Try this UDF which will work with N number of permutation combination.

Function SpecificTitleCase(v As Variant) 'By :) Sixthsense :)
Dim vSplit As Variant, iLoc As Integer, i As Integer
Dim sTemp As String, sConv As String, sData As String

vSplit = Split(v, ",")

For i = LBound(vSplit) To UBound(vSplit)
    sTemp = vSplit(i)
    iLoc = InStr(sTemp, "=")
    If iLoc Then
        sConv = StrConv(Mid(sTemp, iLoc + 1, 255), vbProperCase)
        sConv = Left(sTemp, iLoc) & sConv
        sData = sData & sConv & ", "
    Else
        sData = sData & sTemp & ", "
    End If
Next i

SpecificTitleCase = sData

If Len(sData) > 0 Then SpecificTitleCase = Left(sData, Len(sData) - 2)
    
End Function
Formula: copy to clipboard 
=SpecificTitleCase(A2)


Or

Formula: copy to clipboard 
=SpecificTitleCase("CA=CALIFORNIA, NY=NEW YORK, FL=FLORIDA")


How to install your new code
  1. Copy the Excel VBA code
  2. Select the workbook in which you want to store the Excel VBA code
  3. Press Alt+F11 to open the Visual Basic Editor
  4. Choose Insert > Module
  5. Edit > Paste the macro into the module that appeared
  6. Close the VBEditor
  7. Save your workbook (Excel 2007+ select a macro-enabled file format, like *.xlsm)