Aphias Capital Thoughts (Split from HIG)

Anyone run into Aphias Capital? Very new healthcare focused PE firm that spun out of HIG. Curious if anyone has any thoughts on the story, strategy or how they split from HIG / if they are raising a fund.

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Founder is former head of H.I.G. Advantage who got pushed out after struggles with slow deployment of Fund I and poor Fund II fundraising. Rumor is that he way overpaid for some HC businesses which are now struggling (e.g., Wellpath filed for bx). 

based on his track record I’m guessing Aphias will be looking at HC services and at least somewhat utilizing a roll up strategy. I imagine they’re likely fundraising or will be soon considering the team seems pretty built out.

 
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Fundraise is going well so far. Park Hill is the placement agent. Of the first-time funds out there right now, this is probably the one best positioned to raise its target. The founder has formal attribution on his track record which is very rare for an HIG spin out. Team is well built out already. The plan is half healthcare and half business services.

 

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