Periscope Equity (Periscope), a Chicago-based private equity firm, has completed the final closing of its first institutional fund. Periscope Equity I exceeded its target closing with more than USD104 million of committed capital.
Periscope received fund commitments from a distinguished group of limited partners, including endowments, pension funds, charitable foundations, fund-of-funds, family offices and high net worth individuals.
“Since its inception, we have successfully executed our strategy of transforming smaller technology-enabled business services companies into great investments, by partnering with, and building, dynamic management teams,” says Periscope Partner, Steve Jarmel. “Assembling a well-respected group of sophisticated investors validates our collaborative approach to sustained value creation and allows us to deploy our strategy on a larger scale.”
S Brian Mukherjee, Periscope Partner, adds: “We believe deeply in supporting and working in alignment and harmony with emerging leaders, through strategic investments in people, products and processes. This milestone in the evolution of our firm allows us to accelerate the deployment of the Periscope operational playbook to companies that match our thematic investment criteria.”
Fund I will continue to execute Periscope’s investment strategy of control buyouts of founder or management-led lower middle market technology-enabled business services companies with mission-critical product and service offerings, strong growth potential, and known opportunities to create value both organically and through acquisitions. Periscope principals completed eight investments across five pre-Fund platforms, three of which have been successfully exited. Fund I completed its first platform investment in May 2018, with its investment in Integrated Behavioural Health, Inc. (“IBH”), a provider of comprehensive behavioural health and employee assistance, engagement and wellness products and solutions.
M2O Private Fund Advisors LLC acted as placement agent and Ropes & Gray LLP provided legal counsel to Periscope.