New State Capital Partners said March 6 that it second institutional fund closed on its $255 million hard cap. New State, of New York, focuses on companies in sectors such as business services, healthcare services and industrials sectors. With Fund II, New State said it can invest more than $50 million equity per deal.
CORRECTION: A prior version of this story incorrectly stated that New State Capital collected $225 million with its second fund. The firm’s second pool closed on $255 million. The story has been changed.
NEW YORK, NEW YORK – March 6, 2018 – New State Capital Partners today announced that the firm has closed its second institutional investment fund, New State Capital Partners Fund II, LP (the “Fund”) with $255 million in committed capital. At $255 million, the Fund exceeded its target and closed at its hard cap. New State has in excess of $800 million AUM.
New State focuses on providing flexible capital in buy-and-build situations. With Fund II, New State can invest more than $50 million in equity per transaction. New State seeks to invest in five to seven platforms with Fund II, and will further build its platforms organically and via add-on acquisitions. The firm targets investments in the business services, healthcare services and industrials sectors.
“We are very pleased and grateful for the strong response New State Fund II received,” said David Blechman, Founder and Principal of New State. “New State strives to be a different kind of investment firm, with a flexible mandate, a true focus on buy-and-build, and active participation by senior professionals – and without the constraints of more institutional situations. With Fund II, we will apply our expertise and growth strategy to a strong group of platform companies. We look forward to the great relationships we will build with a new group of entrepreneurs as we seek to responsibly steward Fund II on behalf of our valued limited partners.”
Since its founding in 2013, New State has invested in 18 companies including seven platform investments.
About New State Capital Partners LLC
New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be more nimble, more decisive and more cooperative than larger, institutional firms. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships, rather than as an exercise in meeting rigid investing criteria. The firm is very flexible about the structure of its investment and focuses on growth and add-on investment. New State seeks to invest in market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials. With in excess of $800 million in assets under management, New State can commit more than $50M of equity capital per transaction through the Fund. New State and its affiliates have invested in 18 companies to date. For more information visit www.newstatecp.com.