
Key takeaways
- The short answer: to find a private equity buyer for your business, start with firms that have just raised a fund, because they must invest it. 64 private equity firms announced new buyout or growth funds in 2026, about $151B in total.
- Who buys: private equity funds of every size, family offices with their own money, independent sponsors who raise capital deal by deal, and strategic buyers in your industry.
- Smaller companies: 25 of the buyers are US firms with new funds under $1B. O2 Investment Partners looks at companies with up to $15M of EBITDA, Mangrove Equity Partners at $3–10M of pre-tax profit.
- Price: private equity deals of $1M–$500M averaged 7.2x EBITDA in 2025, according to GF Data.
- Rollover: sellers often keep 10–30% of the equity in middle-market deals, so part of the price comes at the next sale.
- Biggest new funds: Advent International raised $30B across two funds, Francisco Partners $21B and Clearlake Capital $14.8B.
| $1–5B | 29 | 43.9% |
|---|---|---|
| Under $500M | 23 | 34.8% |
| $500M–1B | 9 | 13.6% |
| $5B+ | 5 | 7.6% |
Source: Private Equity List fund tracker, fund size as announced
Continental Europe: Norway (2),
Netherlands,
Luxembourg,
Italy,
Spain and
Poland. Asia:
Singapore,
Thailand and
Vietnam.
What a private equity buyer is: a fund that buys to sell again
Private equity buyer: a fund that buys companies with money from pension funds, endowments and wealthy families, then sells them a few years later.
Also called: a financial buyer, as opposed to a strategic buyer, which is a company in your industry.
How it pays: with equity from its fund plus a loan, often from private credit funds or mezzanine lenders.
What it wants: steady profit, room to grow and a management team that stays after the sale.
Who buys businesses: strategic vs financial buyers, family offices and independent sponsors
| Private equity fund | Strategic buyer | Family office | Independent sponsor | |
|---|---|---|---|---|
| Who it is | A fund that buys companies with investors' money | A company in your industry or next to it | A family investing its own money | A dealmaker without a fund who raises money for each deal |
| What it wants | Profit growth it can sell later | Your products, customers or cost savings | Long-term ownership | One good company to buy |
| Do you keep a stake? | Often: 10–30% rollover is common | Usually not | Sometimes, minority or majority | Depends on the deal |
| After the sale | Grows the company, often with add-on acquisitions, then sells it | Folds your business into its own | Holds it without a fund deadline | Owns it with the funds that backed the deal |
| Examples | Your largest competitors and suppliers | Sponsors backed by GEM's $685M fund |
Private equity by size: the 64 buyers range from Excelsior Capital Vietnam, with a second fund of over $170M, to Advent International, with $30B across two funds.
Family offices: they invest their own money and have no fund to return. Atlantic Capital in Breda, for example, buys Benelux SMEs with EBITDA of €0–3M.
Independent sponsors: they find a company first, then raise equity for it. GEM closed a $685M Independent Sponsors Fund II in 2026 to back them; see our guide to independent sponsors.
Strategic buyers: competitors, suppliers and customers. They often pay for what your business adds to theirs, and usually buy all of it.
Selling to private equity: what buyers pay in 2026
Price: private equity deals of $1M–$500M averaged 7.2x EBITDA in 2025, according to GF Data. That was in line with the two years before and below 7.6x in 2021 and 2022.
Smaller businesses: main-street sales are a different market. BizBuySell counted 2,132 businesses sold in Q3 2026, at a median price of $350,000.
Rollover: in middle-market deals, rollover often falls in the 10% to 30% range. The seller keeps that share and is paid again when the fund sells.
Why buyers ask for it: a rollover shows that the seller believes in the business and keeps the seller committed after closing.
Biggest new buyout funds of 2026: Advent, Francisco Partners and Clearlake
Advent International raised $30B across two new funds, GPE XI and a Mid-Market Fund. It invests in business and financial services, consumer, healthcare, industrial and technology.
Francisco Partners raised $21B across its flagship and Agility funds. It buys technology and tech-enabled service companies.Clearlake Capital closed its eighth flagship fund at $14.8B. Technology, industrials and consumer are its main sectors.
Bain Capital raised $10.5B for Asia Fund VI, its pool for deals in Asia.
THL Partners raised $6.35B for Fund X. The money goes to middle-market companies in financial technology, healthcare, and technology and business solutions.
Main Capital Partners closed a €5.25B dual fundraise in The Hague. It buys enterprise software companies in the Benelux, DACH, the Nordics, France and the US.
Which private equity buyer fits your business
By sector
| Your business | Buyers with a 2026 fund |
|---|---|
| Software and tech-enabled services | |
| Healthcare services | |
| Manufacturing and industrials | |
| Financial services | |
| Consumer brands, restaurants and franchises | |
| Government, defence and infrastructure services | |
| Education and workforce |
By company size
Some buyers state the size of company they want in their profiles. The list runs from the smallest to the largest.
| Buyer | Type | Company it looks for | Headquarters |
|---|---|---|---|
| Family office | EBITDA of €0–3M, minority or majority stakes | Breda | |
| Private equity | Revenue of $10M+ and EBITDA of $2M+ | Chicago | |
| Private equity | EBITDA of $2–20M | New York | |
| Private equity | EBITDA of $2–10M, revenue of $20–100M | New York | |
| Private equity | Pre-tax profit of $3–10M, revenue of $10–100M | Tampa | |
| Family office | Food processors and distributors with EBITDA of $5–10M | Vancouver | |
| Private equity | EBITDA of $5–25M | Dallas | |
| Private equity | EBITDA of $5–30M | San Francisco | |
| Private equity | EBITDA of $5–40M | Pittsburgh | |
| Private equity | EBITDA of up to $15M | Bloomfield Hills | |
| Family office | Profit of up to €15M, mainly in the Netherlands | Amsterdam | |
| Private equity | EBITDA of at least $10M | New York | |
| Private equity | EBITDA of $15M to $250M+ | New York | |
| Private equity | Revenue of $10–200M | Boston | |
| Private equity | Revenue of $20–200M | New York | |
| Private equity | Revenue of $50–500M | New York | |
| Private equity | Revenue of at least $100M | Los Angeles | |
| Private equity | Enterprise value of $50M to $800M+ | Newport Beach |
Family offices that buy companies
Family offices invest their own money, so they can hold a company for decades. These ten say in their profiles that they buy and own operating businesses.
| Family office | Headquarters | What it buys |
|---|---|---|
| Park City | Controlling stakes in privately held companies: business services, education, energy, health, tech | |
| Vancouver | Mature food processors and distributors, built into one group | |
| Edinburgh | Long-term stakes with the Murray family's own capital | |
| Duisburg | Independent companies in business services, manufacturing, environmental services, healthcare and education | |
| Munich | Mid-sized companies in Germany, Austria and Switzerland, often at succession | |
| Paris | Mid-market leaders in Europe and the US: healthcare, consumer goods, industrial supplies | |
| Vejle | Medium-sized B2B companies that lead their markets | |
| Stockholm | Majority stakes in Nordic industrial and trading companies, with no time limit | |
| Breda | Benelux SMEs, with its own capital and no fixed fund cycle | |
| Amsterdam | Dutch companies with profit of up to €15M |
Private equity buyers with new funds, by region
United States: lower middle market (new funds under $1B)
25 US firms raised funds under $1B in 2026. Many work with founder- and family-owned companies, and some state the size they want: Broadwing Capital Management looks for EBITDA of $5–25M, 154 Partners for $2–20M.
| Firm | City | New fund (2026) | What it buys |
|---|---|---|---|
| New York | GenNx360 Capital Partners IV, $865M | Buy-and-build in industrials and business services | |
| Dallas | Align Capital Partners Fund IV, $770M | Control stakes in business services, tech, manufacturing and distribution | |
| Bloomfield Hills | Fund V, $670M | Majority stakes in family and founder-owned companies | |
| Darien | Fund I, $670M | Service companies, picked by business model | |
| New York | Dominus Capital Partners IV, $640M | Operational growth and add-on acquisitions | |
| New York | Fund IV, $610M | Healthcare services | |
| New York | Monomoy Family Fund I, $589M | Middle-market industrial and consumer companies | |
| Pittsburgh | Continuim Equity Partners Fund III, $548M | Manufacturing and industrial businesses | |
| New York | Achieve Partners Workforce II, $450M | Tech services, healthcare services and edtech | |
| Chicago | Global Fund III, $450M | Venture, growth and buyout deals in chosen sectors | |
| Nashville | Iron Path Capital Fund II, $450M | Healthcare and specialty industrial companies | |
| Dallas | Broadwing Capital Fund I, $440M | Manufacturing and services companies | |
| New York | 154 Partners Fund I, $400M | Founder- and family-led service businesses | |
| Scottsdale | Estancia Capital Partners Fund III, $367M | Financial services companies | |
| Miami | BCM Fund III, over $400M | Minority or control stakes in founder-owned firms | |
| Roslyn Heights | Topspin Consumer Partners III, $328M | Branded consumer products and services | |
| Chicago | Rising Point Capital Management Fund I, $325M | Founder- and family-led businesses | |
| Chicago | Fund II, $276M | Healthcare, business services and insurance | |
| Fargo | Inaugural SBIC fund, over $262.5M | Lower middle market companies only | |
| Boston | Artemis Capital Partners IV, $254M | Industrial tech: automation, aerospace, defence | |
| Baltimore | Savano Capital Partners IV, $252M | Shares from existing holders of software companies | |
| Tampa | Mangrove Investors IV, $250M | Management buyouts and recapitalisations | |
| Nashville | Seven Hills Capital Fund II, $235M | Healthcare services | |
| Chapel Hill | LionLight Capital Fund I, $215M | Financial and professional services | |
| Salt Lake City | Savory Fund III, $201.5M | Founder-led restaurant brands |
United States: mid-market and large buyers (new funds of $1B or more)
25 US firms raised $1B or more. Their deals are bigger: Kingswood Capital Management looks for revenue of at least $100M, L Squared Capital Partners for enterprise value of $50M to $800M+.
| Firm | City | New fund (2026) | What it buys |
|---|---|---|---|
| Boston | GPE XI and Mid-Market Fund, $30B | Financial services, consumer, healthcare, industrial, tech | |
| San Francisco | Flagship and Agility funds, $21B | Technology and tech-enabled services | |
| Santa Monica | Clearlake Capital Partners VIII, $14.8B | Technology, industrials and consumer | |
| Boston | Asia Fund VI, $10.5B | Companies across Asia (Asia Fund VI) | |
| Boston | THL Equity Fund X, $6.35B | Financial technology, healthcare, tech and business solutions | |
| Boston | PSG Europe III, over €4.4B | Growth software and tech-enabled services | |
| Chicago | Fund XI, $3.2B | Middle-market consumer and industrial businesses | |
| Los Angeles | Capital Opportunities Fund IV, $3.1B | Aerospace, automotive aftermarket, consumer, distribution | |
| Jacksonville Beach | Warren Equity Partners Fund V, $2.8B | Infrastructure and facilities services | |
| New York | Lightyear Fund VI, $2.5B | Financial services, tech, healthcare and business services | |
| Newport Beach | L Squared Capital Partners V, $2B | Edtech, tech-enabled services, software, industrial tech | |
| San Francisco | SkyKnight Capital Fund V, $2B | Healthcare, financial services and tech-enabled services | |
| Los Angeles | LLCP Lower Middle Market IV, $2B | Lower middle market, North America and Europe | |
| Washington | Capitol Meridian Fund II, $1.9B | Government services and national security | |
| Boston | AMP-26, $1.5B | Growth investments in healthcare | |
| New York | Consonance Private Equity III, $1.35B | Healthcare | |
| San Francisco | FFL Capital Partners VI, $1.35B | Healthcare and tech-enabled services | |
| San Francisco | Serent Capital VI, $1.3B | Founder-led software and tech-enabled services | |
| Princeton | Princeton Equity Partners III, $1.3B | Franchisors and multi-location businesses | |
| San Francisco | Emerging Companies Asia, $1.3B | Mid-sized companies in Asia | |
| New York | North American Private Equity Fund II, $1.22B | Mid-market buyouts in North America | |
| Dallas | Citation Fund I, $1.2B | Founder- and family-led mid-cap companies | |
| New York | TruArc Partners Fund V, $1.2B | Middle-market business services and industrials | |
| Chicago | Sheridan Capital Partners Fund IV, $1.1B | Healthcare services and products | |
| San Francisco | Aphias Capital Fund I, $1.05B | Healthcare services and essential B2B services |
United Kingdom
Three London firms raised in 2026: Bregal Milestone for software, Preservation Capital Partners for financial and business services, and Apis Partners for growth capital in financial services and technology.
| Firm | City | New fund (2026) | What it buys |
|---|---|---|---|
| London | Global Growth Fund III and Growth Markets Fund III, $1.23B | Growth capital for financial services and tech | |
| London | Bregal Milestone III, €915M | European software companies | |
| London | PCP Fund III, €877M | Control stakes in financial and business services |
Continental Europe
Seven firms from Norway to Spain. Main Capital Partners raised the most, €5.25B for enterprise software; Talde in Bilbao backs Spanish SMEs with tickets of €6–20M.
| Firm | City | New fund (2026) | What it buys |
|---|---|---|---|
| The Hague | Main Capital IX and Main Foundation III, €5.25B | Enterprise software buyouts | |
| Luxembourg | Catalyst III, €3B | Mid-market companies in Europe | |
| Oslo | Norvestor X, €2B | Nordic companies, often via acquisitions | |
| Milan | Private Equity II, over €1.1B at first close | Italian SMEs: software, fintech, services | |
| Oslo | Longship Fund IV, $228M | Medium-sized growth companies in Norway | |
| Łódź | Fourth fund, €171.5M | Management buyouts in Poland | |
| Bilbao | Capital Crecimiento III, €155M at first close | Spanish SMEs, tickets of €6–20M |
Asia, Canada and the Middle East
Four buyers based outside the US and Europe raised in 2026. Bain Capital and TPG also raised Asia funds, listed with the US firms above.
| Firm | City | New fund (2026) | What it buys |
|---|---|---|---|
| Toronto | Middle East Partners, $2B | Private equity in the Middle East | |
| Singapore | Second fund, $370M | ASEAN infrastructure, energy, cleantech and tech | |
| Bangkok | Third fund, $305M | Mid-market growth and buyouts in Thailand and the Mekong region | |
| Vietnam | Second fund, over $170M | Healthcare, consumer, tech and education in Vietnam |
How a sale to private equity works: seven steps
| Step | What you do | What the buyer does |
|---|---|---|
| 1. Prepare | Clean up your accounts and get a quality-of-earnings review | Nothing yet |
| 2. Build the buyer list | Pick funds with new money, family offices and strategic buyers that fit your size and sector | Nothing yet |
| 3. Teaser and NDA | Send a one-page teaser without your name | Signs a non-disclosure agreement to see more |
| 4. CIM and first bids | Share the confidential information memorandum (CIM) | Sends an indication of interest with a price range |
| 5. Letter of intent | Choose one buyer and agree price, structure and rollover | Signs a letter of intent, usually with exclusivity |
| 6. Due diligence | Answer questions on finances, contracts and customers | Checks the business and lines up debt from lenders |
| 7. Signing and closing | Sign the purchase agreement | Pays at closing; rolled equity moves into the new company |
Selling a startup: strategic acquirers and growth buyers
Strategic acquirers: larger companies in your market buy startups for products, teams or customers. Corporate venture arms show which of them watch your space: see the corporate VC list.
Growth buyers for software: profitable software companies sell to private equity too. Serent Capital backs founder-led software and tech-enabled services, and L Squared Capital Partners targets companies worth $50M to $800M+ that grow more than 15% a year.
European software: PSG closed its third European growth fund at over €4.4B for software and AI companies.
Partial sales: Savano Capital Partners buys shares from existing holders of software and technology companies, so founders and early investors can sell part of their stake.
How to find a private equity buyer for your business
Start with fresh money: firms that raised in 2026 have to invest those funds. The new funds tracker adds each fund as it is announced.
Filter by sector and size: the private equity firms list and search filter by sector, country and cheque size.
Add family offices and sponsors: the family office list holds investors with their own money; independent sponsors bring their own backers.
Check the debt side: most buyouts borrow part of the price, so the buyer's lenders matter. See private credit funds and firms.
Reach the partners: profiles list partners and deal teams with their roles. CSV export comes with the Pro+ plan.
Data and methodology
Buyers: 64 private equity firms whose new buyout or growth fund was announced between 1 January and 30 October 2026, from the Private Equity List fund tracker. Each fund was checked against its announcement and the firm's profile; secondaries, fund-of-funds, co-investment, credit, real estate and infrastructure funds are left out.
Fund sizes: as announced, with euro funds shown in euros; totals use the US dollar amounts recorded in the tracker.
What each buyer looks for: company sizes, sectors and cities come from Private Equity List profiles, as of 31 October 2026.
Market figures: GF Data via ACG, BizBuySell, Porte Brown and Lathrop GPM, linked where they are used.

