Lower middle market private equity firm
NexPhase Capital
Formerly Moelis Capital Partners
- HeadquartersNew York, NY S1
- Founded2016 S1
- Websitenexphase.com
- Last verifiedOctober 20, 2026
At a glance
| Latest fund | NexPhase Capital Fund V, $795M (Oct 2023) S5 |
|---|---|
| EBITDA range | Up to $30M S2 |
| Check size | $40M to $225M S6 |
| Deal types | Platform, Add-on S2 |
| Geography | North America S5 |
| Sectors | Healthcare Services, Software & SaaS, Consumer & Food |
What NexPhase Capital buys
NexPhase Capital is a New York private equity firm that buys control of lower middle market companies in three areas: healthcare, software and technology, and branded consumer products. In healthcare it likes services such as autism therapy, in-home senior care, pain management and fertility benefits. In software it backs B2B platforms and tech-enabled services, and in consumer it buys food, beverage and personal care brands. Its published criteria ask for EBITDA of up to $30 million, organic growth of 5% to 25% or more, and a leading spot in a defensible niche. Recent deal releases put its equity checks at $40 million to $225 million.
The partners started investing together in 2007 as Moelis Capital Partners and took the NexPhase name in 2016. The firm has raised and managed about $2.6 billion and closed Fund V at more than $795 million in October 2023, aimed at entrepreneur-owned, cash-flow-positive companies in North America. It also grows its platforms with add-ons, so a smaller business may meet NexPhase as a tuck-in to a company such as Selerix or Behavior Frontiers.
Recent deals
Announced in the 24 months before October 20, 2026.
| Date | Company | Type | Sector | Source |
|---|---|---|---|---|
| Sep 2026 | EVERYWHERE CommunicationsField communications and workforce safety software for government and enterprise teams; the founder-led management team stays in place | Platform | Software & SaaS | Source |
| Nov 2025 | Always Best CareFranchisor of in-home senior care with roughly 280 territories in the US and Canada | Platform | Healthcare Services | Source |
| Aug 2025 | Magic Science CorporationOwner of the Magic Molecule skincare brand and its own hypochlorous acid manufacturing | Platform | Consumer & Food | Source |
| Jul 2025 | Empower Community CareBehavioral health programs, training and software for agencies that serve at-risk youth | Platform | Software & SaaS | Source |
| Jul 2025 | Zing ZangCocktail mix brand sold to Mizkan America after NexPhase's 2016 purchase | Exit | Consumer & Food | Source |
| May 2025 | Behavior FrontiersAutism therapy provider with 26 centers and home care in 12 states, still led by its founder | Platform | Healthcare Services | Source |
| Jan 2025 | SYNERGY HomeCareHome care franchisor sold to Levine Leichtman Capital Partners | Exit | Healthcare Services | Source |
| Nov 2024 | SyncStream SolutionsAffordable Care Act reporting software added to Selerix | Add-on | Software & SaaS | Source |
Portfolio by sector
From the firm's portfolio page S4.
Consumer
- Magic Science
- Oliver Winery & Vineyards
- Tubby Todd
Healthcare
- Always Best Care
- Behavior Frontiers
- Calcium
- Clearway Pain Solutions
- Meduit
- Metz Culinary Management
- WIN Fertility
Software & Technology
- Aztec Software
- Brandt Information Services
- DealerOn
- Empower Community Care
- EVERYWHERE Communications
- Insurance Systems
- KnowFully
- Selerix
Past investments: SYNERGY HomeCare, Zing Zang
Greymont’s take
How NexPhase Capital fits a seller
NexPhase suits founders of growing healthcare services, B2B software or consumer brand companies who want to sell control but stay involved. In May 2025 it bought Behavior Frontiers from the founder who still runs it as CEO, and its September 2026 EVERYWHERE release said the existing management team, led by the founder, would keep running the company. After closing, NexPhase works through a set plan that covers systems and reporting, sales and marketing, margins and add-on acquisitions, so an owner should expect an active partner rather than a quiet one.
Two questions are worth asking early. First, how does the firm measure growth and capital efficiency, since its criteria call for strong organic growth and high returns on tangible assets, and a slower business may not clear that bar. Second, what role and what share of rolled equity would the owner keep after the sale.
Questions owners ask
What size company does NexPhase look for?
Its criteria page lists EBITDA of up to $30 million and organic growth of at least 5% a year. Its recent deal releases say it targets equity investments of $40 million to $225 million per company.
Which industries does NexPhase invest in?
Three: healthcare, software and technology, and consumer. Recent platforms include autism therapy provider Behavior Frontiers in May 2025, skincare maker Magic Science in August 2025, senior care franchisor Always Best Care in November 2025 and communications software company EVERYWHERE in September 2026.
Is NexPhase the same team as Moelis Capital Partners?
Yes. Its senior team ran Moelis Capital Partners, the private equity arm of Moelis Asset Management, from 2007 until NexPhase Capital was formed on January 1, 2016. Some older holdings on its portfolio page were bought under the Moelis name.
Does NexPhase buy founder-owned companies?
Yes. Its Fund V announcement says target companies are typically entrepreneur-owned, and founders were leading Behavior Frontiers, Magic Science and EVERYWHERE when NexPhase invested in them.
Sources
- S1NexPhase Capital home page Accessed October 20, 2026
- S2NexPhase Capital: About Us (investment strategy and criteria) Accessed October 20, 2026
- S3NexPhase Capital: Focus Sectors Accessed October 20, 2026
- S4NexPhase Capital: Portfolio Accessed October 20, 2026
- S5NexPhase Capital Closes Oversubscribed Fund V (October 16, 2023) Accessed October 20, 2026
- S6NexPhase Capital Announces Investment in EVERYWHERE Communications (September 14, 2026) Accessed October 20, 2026
- S7NexPhase Announces Acquisition of Behavior Frontiers (May 5, 2025) Accessed October 20, 2026
- S8NexPhase Capital: Growth Opportunities (value creation approach) Accessed October 20, 2026
- S9NexPhase Capital News Accessed October 20, 2026
Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with NexPhase Capital. Figures are as reported on the dates shown and may have changed. Request a correction