New State Capital Partners

Overview

New State Capital Partners is an entrepreneurial-minded private equity firm that strives to be nimble, decisive, and cooperative. The firm takes a long-term approach, partnering with company founders and independent sponsors to create lasting value. New State seeks to invest in market-leading, middle-market companies with services-based business models and has completed over 45 acquisitions to date. The firm's investment strategy focuses on growth and buyout opportunities across a diverse range of industries, including business services, healthcare, education, government facilities, industrial services, consumer services, technology, financial services, retail, consumer goods, infrastructure, telecommunications, media, transportation, and energy. New State's geographical focus spans North America and Europe, with investments in the United States, Canada, the United Kingdom, Germany, France, Italy, Spain, the Netherlands, Belgium, Sweden, Norway, Denmark, Finland, Ireland, Switzerland, Austria, Australia, New Zealand, Japan, and South Korea. New State Capital Partners has a strong track record of raising substantial capital for its funds. In March 2025, the firm closed its fourth fund, Fund IV, at $700 million, which was oversubscribed and raised in less than six months. The fund attracted a diverse investor base, including endowments and foundations, family offices, public pension plans, insurance companies, OCIOs, and high-net-worth individuals across North America and Europe. The firm's professionals committed $60 million via the general partner, seeking to drive alignment between the firm and its limited partners. This milestone underscores the trust investors have in New State's strategy and platform. In December 2025, New State Capital Partners completed a majority investment in Harrell-Fish Inc. (HFI), a leading provider of mechanical installation and maintenance services based in Bloomington, Indiana. Founded in 1985, HFI offers a comprehensive suite of HVAC and plumbing solutions to commercial and institutional customers across healthcare, education, and other essential end markets. The investment was made in partnership with the existing owners of the company, who retained significant ownership and will remain on the team. This marks the sixth investment in which New State has partnered with an independent sponsor, highlighting the firm's commitment to supporting high-quality, founder-led businesses. New State's approach emphasizes building strong, enduring partnerships based on transparency and integrity. The firm works closely with successful founder-owned businesses, providing capital and resources to help them grow to the next level. Committed to creating long-lasting and valuable relationships, New State Capital Partners takes an entrepreneurial and partner-focused approach, backed by a highly experienced team and senior industry partners. Their global investor base includes leading pension funds, endowments, foundations, and family offices, ensuring a diverse range of investment opportunities.

Investment Focus

• Market-leading, middle-market companies with services-based business models
• Strong founder leadership
• Potential for growth and value creation

Portfolio Companies