Black Bay Energy Capital LLC said July 17 it closed its inaugural private-equity fund with total commitments of $224 million, exceeding its $200 million target.

Black Bay is an energy-focused, private-equity firm investing in the North American oilfield service sector. The firm focuses on investment of up to $30 million in "proven, next-generation products and services that help improve the economics, efficiency and safety of oilfield operations."

Founding members of the Black Bay team include Michael LeBourgeois as managing partner, partners Guy Cook and Tom Ambrose, Matt Schovee as senior associate and Julie Isacks as CFO.

“With the final closing of the Fund, Black Bay is excited to be solely focused on partnering with experienced management teams building best-in-class oilfield service and equipment companies,” Cook said in a statement.

Ambrose added that Black Bay has already invested with six management teams.

“These companies are experiencing rapid growth because their product and service offerings improve the efficiency and cost-profile of oil and gas producers’ operations,” he said in a statement.

Black Bay’s investors include endowments, foundations, private pensions, fund of funds and family offices. Probitas Partners was the firm’s exclusive placement agent and Gibson Dunn & Crutcher LLP was its legal counsel.