Periscope racks up $225m for sophomore fund

Periscope Equity LLC has closed its second fund at $225 million.

Periscope Equity LLC has closed its second fund at $225 million. The fund’s limited partners include university endowments, pension funds, charitable foundations, funds-of-funds and family offices. M20 Private Fund Advisors was placement agent for the fund while Kirkland & Ellis LLP acted as legal counsel. The Chicago-based private equity firm invests in technology-enabled services and software companies.

PRESS RELEASE

CHICAGO–(BUSINESS WIRE)–Periscope Equity LLC (“Periscope”), a Chicago-based private equity firm focused on investing in technology-enabled services and software companies, announced today the final closing of its second institutional fund, Periscope Equity II, L.P. (“Fund II” or the “Fund”) with $225 million of capital commitments. The Fund exceeded its target and was oversubscribed with the backing of an experienced group of limited partners, including university endowments, pension funds, charitable foundations, funds-of-funds and family offices. Periscope completed the fundraise of its inaugural fund in 2018 with $104 million of capital commitments.

“The durability and growth of our existing portfolio during the pandemic demonstrates the benefits of our consistent investment strategy, as we have never wavered from targeting companies with mission-critical offerings, a history of sustainable profitability, and a stable base of recurring revenue,” said Steve Jarmel, Founder and Partner.

“With Fund I nearly deployed in less than three years, we are thrilled to continue on our growth path and to execute our strategy of partnering with innovative, entrepreneurial companies on a larger scale,” said John Findlay, Partner.

Fund II will continue to execute on Periscope’s investment strategy of control buyouts of founder-owned technology-enabled services and software companies across digital marketing, business process automation, security solutions, and healthcare technology. Since inception, Periscope has completed seven platform investments, three of which have been successfully exited, and 17 add-on acquisitions.​​​​​​​

M20 Private Fund Advisors acted as placement agent and Kirkland & Ellis LLP acted as legal counsel to Periscope for Fund II.

Periscope Equity is a Chicago-based private equity firm focused on investments in technology-enabled service and software companies across – Digital Marketing, Healthcare Technology, Security Solutions, and Business Process Automation. ​​​​Periscope specifically targets companies that are founder-owned, with mission-critical products and service offerings, a history of sustainable profitability and known avenues to accelerate growth. ​​​​​​​​​​​In alignment with proven management teams, Periscope provides strategic, operational and commercial expertise to drive superior investment returns.​​