Private equity firm Periscope Equity LLC has closed second institutional fund, Periscope Equity II LP, at $225 million in commitments. The fund was backed by university endowments, pension funds, charitable foundations, funds-of-funds and family offices.
Chicago-based Periscope focuses on investing in technology-enabled services and software companies. Its inaugural fund in 2018 received $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,” says Steve Jarmel, Periscope founder and partner. Periscope targets founder-owned companies with known growth opportunities, like marketing agency Micromass, which works with the healthcare industry. Periscope acquired Micromass in 2015 and sold the company to UDG Healthcare for $75.8 million in 2017.
M20 Private Fund Advisors acted as placement agent and Kirkland & Ellis LLP acted as legal counsel to Periscope for its second fund.