Fund profile / United States

New State Capital Partners Fund IV

Geography: United States
Stage: Series A
Fund size: $700M
Focus: Deep Tech, E-Commerce, Enterprise Software and SaaS
Signals: Published

N°01 / About

About New State Capital Partners Fund IV

New State Capital Partners Fund IV is a venture capital firm based in United States, focusing on Series A stage investments. The fund actively supports founders building innovative solutions in E-Commerce, Deep Tech, Enterprise Software, SaaS, providing strategic guidance and capital to help startups scale.

N°02 / Thesis

Investment Focus

Location / RegionUnited States

Funding StageSeries A

Industry Focus

Deep Tech

E-Commerce

Enterprise Software

SaaS

Investor Signals Profile

active

Sweet Spot

Lower middle market services CEO with buy-and-build vision

lower middle market

buy-and-build

add-on acquisitions

services

sustainability/energy efficiency

Bullish Signals

Add-on completed within 4 months of entryexternal

Portfolio co won MCAA Safety Excellence Awardexternal

Active deal activity Dec 2025external

HFI acquires Ecofriendly Mechanical — sustainability add-onlinkedin

40+ yr family business acquired — legacy deal flowlinkedin

CEO Steve Dawson driving buy-and-build executionlinkedin

Sustainable HVAC focus deepens post-acquisitionlinkedin

Ecofriendly Mechanical specializes energy-efficient HVAC solutionslinkedin

HFI expanding resources & capabilities via M&Alinkedin

State Capital Partners: 4mo post-entry add-on confirmedlinkedin

Shared commitment quality sustainability — cultural fit stronglinkedin

Forge Select Fund I: JKR brand consultancy investmentlinkedin

Breakwater Management LP majority stake in JKRlinkedin

Second investment from broader Forge Select strategylinkedin

Services platform M&A momentum continuing Jan 2025linkedin

Fund I closing adds growth momentum 6d agolinkedin

Contrarian Signals

HVAC/mechanical — niche sector focusexternal

Brand consultancy signals services scope beyond HVAClinkedin

Founder Do's

show add-on acquisition potential

highlight operational scalability

demonstrate safety/compliance culture

emphasize energy efficiency angle

highlight family-owned or legacy business background

Founder Don'ts

avoid pre-revenue or early-stage pitches

don't skip operational metrics

avoid consumer-facing businesses

27 signals on New State Capital Partners Fund IV

16 bullish · 2 contrarian · 5 pitch do's · 3 don'ts · 1 GP profile, each with its source. From €9/month, cancel anytime.

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Facts

Fund Overview

Fund Size$700M

Saves0

Website

People

Key People

David Blechman

Steve DawsonCEO, Harrell-Fish Inc.

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