Baltimore-based JMI Equity has closed its JMI Equity Fund VIII on $1 billion.
Like its predecessor funds, JMI VIII will focus on investing in software and services companies in North America.
The fund first came to market in January of this year, and is the largest fund raised by JMI to date. The fund was oversubscribed beating its $900 million target, with the majority of capital coming from existing investors.
JMI said in a statement that the firm believes the fund’s size aligns well with the investment opportunities before it and with the interests of its limited partners.
Known investors in the fund include the Pennsylvania State Employees’ Retirement System, which allocated up to $25 million to the fund in June, PEI reported at the time. The firm itself has also committed $30 million to the fund according to Private Equity International’s research and analytics division.
Most recently, JMI was part of Blackstone’s high profile $750 million recapitalization of Kronos alongside Singapore's sovereign wealth fund GIC, and Hellman & Friedman in February. JMI was part of the same group which took the company private in 2007 for about $1.8 billion.
Proskauer Rose LLP served as legal counsel in the formation of JMI VIII.