A new tripeptide (meaning that it contains three building blocks called amino acids) that can do all kinds of good things for the skin, at least according to the ingredient's manufacturer. Its modest trade name is simply "PerfectionPeptide P3" :) and it can supposedly 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, glowing 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. :))