NYC-based private equity firm New State Capital Partners closed its first institutional investment fund, at $131m. in committed capital.
Backers included pension funds, foundations, family offices and funds.
New State Capital Partners Fund, L.P. invests between $10m to $45m of equity per deal with an average of $30m targeting investments in companies with $8m to $30m of EBITDA in the areas of business services, healthcare services and industrials,
Led by Founder and Partner David Blechman and newly added Partner Steve Larned New State has established a behavioral healthcare platform with the recent acquisition of a majority stake in LLMS, parent company of Bridges Recovery Center and Infinity Malibu. With several facilities located in California, Bridges and Infinity Malibu offer subacute-detox, residential, partial hospitalization, intensive outpatient and outpatient treatment services for patients facing substance use disorders.
The companies, founded by George Boyadzhyan, who continues as a minority owner and CEO, provide custom treatment plans blending experiential therapy, yoga, physical activities, and psychoeducational groups.
The firm has in excess of $370 million of assets under management.