New State Capital Partners, a Larchmont, N.Y.-based private equity firm, closed its third institutional investment fund, at $450m.
New State Capital Partners Fund III, LP, was supported by a diverse and global group of public and private pension funds, consultants, endowments, foundations, funds of funds, and family offices.
With Fund III, New State can invest up to $100m in equity per transaction. The firm targets investments in companies in the business services, industrials, and consumer sectors with $8m to $35m of EBITDA.
Since its founding in 2013, New State has invested in 27 companies including 14 platform investments. Recent investments include Mako, Klein Hersh, and KMS.
Led by David Blechman, Founder and Senior Principal, the firm currently has $1.2 billion in assets under management.