© 1983-2012 IEEE. In this paper a novel feedforward and decision feedback equalizer is proposed for the first time for use in short-reach high-speed communication links based on carrierless amplitude and phase (CAP) modulation. The proposed new equalizer mitigates crosstalk between the in-phase (I-) and quadrature (Q-) channels resulting from the non-linear phase response of the link enabling significant improvement in the link performance when operating at high data rates. The structure of this novel equalizer is introduced, its operation is described, and simulation and experimental studies on short-reach high-speed MMF links using 850 nm multimode VCSELs are presented. Data transmission tests are carried out over 150 m of OM4 MMF at 112 Gb/s using CAP modulation and the proposed CAP equalizer, and a bit-error-rate (BER) within the hard-decision forward error-correction (HD-FEC) threshold of 3.8 × 10-3 is achieved. The link is also tested when a conventional equalizer is used instead of the CAP equalizer and when adaptive discrete multitone (DMT) modulation is applied. The performance of the link is compared for these different transmission schemes and it is shown that the use of the novel equalizer and CAP modulation outperforms the other two schemes. The proposed equalizer can be implemented with low additional complexity, providing a potential cost-effective solution enabling >100 Gb/s single-lane data transmission in short-reach MMF-based links.