New State Capital Partners has closed its fourth fund, New State Capital Partners Fund IV LP, above target with $700 million in capital. The new fund was oversubscribed and raised in less than six months.
Limited partners in Fund IV include endowments and foundations, family offices, public pension plans, insurance companies, outsourced chief investment officers (OCIOs), and high-net-worth individuals across North America and Europe. In addition, several New State professionals committed $60 million in Fund IV through an investment in the fund’s general partner.
New State invests up to $100 million in senior debt, junior debt, and equity in companies with EBITDA between $8 million and $40 million. The firm focuses on businesses in the business, financial, professional, and industrial services sectors. David Blechman founded New State in 2013, and the firm is headquartered in New Rochelle, New York, with an additional office in Newport Beach, California.
“This milestone underscores the trust investors have in our strategy and our platform,” said Mr. Blechman. “We are focused on investing in, and scaling, high-quality, founder-led businesses. We are excited to deploy Fund IV while continuing our disciplined approach to value creation.”
A recent platform investment made by New State through its third fund was the September 2024 acquisition of The Expo Group, a Texas-based provider of event design, planning, and management services for trade shows, conferences, and live events across North America.
Since its founding in 2013, New State has completed more than 45 acquisitions. The firm’s 34-person team includes 12 management company partners and a dedicated 10-person in-house operations team. With the close of Fund IV, New State has now raised more than $1.8 billion in total capital. New State’s earlier fund, New State Capital Partners Fund III LP, closed in May 2021 with $450 million of committed capital.
Harris Williams Private Capital Advisory served as the placement agent for the fundraise, while Kirkland & Ellis provided legal services.
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