Aphias Capital closes inaugural private equity fund at over $1.05 billion

Aphias Capital, a San Francisco-based private equity firm, has completed the final close of its inaugural fund, Aphias Capital Fund I, with over $1.05 billion in total capital commitments. The debut fund exceeded its hard cap, drawing interest from a diverse group of global investors including public pension plans, healthcare systems, insurance companies, endowments, and family offices.

The firm focuses on control investments in North American healthcare services and essential services companies within the lower-middle market. Aphias targets businesses with EBITDA between $5 million and $30 million, aiming to drive growth through technology adoption, operational improvements, and strategic expansion.

Founded by managing partner Rob Wolfson, the firm’s investment team includes professionals with previous experience at HIG Capital. The fund's closing was supported by PJT Park Hill as the exclusive placement agent and Kirkland & Ellis as fund counsel.