Energy-focused private equity firm Intervale Capital has closed a $495 million fund.
The fund, Intervale Capital Fund III LP, surpassed the original $400 million target, and will focus on making lower middle-market investments in oilfield services companies that are in North America and Europe.
The firm closed its first fund with $281 million in 2008, followed by a second fund with $376 million in 2012.
Right now, the firm is invested in offshore equipment and services company Proserv Group, Team Oil Tools, which provides equipment and services and Antelope Oil Tool, which provides casing and cementing products.
The fund close comes at the same time as other private equity firms are honing in on the energy sector. In February, Pine Brook closed its second fund with $2.43 billion in commitments, and plans to invest the money in energy and financial services companies. Also in February, Post Oak Energy Capital closed a $600 million fund that will invest in North American oil and gas companies, oilfield services and related infrastructure.
Credit Suisse Securities (USA) LLC was Intervale’s placement agent, and Choate Hall & Stewart LLP provided legal advice.