I used FLUENT for my study. It gives you possibility of modeling nanofluid flow using homogenous model (using empirical correlation) or two-phase flow ( VOF, mixture, Eulerian models)
You can model the nanofluid in ANSYS using either single phase or two phase model. In single phase model, emperical correlations are used to detemine the equivelent thermophysical properties of the nanofluid. It means that, the new fluid density, specific heat capacity, viscosity and thermal conductivity are evaluated and entered in ANSYS as a new coolant. There are several emperical correlations in the literature that evaluate the nanofluid properties as a function of nanoparticle volume fraction, diameter, shapes, temperatures.,.... and so on. The selection of the suitable emperical correlation is the crucial step.
In two phase modeling approach, there are several articles used mixture, Eulerian-Eulerian and Volume of Fluid model to study this problem. In these studies, they compared each model with the single phase modeling and experiments. you can find a lot of these article just by searching for Two phase modeling of nanofluid in science direct.