JMI Equity, a private equity firm exclusively focused on providing growth capital to software and business services companies, has announced the closing of its sixth fund, JMI Equity Fund
JMI Equity, a private equity firm exclusively focused on providing growth capital to software and business services companies, has announced the closing of its sixth fund, JMI Equity Fund VI, with USD600m of committed capital.
JMI, which now has around USD1.3bn of committed capital under management, will continue providing the first institutional capital to self-funded companies, partnering with management teams to acquire or recapitalise market-leading firms and selectively making investments in early-stage companies.
‘We are extremely pleased with the continued support from our long-standing investors as well as the substantial interest from new investors,’ says JMI general partner and co-founder Harry Gruner. ‘We continue to identify attractive opportunities where we can partner with entrepreneurs at market-leading companies to help grow their businesses rapidly.’
The investors in JMI VI include public and private pension funds, funds of funds, endowments, foundations and financial institutions.
James R. Chambliss, a director at fund investor Pathway Capital Management, says: ‘We have benefited from JMI’s focused, multi-stage investment approach and we are pleased to be a part of JMI VI. JMI has a talented investment team that understands the software and services industries well.’
The general partners for JMI VI are Gruner, Peter Arrowsmith, Paul Barber, Bob Smith and Brad Woloson, as well as Chuck Dieveney, who was recently appointed as a general partner and will continue to serve as JMI’s chief financial officer.
With the help of the firm’s 15 other investment professionals, the general partners will seek to make investments of between USD10m and USD50m in growing software and business services companies.
JMI VI made its first investment earlier this month when it co-led the recapitalisation of Appriss, a provider of software applications to local, state and US federal criminal justice and law enforcement agencies.
Founded in 1992 and based in Baltimore and San Diego, JMI has invested in more than 85 companies throughout North America, including Blackbaud, DoubleClick, DriveCam, Jackson Hewitt, Mission Critical Software, NEON Systems, Transaction Systems Architects, Unica Corporation and Vertafore.
