JMI Equity closes on $1B fund, its largest ever

JMI Equity closed a $1 billion growth equity fund targeted at investing in software companies and services companies, it announced Wednesday.

The fund is the largest raised by JMI, a private equity firm operating out of offices in Baltimore and San Diego. The firm has raised more than $3.1 billion in committed capital since its founding in 1992. The largest fund JMI previously closed on was an $875 million fund completed in November 2010.

The newly closed $1 billion fund, which JMI calls JMI VIII, launched in January. It was oversubscribed with an initial target of $900 million, a JMI spokesperson said. The fund is designed to make investments of between $10 million and $100 million in North American companies.

A majority of the fund’s capital came from existing JMI investors, according to the firm. But it did not share investor names.

JMI Equity