New State raises $96 mln for debut fund targeting $150 mln: updated

New State Capital Partners raised nearly $96 million, out of a $150 million target, for New State Capital Partners Fund, LP, according to a Form D filing with the U.S. Securities and Exchange Commission.

Update: The fund could hold a final close later this summer, according to a person with knowledge of the firm.

The capital came mostly from institutional investors, as well as some individuals, according to a spokesperson for New State. The fund has been in the market for just under a year.

The firm made one investment from the fund so far in information systems provider NWN Corp. in October 2015. Financial terms weren’t disclosed.

Founded in 2013, New State makes equity investments of $10 million to $45 million in companies with $8 million to $20 million of EBITDA, focusing on business services, healthcare and industrials. Transaction values range from $25 to $200 million. The firm is led by founder and managing partner David Blechman.

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