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JMI Equity Fund VIII closes at $1 bin

JMI Equity has raised $1 billion in the final close of its oversubscribed eighth growth equity fund.

Like its previous funds, the pool’s focus will be on software and services firms. The LPs were not named but JMI said the majority of capital came from existing investors.

With the closing of the current fund, JMI has invested in 115 businesses and raised over $3.1 billion since the firm’s founding in 1992. JMI typically invests between $10 million to $100 million equity per deal, according to the firm’s website.

JMI closed its seventh fund at $875 million in November 2010. Still a relatively young pool, JMI Equity Fund VII LP is producing a negative 0.79 percent IRR since inception as of Dec. 31, according to performance data from the California State Teachers’ Retirement System

The firm’s eighth growth equity fund launched in January 2014. Based both in Baltimore and La Jolla, Calif., JMI said Fund VIII was the largest it has raised to date.

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