About This Fund
NexPhase Capital Fund IV (NPC IV) is the fourth flagship fund raised by NexPhase Capital, a thematically driven and operationally focused lower middle-market private equity firm. NPC IV held a final close on April 20, 2021 with $544 million of capital commitments, reaching its hard cap and representing more than a 50 percent increase in size over its predecessor, NexPhase Capital Fund III. The oversubscribed offering drew participation from public pension plans, global institutional investors, and the firm's existing limited partner base.
NPC IV targets control buyout investments in growth-oriented, capital-efficient North American lower middle-market companies across three distinct industry verticals: healthcare, software, and consumer. The fund focuses on entrepreneur-owned businesses with strong unit economics and defensible market positions, pursuing equity investments between $25 million and $150 million per transaction. NexPhase applies an operationally intensive approach, working with management teams on organic growth acceleration, pricing optimization, and talent development to build durable enterprise value within each portfolio company.
At the time of final close, NexPhase had already completed four investments in NPC IV, demonstrating rapid deployment of the strategy. The fund builds on a track record of over 100 investments across prior NexPhase funds, including add-on acquisitions. NPC IV set the stage for the firm's fifth fund, NexPhase Capital Fund V, which closed in October 2023 at $795 million — a further 46 percent increase — reflecting sustained institutional appetite for the firm's lower middle-market buyout approach in defensive, high-growth verticals.