New State Capital Partners Launches Forge Select, Adds Sanjay Gupta to Lead Non-Control Investment Strategy

NEW ROCHELLE, N.Y., Jan. 26, 2026 /PRNewswire/ -- Lower middle market specialist New State Capital Partners ("New State") today announced the launch of Forge Select, a dedicated non-control investment strategy focused on partnering with leading independent sponsors. Forge Select builds on New State's long-standing presence in the independent sponsor market and expands the firm's ability to partner with these groups.

New State has been active in the independent sponsor ecosystem since its nascency, having built relationships with more than 1,000 independent sponsors and completed six transactions alongside independent sponsors to date. As the market has scaled, a growing number of pedigreed spinouts have chosen to invest on a deal-by-deal basis while building institutional platforms. Forge Select reflects this evolution by providing value-added, non-control capital that is designed to preserve sponsor attribution and offers access to New State's operating resources and market relationships.

New State has hired Sanjay Gupta as a Senior Principal to lead the Forge Select team. John McGonigle joins the firm as Vice President and the strategy's second investment professional.

Sanjay brings more than 20 years of private markets investment experience across primaries, co-investments, and secondaries. He joins New State from Moonfare, where he served as Chief Investment Officer. Prior to Moonfare, Sanjay held senior investment roles at UBP, CDPQ, and Adveq (now Schroders Capital).

John brings nearly a decade of private equity investment experience. He joins New State from Gatewood Capital Partners, where he spent seven years leading investments in emerging managers and working closely with founders to build institutional platforms.

"I'm excited to have joined New State full time to lead Forge Select, after having been a senior advisor to the firm for more than seven years," said Sanjay. "We believe independent sponsors are becoming an increasingly important part of the private equity landscape. Forge Select is an innovative strategy, purpose-built for how these sponsors operate today."

"As an early participant in the independent sponsor market, we have built long-standing relationships with sponsors," said John Kim, Senior Principal at New State Capital Partners. "We continue to see exponential market growth and are excited to have a team dedicated to this segment."

For more than a decade, New State has invested in lower middle market businesses, and Forge Select builds on that experience with the same disciplined, partnership-oriented approach.

About Forge Select
Forge Select is New State Capital Partners' non-control investment strategy dedicated to partnering with experienced independent sponsors. Forge Select provides capital, operating resources, and relationship capital through introductions to market participants. For more information, visit www.forgeselect.com.

About New State Capital Partners
New State Capital Partners is an entrepreneurial-minded firm that strives to be nimble, decisive, and collaborative. The firm partners with company founders and independent sponsors to create flexible capital solutions and lasting relationships. New State has approximately $2B in assets under management, with offices in New Rochelle, NY, and Newport Beach, CA, and is supported by a team of more than 35 professionals. To date, the firm has completed more than 45 investments. For more information, visit www.newstatecp.com.

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SOURCE New State Capital Partners