Fundraising is Hard But Don't Tell That To JMI Equity
Fundraising has been difficult this year for many PE firms. Just don’t tell that to JMI Equity, which just closed its seventh fund at $875 million. JMI, which is based in Baltimore and San Diego, started marketing its newest pool in May and held a first close in July. At that time, JMI Equity Fund VII LP stood at $600 million. A final close occurred earlier this month with the pool topping its initial target of $800 million. JMI didn’t use a placement agent. Rufus King of Goodwin Procter was their attorney. The hard fundraising market didn't cause JMI to blink, says Harry Gruner, JMI’s co-founder and managing general partner. JMI’s decision to go out in May was part of the firm’s natural investment fundraising cycle, he says. Many firms typically start marketing for a new pool when their current fund is about three fourths invested. The firm's last fund, JMI Equity Fund VI LP, raised $600 million in 2007 and is about 80% invested, he says.
