Intervale Capital has closed its debut buyout fund, Intervale Capital Fund, with commitments of $280 million.

The firm plans to deploy more than $500 million in borrowed funds to buy oilfield services companies, taking control positions in six to eight platform companies in North America and Western Europe.

To date, the fund has completed two deals involving companies deploying oilfield technology, according to Charles Cherington, co-founder of Intervale.

Greenwich, Conn.-based Champlain Advisors served as Intervale’s placement agent in raising the fund.