Intervale hits hard-cap on Fund II

The mid-market oilfield specialist topped its $325m target on the way to a $376m final close.

Intervale Capital has closed its second fund on $376 million, beating its $325 million target, the firm announced in a statement. 

The GP committed $26 million to the fund. Fund II’s hard-cap on LP commitments was $350 million. 

The bulk of the firm’s fundraising effort was geared toward new limited partners. Approximately 30 percent of Fund II’s LPs were re-ups, with the remaining 70 percent coming from new relationships, chief financial officer Christine Smoragiewicz told Private Equity International. Fund II’s investor makeup is 77 percent domestic and 23 percent foreign, she added. 

The firm’s investment strategy is consistent with that of its debut fund, which raised $281 million in 2008. That fund realised a pair of exits recently, with the June sale of Casedhole Solutions for $278 million and the August sale of Ulterra Drilling Technologies for $325 million. 

Intervale typically makes control investments in lower mid-market oilfield services and equipment industries. Fund II will focus on companies located in North America or Europe. 

The firm has already completed one investment from Fund II, investing approximately $33.5 million in equity as part of a deal for Fort Worth-based Allied Oil & Gas Services. That transaction was completed in December. 

Intervale is led by managing partner Charles Cherington. The firm has offices in Boston and Houston and has more than $650 million under management.