A four stage helicoaxial pump was tested under varying operating conditions. A range of inlet pressures, rotational speeds (3000, 3600 rpm), and gas void fractures (GVFs) were considered for two fluid viscosities. The head developed and power input to run the pump were recorded. Head, power input and efficiency decrease as the GVF increases with best efficiency point (BEP) moving towards lower flow rate conditions. Dimensional analysis was conducted to evaluate the applicability of current affinity laws to the two-phase flow performance of the pump under consideration. Dimensionless head coefficient and power coefficients were defined for two-phase flow, considering the homogeneity in the two-phase fluid properties. Deviations in the two-phase affinity coefficients from the common law curve increases with GVF. To bridge this gap, a new correlation is proposed with a revised flow coefficient that allows all the head coefficient data to collapse on a single line with a greater degree of accuracy.