JMI closes $600m private equity fund for software and business services sectorJMI Equity, a Baltimore and San Diego-based private equity firm exclusively focused on providing growth capital to software and business services companies, has closed its sixth fund, JMI Equity Fund VI, on $600m. The fund reportedly had a target of $500m and held a first closing in June and a second closing earlier this month, prior to this third and final closing.
About 95 per cent of the LP's are US-based. Investors in JMI Equity Fund VI include the Los Angeles County Employees Retirement Association, Ohio State University, Pathway Capital Management, the Pennsylvania State Employees' Retirement System and the Public Employees Retirement Association of New Mexico.
JMI will seek to make investments of $10-50m per company. JMI VI made its first investment earlier this month when it co-led the recapitalisation of software applications provider Appriss.
JMI closed its fifth fund on $300m in June 2005. The firm now has approximately $1.3bn of committed capital under management.
The general partners for JMI VI are Harry Gruner, Peter Arrowsmith, Paul Barber, Bob Smith, Brad Woloson and Chuck Dieveney.
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