New State Capital Partners Fund III closes at USD450m
New State Capital Partners (New State) has closed its third institutional investment fund, New State Capital Partners Fund III with USD450 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 USD255 million of capital commitments and currently has USD1.2 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," says 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 USD100 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.