Aphias Capital Closes Oversubscribed Inaugural Fund at Over $1.05 Billion

Aphias Capital Fund I surpasses $900 million target, with strong investor demand exceeding the hard cap

SAN FRANCISCO--(BUSINESS WIRE)--Aphias Capital (“Aphias”), a sector-focused lower-middle-market private equity firm specializing in healthcare services and essential services, today announced the final close of Aphias Capital Fund I (the “Fund”) with just over $1.05 billion in total capital commitments, with demand exceeding the Fund’s hard cap.

The oversubscribed Fund attracted a diverse base of global investors, including public pension plans, health systems, insurance companies, endowments and foundations, family offices, funds of funds and other financial institutions — many of which have long-standing relationships with the Aphias team.

“We are deeply grateful to our limited partners for the confidence they have placed in Aphias,” said Rob Wolfson, Founder and Managing Partner. “In many ways, Aphias is a start-up 20 years in the making. Our team has spent years working together, drawing on deep sector expertise, operational discipline and strategic insights to create leading lower-middle-market companies. At Aphias, we are building a modern private equity firm with deep operational and vertical resources and focus, positioning us to identify and scale the next generation of exceptional services companies.”

Aphias makes control investments in North American healthcare services and essential services companies with recurring demand and opportunities to accelerate growth, expand the use of technology and strengthen operations. The firm targets companies with $5 million to $30 million of EBITDA at initial investment, typically partnering with companies as their first or second institutional investor or acquiring businesses through corporate carve-outs.

Aphias brings together investment and operating professionals, nine of whom previously worked together at H.I.G. Capital, many for more than a decade. The team leverages its One Team Alignment™ (“OTA”) approach to drive operational excellence across its portfolio, aligning the Fund, management teams and boards around a shared long-term plan, focused operational levers and a commitment to continuous improvement.

“The lower middle market offers investors structural advantages, including a vast universe of companies and the opportunity to partner with them earlier in their lifecycles,” Wolfson added. “We look forward to forming lasting partnerships with management teams, our Executive Advisors and our investors as we pursue success together.”

PJT Park Hill served as exclusive placement agent and Kirkland & Ellis LLP served as fund counsel.

About Aphias Capital

Aphias Capital is a San Francisco-based private equity firm focused on healthcare services and essential services in the lower middle market. The firm partners with management teams to build market-leading companies through sector insight, operational excellence and strategic growth, guided by its One Team Alignment™ (“OTA”) approach. For more information, visit www.aphias.com.