#United States #New Rochelle #Sanjay Gupta #New State #Forge Select

New State Capital Partners Introduces Forge Select

On January 26, 2026, New State Capital Partners announced the launch of Forge Select, a fresh non-control investment strategy focused on collaboration with top independent sponsors. This strategic move enhances New State's established presence in the independent sponsor space, while expanding their capacity to partner with these influential groups...

New State has been a notable player in the independent sponsor ecosystem for over a decade, having fostered invaluable relationships with more than 1,000 independent sponsors and completed six transactions in partnership with them. The firm’s new initiative reflects a shift in the market where numerous distinguished spinouts prefer to invest on a deal-by-deal basis as they build more institutional platforms...

The creation of Forge Select comes as an answer to this evolving landscape, as it provides tailored, non-control capital designed to maintain sponsor attribution, coupled with access to New State's vast operating resources and established market connections. This strategy is a testament to New State's mission to adapt to the changing dynamics of private equity...

In conjunction with the launch of Forge Select, New State welcomed Sanjay Gupta as Senior Principal to lead the new initiative. With more than 20 years of experience in private market investments, Gupta is well-equipped to oversee this strategy. Prior to joining New State, Gupta served as the Chief Investment Officer at Moonfare and has held significant investment roles at UBP, CDPQ, and Adveq (now part of Schroders Capital)...

Alongside Gupta, John McGonigle joins as Vice President, adding nearly a decade of private equity investment expertise to the team. McGonigle previously led investments at Gatewood Capital Partners, emphasizing relationships with emerging managers and supporting founders in developing robust institutional platforms...

Sanjay Gupta expressed his enthusiasm about his new role, stating, "I’m thrilled to officially lead Forge Select, especially after serving as a senior advisor to New State for over seven years. We recognize that independent sponsors are crucial to the future success of the private equity industry. This innovative strategy is specifically crafted for the operational modalities of these sponsors today."

John Kim, Senior Principal at New State Capital Partners, commented on the firm’s long-standing relationships within the independent sponsor sphere, noting, "Having been active participants in this segment from the beginning, we anticipate significant market growth. We’re excited to have an entire team focused on supporting this promising segment."

Forge Select is positioned to leverage New State’s more than ten years of lower middle market investment experience while employing the same disciplined and partnership-oriented approach that has defined the firm’s success...

For additional details about Forge Select visit forgeselect.com, and to learn more about New State Capital Partners, explore newstatecp.com.

About New State Capital Partners

New State Capital Partners is known for its entrepreneurial spirit, adaptability, and collaborative approach, specializing in flexible capital solutions that forge lasting relationships with company founders and independent sponsors. The firm manages approximately $2 billion in assets, operating from offices in New Rochelle, NY, and Newport Beach, CA and supported by a team of over 35 professionals. Since its inception, New State has successfully completed over 45 investments...