Energy-focused mid-market firm Intervale Capital has taken less than five months to raise its biggest fund to date.
The Boston-based firm has closed its third fund on $495m, well above its $400m target and the $376m raised for its previous fund in 2012.
Prior to the official announcement, AltAssets reported that the fund had secured commitments of at least $475m.
Fund III brings the firm’s capital under management to $1.2bn including $281m for its first fund, which was closed in 2008.
The new vehicle will focus on in lower middle-market companies in the oilfield services industry in North America and Europe.
Intervale will invest in existing operating companies and seek to back experienced management teams in the start-up and formation of new oilfield services businesses.
Interval partner Erich Horsley said, “We appreciate our investors’ continued support. Intervale’s focus on the oilfield should continue to yield attractive opportunities.”
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