JMI finds $300m for software fund

The Baltimore-based private equity firm has raised $300m for its fifth fund, including a $25 contribution from the Pennsylvania State Employees’ Retirement System.

Baltimore, Maryland-based JMI Equity closed its fifth fund with $300 million (€247 million) of committed capital. JMI Equity Fund V will focus on investments in the software and business services industries.

The Pennsylvania State Employees’ Retirement System invested $25 million in the fund.

“We are identifying attractive investment opportunities in our sectors and plan to continue our tradition of partnering with management teams to help market leading companies grow rapidly,” Harry Gruner, general partner and co-founder at the firm, said in a statement. The firm is part of a pending $1.1 billion buyout of web publishing software firm DoubleClick

The firm’s last fund held a stake in enterprise marketing management software maker Unica, which went public in a $58 million initial public offering late last year. It also made investments in fundraising software proprietor Blackbaud, mainframe support software maker NEON Systems and tax preparer Jackson Hewitt, all of which are now public.

JMI Equity Fund IV closed in 1999 on $226. Founded in 1992, the firm has invested in more than 60 companies. It has $700 million under management.