Energy-focused private equity firm Intervale Capital has closed the Intervale Capital Fund III with capital commitments of USD495m raised in less than five months, surpassing its target of USD400m.
Fund III brings the cumulative funds raised by Intervale to USD1.2bn, including USD281m for its first fund in 2008 and USD376m for its second fund in 2012.
Fund III will employ the approach developed in Intervale's first two funds of executing privately negotiated, control investments in lower middle-market companies in the oilfield services (OFS) industry, located predominantly in North America and Europe. In addition to investing in existing operating companies, Intervale will seek opportunities to back experienced management teams in the start-up and formation of new OFS companies.
Fund III is led by partners Charles Cherington and Erich Horsley, who have executed more than 30 OFS transactions together since 2006.
Cherington says: "We appreciate our investors' continued support. Intervale's focus on the oilfield should continue to yield attractive opportunities."
Credit Suisse Securities (USA) served as Intervale's placement agent and Choate Hall & Stewart provided legal counsel.
