Black Bay Energy enters the fundraising market for sophomore vehicle

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Black Bay Energy Capital, which targets the North America oilfield industry, is looking to raise its sophomore fund.

The firm has not specified how much it intends to raised for its second fund in the latest US Securities and Exchange Commission filing it completed.

There is little information offered by the document, other than the return to market for Black Bay.

Its maiden vehicle closed in 2018 with a capital pool of $224m, after surpassing its initial target of $200m.

Black Bay Energy typically invests up to $30m into companies helping to improve the economics, efficiency and safety of oilfield operations.

Its portfolio includes critical pressure-control equipment developer ADS Services, drilling and completion equipment provider Altitude Energy Partners, upstream water treatment company Dynamic Chemical Solutions and critical liquid production measurement service SCS Technologies.

Fellow energy-focused private equity firm Mountain Capital is reportedly nearing the final close for its sophomore fund. The firm is targeting $650m and will make investments into the energy space ranging from $50m to $150m.

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