Periscope Equity has held a final, above target, and oversubscribed closing of its second institutional fund, Periscope Equity II LP, with $225 million of capital commitments.
Limited partners in the new fund include university endowments, pension funds, charitable foundations, funds-of-funds and family offices.
“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, the founder and a partner at Periscope.
Chicago-based Periscope makes control buyouts of founder-owned technology-enabled services and software companies that have revenues from $10 million to $50 million and EBITDAs from $2 million to $8 million. Sectors of specific interest include digital marketing, business process automation, security services, and healthcare technology.
Since its founding in 2013, Periscope has completed 7 platform investments – 3 of which have been successfully exited – and closed 17 add-on acquisitions. Periscope’s first fund closed in 2018 with $104 million of capital commitments.
Periscope’s current portfolio includes Mobile Solutions, a Denver-based SaaS provider of managed mobility services – spend, security and device lifecycles – to small and medium sized businesses and mid-size enterprise markets (acquired in October 2019); Power Digital Marketing, a San Diego-based provider of tech-enabled business-to-consumer and business-to-business marketing campaigns (January 2019); Sentrics, a Dallas-based provider of physical, medical, and social data on residents living in senior communities (acquired in August 2018); and Integrated Behavioral Health, a Costa Mesa-based provider of health management services to self–insured employers, medical and disability carriers, and health plans (acquired in May 2018).
“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, a partner at Periscope.
M20 Private Fund Advisors was the placement agent for this fundraise and Kirkland & Ellis provided legal services.
Private Equity Professional | December 16, 2020