High75

18 platform investments in Software & IT · 11 in France · 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 Netconomy, 2025 · IT Services, Austria

24. Apax Partners SponsorVery High75

36 platform investments in Software & IT · 17 in France · 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 Sedex, 2026 · Data & Analytics, UK

25. Deutsche Beteiligungs SponsorVery High75

13 platform investments in Software & IT · 1 in France · 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