Periscope Closes Above Target

Periscope Equity has held an above-target final closing of Periscope Equity I LP with more than $104 million of committed capital.

Limited partners in the new fund include endowments, pension funds, charitable foundations, fund-of-funds, family offices and high net worth individuals.

Periscope makes control buyouts of founder or management-led lower middle market technology-enabled business services companies. Typical equity investments will be from $5 million to $15 million in companies with revenues from $10 million to $50 million and EBITDAs from $2 million to $8 million. The firm was founded by Steven Jarmel in January 2013 and is headquartered in Chicago (www.periscopeequity.com).

“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,” said Mr. 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.”

Fund I completed its first platform investment in May 2018 with the buy of Costa Mesa, CA-based Integrated Behavioral Health, a nationwide provider of managed behavioral health services, employee assistance programs, wellness programs, and monitoring services to corporations, academic institutions, medical insurance carriers, disability and workers compensation insurance carriers, and state governments (www.ibhcorp.com).

“We believe deeply in supporting and working in alignment and harmony with emerging leaders, through strategic investments in people, products and processes. The raising of Fund I is a milestone in the evolution of our firm and allows us to accelerate the deployment of the Periscope operational playbook to companies that match our thematic investment criteria,” said S. Brian Mukherjee, a Periscope Partner.

M2O Private Fund Advisors (www.m2ollc.com) was the placement agent for this fundraise and Ropes & Gray (www.ropesgray.com) provided legal services.

© 2018 Private Equity Professional | July 24, 2018

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