JMI Equity (JMI) closed its oversubscribed JMI Equity Fund XI, L.P., and JMI XI Executive Fund, L.P., with total commitments of $2.4 billion, surpassing the firm’s $2 billion target thanks to strong support from new and existing investors.
JMI’s strategy is to work closely with company management teams to build high-growth, industry-leading B2B software companies. The latest closing brings JMI’s total capital commitments to over $8 billion since the San Diego-based firm’s 1992 launch. JMI Equity Fund X closed in March 2021 at its hard cap of $1.7 billion.
JMI XI is slated for both minority and majority shareholder investments in the range of roughly $25 million to $250 million, with a focus on North American companies, some of which will be receiving their first institutional capital. The fund has already completed investments in three companies: employee benefits administration technology provider Businessolver, virtual selling solutions provider Visiting Media and Unanet, which provides ERP and CRM solutions for various industries.
“We are grateful for the support of our long-standing investors and excited to welcome an array of new limited partners from around the globe,” said JMI Managing General Partner Peter Arrowsmith, who co-leads the firm with Founder and Managing General Partner Harry Gruner. “We look forward to continuing to partner with the next generation of software company founders, entrepreneurs, and management teams to help them navigate this evolving landscape and create businesses of enduring value.”
JMI has backed more than 30 cloud software companies and generated over $3.5 billion in realizations over the past three years. The firm’s portfolio generates $8 billion in combined revenue, $65 billion in aggregate enterprise value and more than 34,000 jobs.
