New State Capital Partners has closed its second institutional investment fund, New State Capital Partners Fund II LP, at its hard cap of $255 million. The firm’s first fund closed in September 2016 with $131 million in committed capital.
New State invests from $10 million to $50 million of equity in companies with $8 million to $30 million of EBITDA. Sectors of interest include healthcare services, business services, and industrials. New State intends to invest in five to seven platforms with Fund II.
“We are very pleased and grateful for the strong response New State Fund II received,” said Dave Blechman, the founder and a 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.”
No investments have been made by Fund II yet, but Fund I has four portfolio companies as follows: New Vista Behavioral Health, a Costa Mesa, CA-based provider of residential, partial hospitalization and outpatient treatment services for substance abuse disorders (www.newvistabh.com); NWN, a Waltham, MA-based provider of IT services to the healthcare, education, manufacturing, media, financial services, professional services, and state and local government sectors (www.nwnit.com); Global Holdings, a Tulsa, OK-based provider of account and payment processing services to the consumer debt settlement industry (www.globalclientsolutions.com); and Capitol Pain, an Austin, TX-based provider of pain management treatment services (www.capitolpain.com).
Since its founding in 2013, New State has invested in 18 companies including seven platform investments and now has more than $800 million in assets under management. The firm is headquartered near New York City in Larchmont, NY (www.newstatecp.com).
© 2018 Private Equity Professional | March 7, 2018