# NexPhase Capital

NexPhase Capital is a Private Equity based in New York, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** New York, United States
- **Region:** North America
- **Address:** 600 Lexington Avenue, 8th Floor, New York, NY 10022, United States
- **Founded:** 2007
- **Assets under management:** $2.5B–$3.5B (Altss estimate)
- **Website:** www.nexphase.com
- **LinkedIn:** https://www.linkedin.com/company/nexphase-capital-lp

## Regulatory record

- **CRD number:** 281893
- **SEC file number:** 801-106904
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/281893

## About

NexPhase Capital (NPC) is a thematic and operationally-focused private equity firm that partners with growth-oriented companies seeking a value-added partner to navigate the next phase of their growth. It was formed by the former principals of Moelis Capital Partners (MCP). The firm targets control buyouts in leading lower middle market, growth-oriented companies and applies a thematic, operationally focused approach to value creation.

## Sectors

- Consumer
- Healthcare
- Enterprise Software

## People

- Ted Yun — Managing Partner
- Kurt Larsen — Founding Partner
- Jamie Kaufman — Partner
- Lex Leeming — Partner & Head of Business Development

## Questions

### Who runs investment decisions at NexPhase?

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.

### How does NexPhase source proprietary deal flow?

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.

### What's the relationship between NexPhase and Moelis & Company?

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.

### What investment stages does NexPhase target?

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.

### Does NexPhase participate in fund commitments alongside its direct deals?

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.

### Does NexPhase maintain a permanent capital vehicle, or does it fundraise by vintage?

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.

## Related profiles

- [Nexo](https://altss.com/profile/nexo-ventures)
- [NexPoint Asset Management](https://altss.com/profile/nexpoint-asset-management)

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Last updated: 2026-08-11T15:07:34.613Z

Canonical page: https://altss.com/profile/nexphase-capital

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