New State Capital Partners Targets $600M for PE Fund IV

New State Capital Partners is aiming to raise $600M for its fourth institutional investment fund, according to a December 17 filing with the SEC.

The New Rochelle, NY-based private equity firm is yet to start the sale of New State Capital Partners Fund IV but indicated in the filing that it does not expect fundraising to last more than a year. The firm has sought the assistance of Harris Williams to market the fund in 37 US states and the District of Columbia.

Fund IV's oversubscribed predecessor, New State Capital Partners Fund III, closed in 2021 at $450M. According to Dakota data, investors in Fund III included the Kentucky Retirement Systems, with a $35M commitment, and the State of Wisconsin Investment Board, which invested $50M.

New State Capital targets business, financial, professional, and industrial services companies in North America with EBITDA in the $8M to $40M range. It allocates $10M to $100M for every investment in transactions with a value of $25M to $250M.

Written By: Dakota

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