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New State Capital Partners
New State Capital Partners is an SEC-registered investment adviser in New Rochelle, NY, since 2015. The firm manages approximately $2.0 billion in assets.
New State Capital Partners
New State Capital Partners is an SEC-registered investment adviser in New Rochelle, NY, since 2015. The firm manages approximately $2.0 billion in assets. It has 35 employees and 22 investment advisers.
General information
Firm type
Private Equity
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New Rochelle
Corporate office
New Rochelle, NY, United States
Principals
David Blechman
Founder & Managing Partner
Shawn St. Jean
Managing Partner
Clifford D. Davis
Managing Partner
Sector focus
Frequently asked questions
How does New State Capital Partners source proprietary deal flow?
The firm relies on a network of regional intermediaries, sector-focused investment bankers, and direct outreach to founder-owned businesses in the US Sunbelt and Midwest. Managing partners maintain relationships with family-business advisors, accounting firms, and industry trade associations in sectors where the firm holds deep operating expertise. The firm reports that roughly half of closed deals originate from proprietary or limited-auction processes.
Who runs investment decisions at New State?
Investment decisions are made by the firm's partnership committee, led by founder David Blechman alongside managing partners Shawn St. Jean and Clifford Davis. The partnership brings a mix of private equity deal experience and operating backgrounds: Blechman and St. Jean focus on origination and portfolio management, while Davis leads the operating-partner program and post-acquisition value creation.
Is New State structured as a family office or a private equity firm?
New State Capital Partners operates as a traditional middle-market private equity firm raising committed capital from institutional limited partners, including pension funds, endowments, and family offices. It is not structured as a single-family office and does not manage a single source of wealth. The firm closed its fourth flagship fund in 2023 on approximately $450 million in commitments.
What investment stages does New State typically target?
New State targets control buyouts and growth equity investments in companies generating between $8 million and $40 million of EBITDA. The firm focuses on entrepreneur-owned and family-owned businesses where the seller seeks a liquidity event or a partner capable of accelerating growth. It does not invest in early-stage or venture-stage companies and generally avoids minority-stake passive investments.
Does New State participate in fund commitments or only direct deals?
New State invests primarily through direct control acquisitions and platform buy-and-build strategies, not through fund-of-fund commitments. The firm does, however, operate a co-investment vehicle that allows its limited partners to invest alongside the main fund in individual transactions, typically for larger deals that exceed single-fund concentration limits.
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