Lower middle market private equity firm
Aphias Capital
- HeadquartersSan Francisco, CA S8
- Websiteaphias.com
- Last verifiedOctober 29, 2026
At a glance
| Latest fund | Aphias Capital Fund I, $1.1B (Oct 2026) S5 |
|---|---|
| EBITDA range | $5M to $30M S3 |
| Deal types | Platform S4 |
| Geography | North America S3 |
| Sectors | Accounting & Professional Services, Healthcare Services |
What Aphias Capital buys
Aphias Capital is a San Francisco private equity firm led by founder Rob Wolfson; nine of its professionals worked together at H.I.G. Capital. It makes control investments in North American companies in two areas. One is healthcare services, from providers and payors to behavioral health, pharmacy and healthcare IT. The other is what it calls essential services: recurring, non-cyclical work such as facility, environmental, infrastructure, outsourcing, technology, workforce, logistics and industrial services. It targets companies with $5 million to $30 million of EBITDA in markets worth at least $1 billion, and says it is often the first or second institutional investor or a partner in a corporate carve-out.
The firm closed its first fund at just over $1.05 billion in October 2026 and says it plans to buy only a few companies each year. Its first deal, in September 2026, was a majority investment in SNZweig, which combined Stambaugh Ness and Zweig Group to advise architecture, engineering and construction firms. SNZweig plans to grow by acquisition, so smaller AEC advisory firms may meet Aphias that way.
Recent deals
Announced in the 24 months before October 29, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Oct 2026 | Aphias Capital Fund IInaugural fund closed above its hard cap at just over $1.05 billion of commitments | Fund close | Source | |
| Sep 2026 | SNZweigMajority growth investment backing the combination of CPA and advisory firm Stambaugh Ness with AEC research and consulting firm Zweig Group | Platform | Accounting & Professional Services | Source |
Portfolio by sector
From the firm's portfolio page S4.
Accounting & Professional Services
- SNZweig
Greymont’s take
How Aphias Capital fits a seller
Aphias suits owners of healthcare or recurring-service businesses with at least $5 million of EBITDA who want a hands-on, operations-minded buyer and may not have taken institutional money before. The firm stresses operations over financial engineering: it has a head of portfolio operations and a method it calls One Team Alignment that puts the fund, managers and board behind one long-term plan. It also says high performers should get a real chance to build wealth, which points to equity for management.
Aphias is brand new, with a large first fund and one company so far, so an owner would be among its earliest platforms. Its site notes that the experience it describes mostly comes from the team's work before Aphias. Owners should ask how large an equity roll it expects, how management equity works, and which partner would sit on the board.
Questions owners ask
What size company does Aphias Capital look for?
Its approach page targets North American companies with $5 million to $30 million of annual EBITDA, recurring demand, market growth above 3% a year and total market sales of at least $1 billion.
Has Aphias Capital made any investments yet?
Yes. In September 2026 it made a majority growth investment in SNZweig, formed by combining Stambaugh Ness and Zweig Group to serve architecture, engineering and construction firms. It is the firm's first announced deal.
How large is Aphias Capital's fund?
Aphias Capital Fund I closed in October 2026 with just over $1.05 billion of commitments, above its hard cap, from pension plans, health systems, insurers, endowments, family offices and funds of funds.
Sources
- S1Aphias Capital home page Accessed October 29, 2026
- S2Aphias Capital: About Accessed October 29, 2026
- S3Aphias Capital: Approach (investment profile and industry focus areas) Accessed October 29, 2026
- S4Aphias Capital: News & Insights (fund close and SNZweig announcements) Accessed October 29, 2026
- S5Kirkland Advises Aphias Capital on Close of Inaugural Fund at Over $1.05 Billion (October 8, 2026) Accessed October 29, 2026
- S6Kirkland Advises Aphias Capital on Strategic Growth Investment in SNZweig (September 17, 2026) Accessed October 29, 2026
- S7Accounting Today: Stambaugh Ness and Zweig to merge (September 16, 2026) Accessed October 29, 2026
- S8Aphias Capital: Contact (San Francisco office) Accessed October 29, 2026
- S9Aphias Capital: Team Accessed October 29, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Aphias Capital. Figures are as reported on the dates shown and may have changed. Request a correction