Intervale speeds to $495m fund close

The energy-focused firm held a 'one and done' close after less than five months in market.

Energy investor Intervale Capital has held a first and final close on $495 million for its Fund III, according to a statement.

Intervale surpassed its $400 million target for the fund, which was oversubscribed after less than five months in market. Fund III will continue to invest using Intervale’s strategy of making control investments in lower mid-market companies in the oilfield services industry in North America and Europe. The firm targets businesses such as drilling technologies, equipment rental and chemical manufacturing.

Credit Suisse acted as a placement agent for Fund III.

Intervale’s prior fund closed on $376 million, surpassing its $325 million target in 2012, Private Equity International reported. Intervale committed $26 million to the fund in the form of a general partner commitment and the fund had a $350 million hard-cap on LP commitments. LPs included the North Carolina State Treasury, according to PEI’s Research and Analytics division.

Intervale’s debut fund closed on $280 million, above its $200 million target in 2009. LPs in Fund I included fund of funds managers Centinela Capital Partners and Hatteras Investment Partners, and Los Angeles-based foundation the J. Paul Getty Trust, PEI reported.

Intervale’s portfolio companies include Aberdeen-based production technology company Proserv Group and Texas-based Antelope Oil Tool, according to its website.

Intervale was founded in 2006 and is based in Cambridge, Massachusetts and Houston, Texas. The firm is led by partners Charles Cherington, who worked for British private equity fund Vietnam Fund prior to founding Intervale, and Erich Horsley, who previously worked at Morgan Stanley.