JMI Equity raises $938m for Fund VIII

Baltimore-based JMI Equity is nearing the target for its latest fund

Baltimore-based JMI equity has raised $938 million for its Fund VIII, according to SEC filings. The fund has a $1 billion target.

JMI itself is contributing $30 million to Fund VIII.

JMI was unavailable for comment on the filing at press time.

The firm first came to market with the fund in May, after closing its Fund VII in 2010 on $875 million, according to Private Equity International’s research and analytics division.

Known investors in the fund include the Pennsylvania State Employees’ Retirement System, which committed $25 million in June, PEI reported at the time.

Fund VIII will focus on minority equity and buyout investments in middle market software and technology-enabled services companies throughout North America.

JMI recently sold its interest in Internet Brands, a provider of web services and online branding to KKR for $1.1 billion. JMI acquired Internet Brands with Hellman & Friedman for $640 million in 2010. The firm was also involved in the $750 million recapitalization of Kronos a US-based workforce management business, alongside the Blackstone Group and Singapore's sovereign wealth fund GIC.

Hellman & Friedman and JMI Equity took Kronos private in 2007 for about $1.8 billion.