US firm JMI Equity has raced to a close of its sixth fund on $600 million (€437 million) and almost doubled its capital under management, just two months after launching the private placement memorandum.
JMI Equity Fund VI is also double the size of the software- and business services- focused firm’s last fund, which closed in June 2005.
Harry Gruner, general partner and co-founder of JMI, said: “We had nearly 100 percent re-up rates from our existing limited partners and we had good interest from new limited partners.”
Returning limited partners include the Pennsylvania State Employees’ Retirement System, which approved a commitment of up to $50 million, as well as the Los Angeles County Employees Retirement Association and Pathway Capital Management.
New investors include Ohio State University and the New Mexico Public Employees Retirement Association.
The fund had a first close on just over $400 million in June, and made its first investment earlier this month in Appriss, a provider of software applications to criminal justice and law enforcement agencies.
JMI’s sixth fund will make around 20 investments of $10 million to $50 million in multi-stage software and business services companies.
The 15-year old firm recently had a huge hit with the $3.1 billion sale of digital marketing firm DoubleClick to Google. Once the sale is completed, JMI will have made roughly an 8x return on the $20 million it invested in 2005.
If you do not receive this within five minutes, please try to sign in again. If the problem persists, please email: