Periscope Equity
Periscope Equity is a Chicago-based private equity firm founded in 2012 that partners with founder-owned, technology-enabled business services companies in the lower-middle market ($10M–$100M revenue), deploying capital across four verticals including Healthcare IT, Cloud/IT/Security, Commerce Enablement, and Talent/Risk/Operations.
- Company typePrivate
- Founded2013
- HeadquartersChicago, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Periscope Equity does
Periscope Equity is a Chicago-based private equity firm founded in 2012 that partners with founder-owned, technology-enabled business services companies in the lower-middle market. The firm targets investments in companies with $10M–$100M in revenue and $2M–$10M in EBITDA, serving as first-institutional capital for businesses that have outgrown founder-led bootstrapping but lack the operational resources and M&A expertise to scale. Periscope organizes its investment activity around four vertical sectors: Commerce Enablement (e.g., eHouse Studio, Power Digital — now exited), Cloud/IT/Security (CyberMaxx, Praecipio Consulting), Healthcare IT (MAS Medical Staffing, Reservoir Communications Group, Uprise Health, MicroMass — exited), and Talent/Risk/Operations (WPAS — exited, Sentrics, The RepTrak Company, Mobile Solutions, and newly added Amusement Connect).
The firm does not develop its own products or technology but operates a value creation platform delivered through its investment team and Operating Partners. Core capabilities include deal execution, portfolio monitoring, and dedicated value creation services led by a Principal-Head of Value Creation focused on recurring revenue growth and EBITDA margin improvement, plus a newly created Head of Talent role for human capital initiatives across the portfolio. The firm has completed 11 platform investments and 28 add-on acquisitions since 2018, demonstrating a systematic buy-and-build approach within verticals.
Periscope's business model is classic private equity fund management. It has raised three institutional funds: Fund I (July 2018, amount undisclosed), Fund II ($225M, December 2020), and Fund III ($370M, August 2025 — oversubscribed versus a $300M target). Revenue is generated through management fees on committed capital and carried interest on realized exits. LPs include university endowments, pension funds, charitable foundations, consultants, funds-of-funds, and family offices. Realized exits include MicroMass (2017), Power Digital (2022), WPAS (December 2024), and brightfin's ServiceNow-native business (January 2026). The firm is led by founder Steve Jarmel, with two Partners (Jarmel and John Findlay) and an investment team of 17 professionals based at its single Chicago headquarters.
Periscope Equity firmographics
Firmographics- Name
- Periscope Equity
- Legal name
- Periscope Equity LLC
- Website
- http://periscopeequity.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Periscope Equity is a Chicago-based private equity firm founded in 2012 that partners with founder-owned, technology-enabled business services companies in the lower-middle market ($10M–$100M revenue), deploying capital across four verticals including Healthcare IT, Cloud/IT/Security, Commerce Enablement, and Talent/Risk/Operations.
- Ownership category
- akta.pro rank
Periscope Equity industry classification
Industry- Product category
- Private Equity Fund Management
- NAICS
- Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Vehicles (525990)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Small-Cap / Micro-Buyout (FSANABAD)
- akta.pro secondary industry
- Multi-Sector / Generalist Growth Equity (FSANACAO)
Keywords
Where Periscope Equity is headquartered
LocationHeadquarters
- HQ city
- Chicago
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Periscope Equity business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Fund Management - Management Fees: Periscope generates management fees from its three private equity funds. Fund III closed at $370 million in August 2025, Fund II closed at $225 million in December 2020, and Fund I was raised in July 2018. The firm manages capital for institutional investors including university endowments, pension funds, charitable foundations, consultants, funds-of-funds and family offices.
- Carried Interest: Periscope earns carried interest (performance fees) from successful portfolio company exits. Realized exits include MicroMass (sold to UDG Healthcare in 2017), Power Digital (sold to Court Square Capital Partners in 2022), WPAS (sold to Rainier Partners in December 2024), and brightfin's ServiceNow-native business (sold to Proven Optics in January 2026).
Go-to-market motion1 record
Distribution channels1 record
Marketing channels5 records
Periscope Equity product offering
Product offeringCore offering
Periscope Equity is a Chicago-based private equity firm that makes control investments of growth capital in founder-owned, technology-enabled business services companies in the lower-middle market (targeting companies with $10M-$100M revenue and $2M-$10M EBITDA). The firm raises and manages institutional private equity funds and partners with management teams to provide operational support, M&A execution, and value creation guidance across four vertical sectors: Commerce Enablement, Cloud/IT/Security, Healthcare IT, and Talent/Risk/Operations.
Product overview
Periscope Equity is a Chicago-based private equity firm that partners with founder-owned, technology-enabled business services companies. The firm does not develop or sell its own products or services. Instead, it provides investment capital and operational support to portfolio companies across four vertical sectors: Commerce Enablement, Cloud/IT/Security, Healthcare IT, and Talent/Risk/Operations. Periscope's investment criteria target companies with $10M-$100M revenue and $2M-$10M EBITDA, seeking to accelerate growth through M&A platforms, technology advantages, and exceptional leadership.
Differentiator
Problem solved
Functional benefit
Brands
- brightfin: Former go-to-market brand for Mobile Solutions, MobiChord, and Visage that operated from May 2021. The brand was retired in January 2026 when Mobile Solutions returned as a standalone platform.
Products and services
- Periscope Equity Fund I The inaugural private equity fund raised by Periscope Equity, providing limited partners with exposure to the firm's strategy of investing in founder-owned, technology-enabled business services companies in the lower-middle market.
- Periscope Equity Fund II The firm's second private equity fund with $225 million in capital commitments, focused on investments in business services companies and used to execute platform deals including MAS Medical Staffing (June 2021) and others.
- Periscope Equity Fund III The firm's third private equity fund with $370 million in capital commitments from university endowments, pension funds, charitable foundations, consultants, funds-of-funds, and family offices, supporting platform investments such as Amusement Connect (May 2026).
Quantifiable outcome
- Approximately $700 million in committed capital raised across three funds since 2018
- +2 more outcomes
Companies that use Periscope Equity
Customer profileNamed customers8 records
Segments2 records
Ideal customer profiles2 records
Periscope Equity technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Periscope Equity partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- DLA PiperminorDLA Piper served as legal counsel to Periscope Equity for the Mobile Solutions divestiture and return to standalone platform.
- Kirkland & Ellis LLPminorKirkland & Ellis LLP acted as legal counsel to Periscope Equity for the closing of Fund III in August 2025.
Scale indicators4 records
Recent moves8 records
Expansion highlights5 records
Periscope Equity competitors and assessment
Company assessmentDirect peers
- ParkerGale Capital: Chicago-based lower-middle market PE firm exclusively focused on tech-enabled business services with the same $10M-$100M revenue, $2M-$10M EBITDA founder-led target profile. Most direct comparability to Periscope in strategy, geography, and verticals.
- Mainsail Partners: Lower-middle market PE firm focused on bootstrapped, founder-led B2B software and tech-enabled services companies with strong recurring revenue. Highly analogous investment thesis and add-on M&A playbook to Periscope.
- Alpine Investors: Lower-middle market PE firm partnering with founder-led business services and software companies. Comparable size and stage orientation with Periscope's growth-equity-plus-operating-support model.
- Shore Capital Partners: Chicago-based lower-middle market PE firm focused on healthcare and tech-enabled business services. Highly comparable in geography, fund size, and sector verticals, including healthcare IT overlap.
- Trinity Hunt Partners: Lower-middle market growth-oriented PE firm focused on business services and consumer services. Closely matches Periscope's founder-partnering, add-on M&A-driven approach.
- Sentinel Capital Partners: Lower-middle market PE firm investing in founder-led business services companies with $10M-$50M EBITDA. Same revenue and EBITDA range as Periscope and overlapping healthcare, business services focus.
- Riordan, Lewis & Haden Equity Partners: Lower-middle market PE firm partnering with founder/owner-operators in business services. Directly comparable to Periscope on target size, founder-friendly approach, and operating support model.
- BV Investment Partners: Middle-market PE firm focused on tech-enabled business services and software. Comparable vertically-specialist, founder-partnering approach with strong overlap in healthcare IT and commerce enablement themes.
Broad incumbents
- GTCR: Long-established Chicago-based PE firm with diversified mid-market and growth-equity strategies. Relevant as a broader incumbent in the same city and overlapping business services/tech-enabled vertical coverage.
- Pritzker Private Capital: Chicago-based family-office-backed PE firm investing in middle-market industrial and business services companies. Similar geographic footprint and operating-partner model, though typically larger checks than Periscope.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Periscope Equity social profiles
Digital presencePeriscope Equity financial estimates
Financial estimateRevenue estimate
Valuation estimate
Periscope Equity leadership team
Management profileNumber of profiles
Profiles12 records
Periscope Equity subsidiaries and ownership
Company hierarchySubsidiaries10 records
Periscope Equity funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Periscope Equity M&A and investment
M&A and investmentM&A3 records
Investments10 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Periscope Equity
What does Periscope Equity do?
Periscope Equity is a Chicago-based private equity firm that makes control investments of growth capital in founder-owned, technology-enabled business services companies in the lower-middle market (targeting companies with $10M-$100M revenue and $2M-$10M EBITDA). The firm raises and manages institutional private equity funds and partners with management teams to provide operational support, M&A execution, and value creation guidance across four vertical sectors: Commerce Enablement, Cloud/IT/Security, Healthcare IT, and Talent/Risk/Operations.
Is Periscope Equity a public or private company?
Periscope Equity is a private company. It is classified as management employee owned and is currently operating.
When was Periscope Equity founded?
Periscope Equity was founded in 2013. It employs 11 to 50 people.
Where is Periscope Equity based?
Periscope Equity is headquartered in Chicago, United States, in the North America region.
How does Periscope Equity make money?
Two revenue lines are on record. Fund Management - Management Fees are the primary driver. The others are carried Interest.
Who are Periscope Equity's main competitors?
Direct peers on record are ParkerGale Capital, Mainsail Partners, Alpine Investors, Shore Capital Partners, Trinity Hunt Partners, Sentinel Capital Partners, Riordan, Lewis & Haden Equity Partners and BV Investment Partners. Broad incumbents are GTCR and Pritzker Private Capital.
Does Periscope Equity have an API?
No public API is recorded for Periscope Equity.
What industry is Periscope Equity in?
Periscope Equity's product category is Private Equity Fund Management. Its primary akta.pro industry code is FSANABAD, Small-Cap / Micro-Buyout, with a secondary code of FSANACAO, Multi-Sector / Generalist Growth Equity. Its NAICS code is 52394 and its SIC code is 6282.