JMI Equity closes ninth growth equity fund at $1.2 bln


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Baltimore and San Diego-based JMI Equity, a software-focused growth equity firm, has closed its ninth fund at a hard cap of $1.2 billion.

JMI Equity Fund IX will make investments from about $15 million to more than $100 million.

Proskauer Rose LLP provided legal counsel on the formation of JMI IX.

In August 2014, JMI closed its eighth growth equity fund at $1 billion, as previously reported by PE HUB. JMI Equity VIII generated an IRR of 17.63, as of March 31, 2018, according to performance data from the California State Teachers’ Retirement System.

Past JMI Investments include Palo Alto, California-based Adaptive Insights, a provider of financial planning software that was acquired by Workday earlier this year for about $1.55 billion; and Redwood City, California-based Eloqua, a software-as-a-service platform for marketing automation that was acquired by Oracle in December 2012 for about $871 million.

Founded in 1992, JMI has raised more than $4 billion in committed capital, according to the firm.