NRD Capital Management II

NRD Capital invests exclusively in multi-unit franchise and consumer-service businesses. Its debut fund acquired the largest Popeyes Louisiana Kitchen franchisee globally, and the firm continues to pursue franchisee platforms in quick-service restaurants, fitness, health and wellness, and home services. NRD targets businesses with predictable unit-level economics where it can apply its team's deep operational expertise.

Aziz Hashim founded NRD Capital in 2014. Before NRD, he was a prominent multi-unit franchise operator who grew a 200-unit Popeyes franchisee group. His transition from franchise operator to institutional investor shaped NRD's thesis that franchisee platforms represent an underserved asset class for private equity. Hashim is a former electrical engineer and immigrant founder.

NRD Capital focuses solely on multi-unit franchise operations, a narrow segment of the consumer economy. Unlike generalist consumer funds that may invest in branded consumer products or restaurant chains at the parent-company level, NRD acquires the franchisees themselves — the local operating companies that hold franchise agreements with national brands. The firm's partners bring hands-on franchisee operating experience rather than a purely financial background.

NRD Capital focuses primarily on franchisee platforms — the operating companies that run dozens or hundreds of franchise units under a national brand. However, the firm has also evaluated enabling technology and service providers that sit within the franchise ecosystem. Its core model is control acquisition of established multi-unit operators, not venture investments in emerging franchise concepts.

NRD's franchisee portfolio is concentrated in the United States, with a bias toward Sun Belt markets including the Southeast and Southwest. These regions have historically exhibited stronger population growth and favorable franchise unit economics. The firm does not actively pursue international franchisee platforms.

NRD sources proprietary deal flow through its founder's and partners' longstanding relationships within the franchise industry. Many transactions involve retiring founders of multi-unit franchise groups who prefer to sell to an operator they know rather than a generalist financial buyer. The firm also works with franchise brand corporate offices as a preferred capital partner for succession transitions.

Yes, NRD Capital manages a committed private equity fund structure. NRD Capital I raised outside limited partner capital and executed the flagship acquisition of a 237-unit Popeyes franchisee in 2017. The firm does not publicly disclose its latest fund size or AUM.