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JMI Equity holds $1bn hard cap close for Fund VIII

20 Aug 2014

closed-locked-shut-padlock-doorUS investment house JMI Equity has hit a $1bn hard cap final close for its eighth growth equity vehicle.

AltAssets revealed earlier this month that the firm had registered almost $950m for Fund VIII, pushing it past its $900m target.

General partner and co-founder Harry Gruner said, “With JMI VIII we will continue to pursue our strategy of investing in rapidly growing, high quality software businesses.

“Our experience across many market and economic cycles helps us to identify and understand developing market opportunities and work with management teams to add value post investment.”

JMI’s seventh fund held a final close on $875m in 2010, up 45 per cent from its 2007-vintage previous fund.

The latest raise brings the total raised by the firm to $3.1bn since it was launched in 1992.

JMI focuses on investing $10m to $100m in North American businesses, and has backed more than 100 companies.

The firm’s portfolio companies include cloud-based workforce management software provider Kronos, accounting, tax, budgeting and analytics software developer PowerPlan and systems integration services specialist Compusearch.

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