News & Insights

Aphias Capital announced the final close of Aphias Capital Fund I, oversubscribed at just over $1.05 billion in total commitments, with demand exceeding the Fund’s hard cap.

We’re grateful to our limited partners (public pensions, health systems, insurers, endowments and foundations, family offices and funds of funds), many of whom have known our team for years.

“In many ways, Aphias is a start-up 20 years in the making,” said Rob Wolfson, Founder and Managing Partner. “We are building a modern private equity firm with deep operational and vertical resources, positioned to scale the next generation of exceptional services companies.”

Our focus:
🔹 Control investments in North American healthcare services and essential services businesses
🔹 $5M to $30M of EBITDA at initial investment
🔹 Often the first or second institutional investor, or a corporate carve-out partner

Nine of our professionals previously worked together at H.I.G. Capital, many for over a decade. Our One Team Alignment™ approach aligns the Fund, management and boards around one long-term plan.

Thank you to our LPs, management teams and Executive Advisors. We’re just getting started.

Aphias Capital is pleased to announce its strategic growth investment in SNZweig. The investment supports the combination of Stambaugh Ness and Zweig Group to form SNZweig, the market leading professional services and advisory platform built exclusively for the architecture, engineering, and construction (AEC) industry. SNZweig integrates financial, strategic, technology, and transaction advisory expertise under one roof to help clients address their most complex needs.

The combination follows the success of the strategic partnership between the two firms that began in March 2025. With Aphias Capital’s investment, SNZweig plans to strengthen its national footprint, expand its technology capabilities, broaden its service lines, and scale the integrated model across the AEC market through both organic growth and strategic acquisitions.

We are pleased to welcome Laith Kalamchi who joins Aphias Capital as our Head of Portfolio Operations.

Prior to Aphias, Laith spent seven years at BC Partners, where he was a Managing Director on the Portfolio Operations team. Laith previously had fund level Portfolio Operations and portfolio company leadership roles at L Catterton. Earlier in his career, Laith worked in consulting at both McKinsey & Company and Accenture.

Laith earned a B.S.B.A. in Finance and Management from Georgetown University and an M.B.A. from Columbia Business School.

We are pleased to welcome Victor Rudo who joins Aphias Capital as a Principal on our Essential Services Team.

Prior to Aphias, Victor was with HGGC, where he led investments in services, tech-enabled services, and technology companies. Prior to HGGC, Victor was an investment professional with Summit Partners and held an operating role at Summit-backed Ascentis Corporation. He began his career at William Blair & Company.

Victor holds a B.B.A. in Accounting, Finance, and International Studies from Emory University and an M.B.A. from the Stanford Graduate School of Business.

We are pleased to welcome Vishnu Reddy who joins Aphias Capital as a Managing Director on our Healthcare Services Team.

Vishnu brings more than a decade of private equity experience to Aphias, most recently from the Private Equity group at Ares Management where he led investments across healthcare services. Earlier in his career, he worked with many members of the Aphias founding team and invested in the flagship buyout fund at H.I.G. Capital. Before that he advised on M&A at JMP Securities.

Vish's track record and experience enhance Aphias' capabilities as we work with founders across healthcare services to partner and scale businesses. His arrival deepens Aphias' healthcare bench, adding senior healthcare leadership and firepower to the team.

I'm pleased to announce I've joined Aphias Capital as Managing Director, Business Development. I look forward to continuing to collaborate with current and former colleagues on this new and exciting platform. We're kicking off 2026 in San Francisco where we look forward to connecting with many of our healthcare friends and colleagues during JPM HC.

Thank you all for the continued support and friendship.

Excited to finally share what we've been building — Aphias Capital, launched together with an incredible group of partners: Rob Wolfson, Praneeth Wanigasekera, and Amanda Kalin.

I'm grateful to Rob for his vision, and I'm committed to building our healthcare investing efforts as a founding partner.

Aphias is an operationally oriented investment firm dedicated to building enduring healthcare and essential services companies.

Energized to begin this next chapter with an exceptional team — and looking forward to connecting with founders, executives, and partners as we build Aphias together.

I'm excited to share that I have joined my former colleague Rob Wolfson's founding team at Aphias Capital (www.aphias.com) as a Partner focusing on essential services!

I am grateful to my former Gryphon and H.I.G. colleagues for their teamwork and mentorship over the last two decades. It was a privilege to work alongside you.

Aphias Capital is a vertically focused private equity firm enabling lower middle market companies to achieve their full potential. We are dedicated to Healthcare & Essential Service businesses. I look forward to continuing to partner with outstanding leaders in this next chapter.

After 13 years with H.I.G. Capital, I'm excited to announce that I have joined Rob Wolfson's founding team as Managing Director and Chief Operating Officer at Aphias Capital (www.aphias.com).

I am grateful to my H.I.G. colleagues for the friendships and mentorship over the last decade and for enabling everything I've learned during this time. It was a privilege to work alongside you.

Rob's goal of developing exceptional investors through scaffolding, coaching and mentorship, the focus on operational excellence, and intent to build a culture that becomes a competitive advantage, resonate deeply with my own goals.

I'm excited about the immense opportunity at Aphias. We are a team of vertically-focused investors dedicated to partnering with middle market businesses in Healthcare Services and Essential Services. We combine strategic insights with operational support to help companies unlock growth and long-term value.

I am excited to announce my decision to join Aphias Capital as a member of its founding team. The last six years of my life at Tastes on the Fly and then Paradies Lagardère have been some of the most rewarding of my professional career. The opportunity to work alongside people of such high caliber and integrity, dedicated every day to our shared mission, with principles of accountability, alignment and excellence, has shown me what it means to work at a truly great company.

At Aphias Capital, a vertically-focused private equity firm focused on enabling lower middle market companies to achieve their full potential, I will be investing in the Essential Services sector and look forward to continuing to partner with great businesses and great people in this next chapter. If you are interested in learning more, please check out our website, www.aphias.com, and/or do not hesitate to reach out!

After nearly 20 incredible years at H.I.G., I decided to embark on a new journey and I'm excited to announce the launch of Aphias Capital (www.aphias.com).

While it's bittersweet to say goodbye to my amazing colleagues at H.I.G., I'm excited for what's ahead in this new chapter of my career. I'm deeply grateful to H.I.G. for the opportunities and experiences over the past two decades, which have shaped me both as a private equity investor and a leader, making this next chapter possible.

Aphias Capital is a vertically focused private equity firm focused on enabling lower middle market companies to achieve their full potential. We are dedicated to Healthcare Service & Essential Service businesses. Please look at our website and/or reach out!

— Rob