Frequently Asked Questions

New State Capital is an entrepreneurial private equity firm that takes a long-term, partnership-oriented approach to investing. The firm has approximately $1.8 billion in assets under management, and partners closely with management teams to help businesses achieve sustainable growth and long-term value creation.

New State is led by Founder/Managing Partner David Blechman. Since its founding in 2013, New State Capital has broadened its leadership as it has grown, expanding ownership from a single owner to 11 partners. Daniel Han and Will Swayne lead the firm’s buyout investment team, and Sanjay Gupta joined in 2025 as a partner to lead Forge Select.

Today, total assets under management across all funds is approximately $1.8 billion. New State Capital has grown its platform meaningfully in recent years, most notably through the close of its oversubscribed $700 million Fund IV. Fund IV is the firm’s largest fund to date and an increase of approximately 55% over Fund III. New State has approximately 35 employees, including 11 partners, across offices in New York and California.

New State Capital is an entrepreneurial private equity firm that takes a long-term, partnership-oriented approach to investing. Founded to be more nimble, decisive and cooperative than larger institutional investment firms, New State approaches each investment as an opportunity to build lasting relationships and create long-term value. The firm believes it is more than an asset manager and focuses on aligning with management teams, supporting operational growth and helping businesses achieve their full potential. New State has completed more than 55 acquisitions and focuses on disciplined investing, strong investor alignment and long-term value creation across its portfolio.

New State Capital invests in Business Services and Industrial Services.

The firm targets companies with $8 million to $40 million in EBITDA, typical investment sizes of $10 million to $100 million, and transaction values ranging from $25 million to $250 million. New State’s disciplined, sector-focused approach allows the firm to identify attractive opportunities in the lower middle market and apply deep operational and industry expertise to help portfolio companies achieve their full potential.

New State Capital actively invests in business services and industrial services. Information on the firm’s current and realized investments, including recent portfolio activity, can be found here.

Forge Select is New State Capital’s non-control investment strategy dedicated to partnering with experienced independent sponsors. The Forge Select Strategy provides capital, operating resources, and relationship capital through introductions to market participants.

New State Capital is currently conducting follow-on investing from Fund III platforms,  actively investing from its oversubscribed $700 million Fund IV, the firm’s largest fund to date, and is also seeking investments for its Forge Select Strategy.

New State approaches each investment as an opportunity to build lasting relationships and create long-term value. The firm sees itself as more than an asset manager, aligning closely with management teams and supporting operational growth to help portfolio companies achieve their full potential.

New State Capital has maintained a stable employee base while continuing to grow, expand ownership and develop the next generation of firm leadership. Today, the firm has approximately 35 employees and has broadened ownership from a single owner to 11 partners. As part of its evolution into a larger institutional investment platform, New State has expanded leadership responsibilities across the firm, including appointing Daniel Han and Will Swayne to lead the buyout investment team and adding new members to its Investment Committee. The firm continues to attract experienced talent, including Sanjay Gupta, who joined as a partner to lead Forge Select.

New State Capital is focused on building an experienced, high-performing team capable of supporting the firm’s long-term growth objectives. The firm takes a selective approach to hiring, prioritizing professionals who bring deep investment, operational and industry expertise and who align with New State’s collaborative, partnership-oriented culture. This strategy has enabled New State to strengthen its leadership team and continue attracting experienced talent as the firm expands its investment platform.

New State Capital is committed to developing the next generation of firm leadership through increased responsibility, ownership and professional growth opportunities. As the firm has evolved, it has expanded ownership from a single owner to 11 partners, broadened leadership responsibilities and added new members to its Investment Committee. New State believes that investing in talent development is critical to building a durable institutional platform and delivering long-term value for investors and portfolio companies.

New State Capital’s approach to employee retention is centered on alignment, leadership development and long-term career growth. The firm has broadened ownership across the organization, expanded partnership opportunities and created pathways for the next generation of leaders. New State believes that fostering a collaborative culture and aligning employee success with the long-term success of the firm are key drivers of retention and organizational stability.