JMI Equity, a Baltimore, MD- and San Diego, CA-based growth equity firm focused on investing in software companies, closed JMI Equity Fund X, L.P., at $1.7 billion.
JMI X received support from both existing and new investors, including state pension funds, sovereign wealth funds, family offices, endowments, and foundations.
The fund, which brings the firm’s total committed capital raised to more than $6 billion since formation in 1992, will continue its focused strategy of investing in high-growth enterprise software companies and working closely with management teams to build software businesses.
Led by Harry Gruner, Founder and Managing General Partner, and Peter Arrowsmith, Managing General Partner, JMI X will make investments ranging from approximately $20m to $200m in growth B2B software companies through both minority and control transactions. The fund will primarily focus on companies based in North America with revenues greater than $10m, often providing the first institutional capital to founder-owned companies.
To date, JMI X has made five investments, including TimelyMD, PointClickCare, and Seismic Software.
Founded in 1992, JMI has invested in over 155 businesses in its target markets, successfully completed over 105 exits, and raised more than $6 billion of committed capital.