NexPhase Capital

The firm is led by Managing Partner Ted Yun and Founding Partner Kurt Larsen. A partnership group including Jamie Kaufman, Andy Kieffer, Joel Killion, Bob Gartland, Chip Robie, and Lex Leeming shares decision-making authority. The operating partner bench of 16 executives integrates into the process from due diligence through exit, but the investment team controls the final call.

NexPhase leans heavily on thematic sourcing within its three verticals — consumer, healthcare, and software — rather than running a broad auction process. The firm also benefits from its historical relationship with Moelis & Company, its sister organization, which provides a network effect into founder-owned and family businesses. A dedicated Head of Business Development, Lex Leeming, leads the origination function.

It is an institutional private equity fund manager. NexPhase raises committed capital from external limited partners across successive fund vintages. It was formed in 2016 when the principals of Moelis Capital Partners spun out of Moelis Asset Management, but there is no single-family wealth backing the firm.

NexPhase Capital and the investment bank Moelis & Company are independent entities that share a common lineage through Moelis Asset Management. The NexPhase team operated as Moelis Capital Partners within that umbrella from 2007 until the spinout in 2016. The two now exist as sister companies with a collaborative but arm's-length relationship.

NexPhase targets control buyouts in the lower middle market. The firm looks for companies with organic growth rates of 5–25%+, EBITDA up to approximately $30 million, and a minimum 25% return on net tangible assets. The strategy explicitly favors businesses where a systematic operational playbook can accelerate performance.

No. NexPhase makes direct control investments in operating companies. There is no indication the firm acts as a fund-of-funds or commits capital to external GP-led vehicles. The entire investment engine is built around buying and operating portfolio companies.

NexPhase raises traditional closed-end private equity funds by vintage. The website references multiple funds (e.g., Fund III and Fund V), each with distinct investment periods and portfolio constructs. There is no publicly disclosed permanent capital or evergreen vehicle.