I do not have enough knowledge to provide you a straight answer for your question.
But I can share some of our experience.
We have done some calculation for nanofluid in a heat exchanger using Ansys Fluent.
We treated the nanofluid as a single phase. The (solid) nano particles were assumed as part of the fluid.
From your question, I am not sure what are you trying to achieve.
In our case we studied the rate of heat transfer using different percentage of the nano particles in the fluid, and the Ansys Fluent gave a decent result.
There is no reason to overlook Ansys Fluent. Both single and two phases can be adopted and as a result , as you need, convective properties of exchanger can be taken into account.
The nano particles may be suspended homogeneously and perhaps single phase model is sufficient. Else one needs to look at a multiphase model, with suspension rheology. For laminar cases, an apparent viscosity method is used in STAR-CCM+
As a researcher and thermo/fluids modeler, I see an investigative opportunity for you to grow professionally here. The lack of detailed work existing within your two-phase nanofluid flow modeling currently indicates no available definitive software. Therefore an opportunity exists to develop the Molana convective correlation for this phenomenon. Clearly, much can be gained by investigating and comparing results from accepted flow programs like Fluent, STAR-CCM+, etc.. Suggest you correlate their convective value predictions against Reynolds number over a range of nano particle concentrations as was done by Mas Fawzi, but also using a bevy of current flow software candidates. Your product would be an erudite study/paper of not only comparative current software capabilities, but a virtual/empirical algorithm predicting convective coefficients for nanofluid flows. Add some testing and make it purely an empirical algorithm that predicts nanofluid convective coefficients under varying two-phase flow conditions.
Ansys Fluent, CFX and Multiphysics COMSOL are good tools to simulate the Nanofluid problems. But I think Fluent is the best and use single phase model and change the properties of the fluid according to the specific Nanofluid you used.
The use of COMSOL Multiphysics to simulate particle movement with joule heating, I think Multiphysics COMSOL is a powerful tool for two-phase fluid simulation. And it is working good for understanding basic physics and simulating nanofluid in heat-exchanger applications.
I think Ansys-CFX is a good software to simulate nano-fluids in heat exchangers. It is a flexible and advanced software especially to heat transfer projects.