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Buyer landscape

Likely buyers · HR Tech in Germany.

Prepared 2026-08-28 with GP Intel · deterministic scoring, published weights: gp-intel.com/methodology/league-tables

How companies like this sold · 132 verified exits: 29% to sponsors, 68% to corporates and platforms, 3% other routes. Route shift since 2020: sponsors 32% (was 24%), corporates and platforms 65% (was 74%).

The list: 25 Tier 1 · 0 Tier 2 of 120 matched buyers, including 1 geographic expansion candidates without a local platform yet. A first round of the Tier 1 names plus the expansion buyers covers the demonstrated demand.

Financial buyers · 25

Tier 1 · Very High · score 70+

1. Triton Partners SponsorVery High84

35 platform investments in Business Services · 41 in Germany · 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

2. NORD Holding SponsorVery High84

7 platform investments in Business Services · 40 in Germany · 15 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 13 deals in the last 2 years vs 2.5/yr before.

Backed IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, Germany

3. EQT SponsorVery High83

37 platform investments in Business Services · 40 in Germany · 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

4. IK Partners SponsorVery High81

50 platform investments in Business Services · 34 in Germany · 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

5. IK Partners (IK Small Cap III) SponsorVery High81

46 platform investments in Business Services · 32 in Germany · 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

6. IK Partners / GIC / Keensight / Parquest / management SponsorVery High81

46 platform investments in Business Services · 32 in Germany · 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

7. Inflexion SponsorVery High81

20 platform investments in Business Services · 5 in Germany · 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

8. Permira SponsorVery High80

19 platform investments in Business Services · 13 in Germany · 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

9. Inflexion (Partnership Capital III) SponsorVery High80

18 platform investments in Business Services · 4 in Germany · 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

10. 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

11. Maguar Capital SponsorVery High80

9 platform investments in Business Services · 9 in Germany · 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

12. NORD Holding / Pinova Capital SponsorVery High79

6 platform investments in Business Services · 37 in Germany · 12 deals 2024–26

AUM €5.0B · NORD Holding all inclusive Fitness Continuation Fund · 2026 vintage · deploying

Accelerating: 10 deals in the last 2 years vs 2.5/yr before.

Backed IBB Institut fuer Berufliche Bildung AG, 2026 · Business Services, Germany

13. Maguar Capital Partners SponsorVery High79

8 platform investments in Business Services · 7 in Germany · 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

14. Ardian SponsorVery High78

87 platform investments in Business Services · 50 in Germany · 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

15. Axcel SponsorVery High78

13 platform investments in Business Services · 1 in Germany · 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

16. BU Bregal Unternehmerkapital Multi-Asset Continuation Fund SponsorVery High78

6 platform investments in Business Services · 32 in Germany · 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 Onlineprinters from BU Bregal Unternehmerkapital, 2026 · Business Services, Germany

17. Bridgepoint SponsorVery High77

20 platform investments in Business Services · 9 in Germany · 43 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

18. Bridgepoint Development Capital SponsorVery High77

24 platform investments in Business Services · 6 in Germany · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

19. Bridgepoint (52.5% majority stake) SponsorVery High77

19 platform investments in Business Services · 6 in Germany · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

20. Bridgepoint BE VII + General Atlantic SponsorVery High77

19 platform investments in Business Services · 6 in Germany · 37 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

21. Bridgepoint Capital SponsorVery High77

19 platform investments in Business Services · 6 in Germany · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

22. Bridgepoint Capital Developpement SponsorVery High77

19 platform investments in Business Services · 6 in Germany · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

23. Bridgepoint Development Capital (with Paluel-Marmont Capital & LT Capital) SponsorVery High77

20 platform investments in Business Services · 6 in Germany · 36 deals 2024–26

AUM €86.6B · Europe VIII (BE VIII) · 2026 vintage · deploying · check €120-900M

4 platform investments since the 2026 vintage · early in deployment vs its usual 20 per fund.

Backed Exile Group, 2026 · Business Services, UK

24. PAI Partners SponsorVery High77

27 platform investments in Business Services · 11 in Germany · 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

25. PAI Partners (Fund VIII) SponsorVery High77

24 platform investments in Business Services · 9 in Germany · 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

Scores and facts derive from verified deal records only; sample floors and thresholds are published on the methodology page. Figures marked with a tilde are bands, not disclosures.