Aphias Capital closed its inaugural private equity fund with more than $1.05 billion in total capital commitments. Aphias Capital Fund I exceeded its $900 million target, with investor demand surpassing the fund’s hard cap.
The fund received commitments from a global group of limited partners including public pension plans, health systems, insurance companies, endowments and foundations, family offices, funds of funds, and other financial institutions.
Aphias focuses on control investments in lower-middle-market healthcare services and essential services companies across North America.
The firm targets businesses with between $5 million and $30 million of EBITDA at the time of initial investment.
Aphias typically invests as a company’s first or second institutional investor or acquires businesses through corporate carve-outs.
The firm looks for companies with recurring demand and opportunities to accelerate growth, expand their use of technology, and improve operational performance.
Nine members of the Aphias investment and operating team previously worked together at H.I.G. Capital, many for more than a decade.
Aphias uses its One Team Alignment approach to align management teams, boards, and investors around long-term strategic plans and operational priorities.
PJT Park Hill served as exclusive placement agent for Fund I, while Kirkland & Ellis served as fund counsel.
KEY QUOTES:
“We are deeply grateful to our limited partners for the confidence they have placed in Aphias. 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.”
“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. We look forward to forming lasting partnerships with management teams, our Executive Advisors and our investors as we pursue success together.”
Rob Wolfson, Founder and Managing Partner of Aphias Capital
