JMI Equity, a growth equity firm focused on investing in software companies, has closed JMI Equity Fund X LP at its $1.7 billion hard cap. The fund, which was oversubscribed, received support from both existing and new investors, including state pension funds, sovereign wealth funds, family offices, endowments, and foundations.
“We are excited to announce the closing of JMI X following an efficient and successful fundraise,” said Harry Gruner, founder and managing general partner of JMI. “With the strong support of our investors, we have secured the optimal amount of capital to execute our investment strategy over the next few years. We are humbled and thank our new and longstanding limited partners for the trust they have placed in our team.”
JMI X will continue its focused strategy of investing in high-growth enterprise software companies and working closely with management teams to build up software businesses. The fund will make investments ranging from approximately $20 million to $200 million in growth B2B software companies through both minority and control transactions. JMI X will primarily focus on companies based in North America with revenues greater than $10 million, often providing the first institutional capital to founder-owned companies.
Proskauer Rose LLP served as legal counsel in the formation of JMI X.