# New State Capital Partners

> New State Capital Partners is an SEC-registered investment advisory firm in New Rochelle, NY, registered since 2015, reporting $1 billion to $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.

- CRD: 170409
- Filed as: NEW STATE CAPITAL PARTNERS
- Legal name: New State Capital Partners LLC
- Registration: SEC-registered investment adviser (status as filed: Approved)
- Location: New Rochelle, NY
- Filing period: October 2026
- Form ADV filing dated: March 31, 2026
- SEC record (IAPD): https://adviserinfo.sec.gov/firm/summary/170409
- AdvisorCensus page: https://advisorcensus.com/firm/new-state-capital-partners-new-rochelle-ny-170409

## Quick answers

**How is New State Capital Partners compensated?**
On its Form ADV (Item 5.E, October 2026), New State Capital Partners reports these compensation arrangements: a percentage of assets under its management; performance-based fees.

**Where is New State Capital Partners located?**
New State Capital Partners' principal office is in New Rochelle, NY, according to its Form ADV; the April 2026 filing also lists 1 other office (Schedule D, Section 1.F).

**Is New State Capital Partners registered with the SEC or a state?**
New State Capital Partners is an SEC-registered investment advisory firm, registered since 2015. Status as filed: Approved. CRD 170409.

**How much does New State Capital Partners manage?**
New State Capital Partners reports $1,952,880,695 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (100% discretionary).

**How have New State Capital Partners' assets and staff changed since 2021?**
In the Form ADV data for New State Capital Partners: Regulatory assets under management: $767,707,673 in the October 2021 data and $1,952,880,695 in the October 2026 data, up 154%. Total employees: 15 in October 2021 and 35 in October 2026. Assets under management move with markets as well as with clients coming and going.

**What types of clients does New State Capital Partners serve?**
By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (19).

**Does New State Capital Partners report any disciplinary disclosures?**
Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/170409

**What changed in New State Capital Partners' recent Form ADV filings?**
In the April 2026 filing data: Employees performing advisory functions went from 18 to 22. Regulatory assets under management went from $1,249,257,962 to $1,952,880,695 (+56%). Added an office in Irvine, CA. No longer lists an office in Newport Beach, CA.

## From the Form ADV filing

### Compensation (Item 5.E)
- A percentage of assets under your management
- Performance-based fees

### Regulatory assets under management (Item 5.F)
- Total: $1,952,880,695
- Discretionary: $1,952,880,695
- Non-discretionary: $0

### Clients (Item 5.D)

| Client type | Clients | Assets |
| --- | --- | --- |
| Individuals (other than high net worth individuals) | 0 | $0 |
| High net worth individuals | 0 | $0 |
| Banking or thrift institutions | 0 | $0 |
| Investment companies | 0 | $0 |
| Business development companies | 0 | $0 |
| Pooled investment vehicles (other than investment companies and business development companies) | 19 | $1,952,880,695 |
| Pension and profit sharing plans (but not the plan participants or government pension plans) | 0 | $0 |
| Charitable organizations | 0 | $0 |
| State or municipal government entities (including government pension plans) | 0 | $0 |
| Other investment advisers | 0 | $0 |
| Insurance companies | 0 | $0 |
| Sovereign wealth funds and foreign official institutions | 0 | $0 |
| Corporations or other businesses not listed above | 0 | $0 |

### Advisory services (Item 5.G)
- Portfolio management for pooled investment vehicles (other than investment companies)

### Firm details
- Registered since: 2015 (11 years)
- Employees: 35 total, 22 performing advisory functions
- Wrap fee program participation: No
- Disclosures (Item 11): Reports no disclosure items on Form ADV Item 11.

### Other offices (Schedule D, Section 1.F), as of the April 2026 filing
- Irvine, CA

### Websites listed on Form ADV (Item 1.I)
- forgeselect.com
- newstatecp.com
- LinkedIn @NEW-STATE-CAPITAL-PARTNERS

## Assets and staff over time

| Data period | Regulatory assets under management | Employees | Filing dated |
| --- | --- | --- | --- |
| October 2021 | $767,707,673 | 15 | April 22, 2021 |
| October 2022 | $806,838,398 | 16 | March 30, 2022 |
| October 2023 | $1,113,865,855 | 20 | March 31, 2023 |
| October 2024 | $1,214,929,920 | 24 | March 28, 2024 |
| October 2025 | $1,249,257,962 | 24 | March 31, 2025 |
| October 2026 | $1,952,880,695 | 35 | March 31, 2026 |

Regulatory assets under management: $767,707,673 in the October 2021 data and $1,952,880,695 in the October 2026 data, up 154%.
Total employees: 15 in October 2021 and 35 in October 2026.

## Changes in the filing (last 12 months)

### April 2026
- Employees performing advisory functions went from 18 to 22.
- Regulatory assets under management went from $1,249,257,962 to $1,952,880,695 (+56%).
- Added an office in Irvine, CA.
- No longer lists an office in Newport Beach, CA.

### November 2025
- Updated its list of owners and control persons (Schedule A).

## Source

Form ADV as filed, October 2026. Values appear as filed. Cite as: AdvisorCensus. New State Capital Partners (CRD 170409): Form ADV filing data as of October 2026.