Lower middle market specialist New State Capital Partners launched Forge Select, a dedicated non-control investment strategy focused on partnering with leading independent sponsors.
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.
Gupta 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).
McGonigle 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,” Gupta said. “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.”
John Kim, senior principal at New State Capital Partners, said, “As an early participant in the independent sponsor market, we have built long-standing relationships with sponsors. We continue to see exponential market growth and are excited to have a team dedicated to this segment.”
