Private-equity firm Intervale Capital closed a fund, Intervale Capital Fund III LP, over its $400 million target, the company said Feb. 25. The fund raised $495 million in capital commitments in less than five months, the company added.
Intervale Capital has $1.2 billion in cumulative funds, the company said. This includes $128 million from its first fund in 2008 and $376 million from its second fund in 2012, the company noted.
Intervale Capital Fund III will serve privately negotiated control investments at middle-market oilfield services companies, the company said. The fund will also contribute to startup oilfield services companies, Intervale Capital added.
Company partners Charles Cherington and Erich Horsley led the fund, the company said.
Credit Suisse Securities (USA) LLC was the fund’s placement agent and Choate Hall & Stewart LLP was Intervale Capital’s legal counsel.
With offices in Boston and Houston, Intervale Capital focuses on middle-market oilfield service companies.
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