New State Capital Partners has closed its third institutional investment fund, New State Capital Partners Fund III LP (Fund III), with $450 million of committed capital.
New State’s newest fund was over-subscribed and closed at its hard cap after just four months of fundraising. Limited partners in Fund III include public and private pension funds, consultants, endowments, foundations, funds of funds, and family offices.
New State invests up to $100 million of equity in companies with $8 million to $35 million of EBITDA that are active in the business services, industrials, and consumer sectors.
“We are grateful to our existing and new investors for their strong interest in the New State Capital Partners team,” said David Blechman, the founder and a senior principal of New State. “We have plenty of capacity to pursue our core strategy: investing in great middle-market companies, thinking like entrepreneurs, backing independent sponsors, and showing up with resources for our partners.”
Since its founding in 2013, New State has acquired 14 platform companies and closed 13 add-on acquisitions. Recent investments include Mako, a California-based designer and builder of single and multi-story self-storage facilities (August 2019); Klein Hersh, a Pennsylvania-based executive search firm focused on the life sciences and healthcare industry (November 2020); and KMS, a Kansas-based reseller of closeout, overstock, and factory refurbished consumer products (December 2020).
M2O Private Fund Advisors was New State’s placement agent for Fund III and Kirkland & Ellis provided legal services.
Larchmont, New York-based New State closed its second fund, New State Capital Partners II LP, in March 2018 with $255 million in capital.
© 2021 Private Equity Professional | May 4, 2021
