JMI Equity, a Baltimore-based growth equity firm focused on investing in software companies, has closed its JMI Equity Fund XI LP and JMI XI Executive Fund LP with total commitments of $2.4 billion.

JMI will continue partnering with its portfolio company management teams as they focus on customer engagement and invest in product development. The equity fund will make both minority and majority shareholder investments ranging from approximately $25 million to $250 million and will focus primarily on North American companies. The funds were oversubscribed, exceeding its original $2 billion target. To date, JMI XI has completed investments in Businessolver, Visiting Media and Unanet.

Proskauer Rose LLP served as legal counsel in the formation of JMI XI.