New State Capital Partners, a Larchmont, NY-based entrepreneurial-minded private equity firm, has closed its second institutional investment fund, with $255m in committed capital.
Led by David Blechman, Founder and Principal, New State focuses on providing flexible capital in buy-and-build situations to market-leading companies with $8 million to $30 million of EBITDA in the areas of business services, healthcare services and industrials.
With New State Capital Partners Fund II, the firm can invest more than $50m 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.
Since its founding in 2013, New State has invested in 18 companies including seven platform investments. The firm has in excess of $800m AUM.