Chicago-based private equity firm Periscope Equity has closed its third fund, Periscope Equity III, L.P., with $370 million in aggregate commitments, surpassing its $300 million target in less than 12 months from launch. The oversubscribed fund attracted both new and returning investors, including leading university endowments, pension funds, charitable foundations, consultants, funds-of-funds, and family offices.
Partner Steve Jarmel attributed the fund’s strong close to the firm’s disciplined investment strategy and its consistent focus on securing first-institutional capital opportunities in founder-led services businesses. He noted that Periscope’s hands-on partnership with management teams has enabled the firm to generate meaningful returns despite challenging market conditions.
Since raising its first institutional fund in 2018, Periscope has amassed roughly $700 million in committed capital across three funds, investing in 11 platform companies and completing 28 add-on acquisitions. Partner John Findlay reaffirmed the firm’s mission to back founder-owned, tech-enabled services companies, working alongside them to drive strategic growth and operational improvements.
Kirkland & Ellis LLP provided legal counsel, while M2O Private Fund Advisors acted as the placement agent.
Source: businesswire
