Firm’s Oversubscribed Tenth Fund Will Continue JMI’s Software-Focused Investment Strategy
JMI Equity, a growth equity firm focused on investing in leading software companies, announced the closing of JMI Equity Fund X, L.P. (“JMI X” or the “Fund”) at its $1.7 billion hard cap. The Fund, which was oversubscribed, received strong support from both existing and new investors, including state pension funds, sovereign wealth funds, family offices, endowments, and foundations. JMI X brings the Firm’s total committed capital raised to more than $6 billion since JMI’s formation in 1992.
“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.”
Throughout its nearly three-decade history, the Firm has successfully sourced investment opportunities through a proactive approach and built growing and profitable companies. The Firm has had a productive year, generating over $2.0 billion in realizations over the last 12 months, including those from the sales of Arena Solutions to PTC Inc. (Nasdaq: PTC) and Workfront to Adobe (Nasdaq: ADBE), and investing in ten leading software companies.
“We are energized by the opportunity to continue to identify and partner with promising growth companies in our target markets,” said Peter Arrowsmith, Managing General Partner of JMI. “The challenges of remote work over the past year have further accelerated the shift to B2B cloud software. With the closing of JMI X, we look forward to continuing to support entrepreneurs, founder-owners and management teams as they navigate these dynamic times and work to achieve scalable growth.”
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JMI X will continue its focused strategy of investing in high-growth enterprise software companies and working closely with management teams to build best-in-class 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. To date, JMI X has made five investments, including TimelyMD, PointClickCare, and Seismic Software.
Proskauer Rose LLP served as legal counsel in the formation of JMI X.
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