New State Capital Partners has closed its first institutional investment fund, New State Capital Partners Fund, and associated parallel commitments, with USD131 million in committed capital.
Investors include pension funds, foundations, family offices and funds.
New State, which has in excess of USD370 million of assets under management, seeks to invest between USD10 million to USD45 million of equity per deal with an average of USD30 million. The firm targets investments in the healthcare services, business services, and industrials sectors.
“We are humbled by the strong response to our latest institutional investment fund, and believe that our investments underscore New State’s strength in partnering with growing business while fostering entrepreneurial spirit at all levels,” says David Blechman, founder and partner of New State. “We look forward to identifying new opportunities that can benefit from our nimble, cooperative approach.”
New State has also established a behavioural healthcare platform with the recent acquisition of a majority stake in LLMS, parent company of Bridges Recovery Center and Infinity Malibu. Terms were not disclosed.
With several facilities located in California, Bridges and Infinity Malibu offer subacute-detox, residential, partial hospitalisation, 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.
