JMI Equity has closed a private equity fund with $1 billion in commitments. 

The fund, JMI Equity Fund VIII LP, comes during the best fundraising climate in years. The new fund will focus on investing in software and services companies.

Now that the new fund has closed, JMI has raised a total of more than $3.1 billion in committed capital since it was founded in 1992. The Baltimore firm sold a stake in Internet Brands Inc. an operator of business websites, to Kohlberg Kravis Roberts & Co. LP (NYSE: KKR) in June. Also in June, the firm teamed up with private equity firm HGGC to buy VTLS Inc., a library automation group. JMI also recently invested in software company Sirius Decisions. 

Proskauer Rose LLP was legal counsel for the fund formation.

Many other private equity firms have been closing funds. In July, Lariat Partners LP closed its debut fund with $118 million in commitments, and Littlejohn & Co. LLC closed a fund with $2 billion.

 

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