New State Capital Partners has closed its third fund at a hard cap of $450 million. New State Capital Partners Fund III’s limited partners include public and private pension funds, consultants, endowments, foundations, funds of funds and family offices. M2O Private Fund Advisors LLC was the placement agent while Kirkland & Ellis LLP provided legal counsel. New State targets companies in the business services, industrials and consumer sectors. New State closed its previous fund at $255 million in March 2018.
Larchmont, NEW YORK – May 3, 2021 – New State Capital Partners (“New State”) today announced that the firm has closed its third institutional investment fund, New State Capital Partners Fund III, LP (the “Fund”) with $450 million in committed capital. The Fund was over-subscribed and closed on schedule at its hard cap in about four months after the official launch.
Fund III’s investors are comprised of a diverse and global group of public and private pension funds, consultants, endowments, foundations, funds of funds, and family offices. New State completed the fundraise of its second institutional fund in March 2018 with $255 million of capital commitments and currently has $1.2 billion in assets under management.
“We are grateful to our existing and new investors for their strong interest in the New State Capital Partners team,” said David Blechman, Founder and 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.”
With Fund III, New State can invest up to $100 million in equity per transaction. The firm targets investments in the business services, industrials, and consumer sectors. Since its founding in 2013, New State has invested in 27 companies including 14 platform investments. Recent investments include Mako, the premier provider of solutions to the self-storage industry; Klein Hersh, the country’s leading executive search firm focused exclusively on the life sciences and healthcare industry; and KMS, one of the largest resellers of closeout consumer products in the U.S.
M2O Private Fund Advisors LLC acted as New State’s placement agent, while Kirkland & Ellis LLP provided legal counsel.
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About New State Capital Partners LLC
New State Capital Partners LLC is an entrepreneurial-minded private equity firm that strives to be nimble, decisive and cooperative. New State prides itself on a long-term outlook, approaching each potential investment as an opportunity to create lasting and valuable relationships with company founders and especially independent sponsors. New State has the ability to invest up to $100 million in equity per transaction. New State seeks to invest in market-leading companies with $8 million to $35 million of EBITDA in the areas of business services, industrials, and consumer. New State and its affiliates have invested in 27 companies to date. For more information visit www.newstatecp.com.