APHIAS CAPITAL, L.P.

Thesis

Headquartered in San Francisco, California, the firm specializes in control investments within the lower middle market, targeting companies in the healthcare services and essential services sectors. Their investment strategy involves partnering with management teams to foster growth via sector insights and operational improvements, utilizing their proprietary Aphias One Team Alignment™ (OTA) methodology. Target companies exhibit an annual EBITDA between $5 million and $30 million, operate in large markets (>$1 billion in sales), demonstrate recurring revenue streams, show annual growth exceeding 3%, and are based in North America. The healthcare services focus includes sub-sectors like provider, payor, behavioral health, pharmaceutical, HCIT, human capital, medical technology, and distribution/logistics. Essential services encompass facility, environmental/infrastructure, business process outsourcing, technology services/digital transformation, human capital, supply chain management, consumer services, and industrial services/automation. Aphias Capital is currently raising its inaugural fund, Aphias Capital Fund I, with a target of $900 million, and as of January 30, 2026, managed $542.1 million in AUM. They are actively seeking new investments and have made 0 investments to date.

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