It's a new tripeptide (meaning that it contains three building blocks called amino acids) that according to the ingredient's manufacturer can do all kind of good things to the skin. Its trade name is modestly just "PerfectionPeptide P3" :) and it supposedly can reactivate the natural desquamation process of the skin. Better desquamation means better skin quality with fewer irregularities and imperfections and in general fewer signs of aging.
It also speeds up cell renewal that results in fresh, glowy skin, it intensely hydrates, refines skin texture and reduces wrinkle depth. Hence the name Perfection Peptide. :) (Don't forget, these are all claims coming from the manufacturer, so maybe take it with a little grain of salt. :))