Likely buyers · Mobility in Portugal.

1. DUBAG Group SponsorVery High86

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 ItalPresseGauss, 2026 · Mobility, Italy

2. PAI Partners SponsorVery High81

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.

Bought Mecaer Aviation Group from Fondo Italiano d'Investimento SGR, 2026 · Aerospace & Defence, Italy

3. 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 Instant System, 2026 · Mobility, France

4. IGI Private Equity SponsorVery High81

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

5. EQT SponsorVery High80

51 platform investments in Industrials · 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 Arlanda Express, 2026 · Mobility, Sweden

6. NCI SponsorVery High80

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 Starwash, 2026 · Mobility, France

7. Ardian, Finint Infrastrutture SponsorVery High78

126 platform investments in Industrials · 2 in Portugal · 43 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.

Backed 2i Aeroporti, 2015 · Mobility, Italy

8. Waterland Private Equity SponsorVery High78

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 Heliox, 2018 · Mobility, Netherlands

9. 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

10. 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

11. 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

12. 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

13. 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 Mecaer Aviation Group, 2026 · Aerospace & Defence, Italy

14. Ardian SponsorVery High77

137 platform investments in Industrials · 2 in Portugal · 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.

Backed 2i Aeroporti, 2015 · Mobility, Italy

15. Asterion Industrial Partners SponsorVery High77

4 platform investments in Industrials · 1 in Portugal · 8 deals 2024–26

AUM €10.0B · Asterion Industrial Infra Fund III · 2024 vintage · deploying · check €68-510M

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

Bought 2i Aeroporti from Ardian, 2024 · Mobility, Italy

16. Audacia SponsorVery High76

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 Geolinks, 2026 · Industrials, France

17. Altor Equity Partners SponsorVery High76

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

18. Sodero Gestion, CENCD SponsorVery High76

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

19. Accursia Capital SponsorVery High76

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 AIOS Automotive Integrated Overhead Systems, 2026 · Mobility, Germany

20. Nexxus Iberia SponsorVery High76

7 platform investments in Industrials · 1 in Portugal · 6 deals 2024–26

AUM €465M · Nexxus Iberia Private Equity Fund II · 2023 vintage · deploying · check €5-36M

7 platform investments since the 2023 vintage · largely deployed vs its usual 6 per fund.

Bought Shop&Roll from Buenavista Equity Partners, 2026 · Industrials, Spain

21. Arkea Capital, BNP Paribas Developpement and IRD Invest SponsorVery High75

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 Fountaine Pajot, 2020 · Mobility, France

22. Arkea Capital Partenaire SponsorVery High75

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 Fountaine Pajot, 2020 · Mobility, France

23. Sviluppo Imprese Centro Italia SGR SponsorVery High75

26 platform investments in Industrials · 5 deals 2024–26

AUM €125M · Fondo Sviluppo Cooperazione Toscana · 2024 vintage · deploying · check €0-1M

5 platform investments since the 2024 vintage · early in deployment vs its usual 12 per fund.

Backed CoDrive, 2023 · Mobility, Italy

24. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High75

10 platform investments in Industrials · 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.

Backed A.Eberle, 2026 · Industrials, Germany

25. Talde Gestión SponsorVery High75

14 platform investments in Industrials · 5 deals 2024–26

AUM €600M · Talde Capital Crecimiento III FCR · 2026 vintage · deploying

1 platform investment since the 2026 vintage · early in deployment vs its usual 6 per fund.

Backed Saprem, 2026 · Industrials, Spain