For this issue of Manager of the Month we spotlight Aphias Capital, a rapidly emerging North American lower middle-market private equity firm founded by seasoned industry professionals. The firm has already begun drawing attention from investors within the private equity community as it builds out its investment strategy and first formal fundraise of c.$900 million.
Aphias Capital (“Aphias”) is an emerging North American private equity firm headquartered in San Francisco and established in 2025 by Rob Wolfson, a 20-year H.I.G. Capital veteran. Wolfson, the former head of H.I.G’s Advantage fund, has staffed his team with several other former H.I.G. employees. Eight of the founding 12 team members are H.I.G alumni, averaging amongst them, a 9-year working relationship with Wolfson. Notable additions include COO Praneeth Wanigasekera, who was previously the operations lead for H.I.G.’s Advantage Fund, focusing on both fund level and portfolio company operational excellence.
Strategy
Aphias targets control investments in lower middle-market companies headquartered in North America. The firm’s core focus areas include healthcare services (encompassing provider solutions, behavioral health, pharmacy services, health care IT, and medtech distribution) and essential services (facility support, environmental and infrastructure services, supply chain and logistics, and business process outsourcing). The firm places a particular emphasis on sub-sectors exhibiting durable demand and strong secular growth drivers.
A typical Aphias company exhibits recurring or re-occurring revenue streams, EBITDA in the range of approximately $5 million to $30 million, and operations in large markets in which aggregate sales exceeding $1 billion. The firm aims to be 1st or 2nd institutional capital, potentially seeing attractive entry multiple discounts and multiple arbitrage at exit.
Aphias emphasises close alignment with strong founders and management teams. The firm seeks to work deeply with a concentrated number of portfolio companies to ensure its attention and resources are fully dedicated to driving growth. Its Aphias One Team Alignment (“OTA”) methodology provides an explicit framework for value creation, centered around a rolling three-year plan, ensuring teams are aligned strategically, operationally and culturally.
Fundraising
Public details on specific portfolio companies remain limited given the firm’s recent inception. Aphias began raising its first fund in mid-2025, targeting $900 million. The firm was targeting a Q3/Q4 first close, though it is unknown how much it has closed on to date and when subsequent closings with take place.
Aphias is represented by PJT Park Hill.
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