Future of Work

Expedition's second fund, Expedition Growth Capital II, closed at the hard cap of €250 million and saw commitments from global investors including university endowments, charitable foundations, fund of funds, software entrepreneurs, and family offices. The fund's target investments are in European software companies, and their strategy involves providing capital for growth and shareholder liquidity, as well as operational expertise to bootstrapped founders. Their first fund portfolio comprises 10 bootstrapped software companies that have more than doubled revenues in a capital efficient manner since Expedition’s initial investment, indicating their focus on companies with strong growth potential. Fund counsel for Expedition Growth Capital II were Akin Gump Strauss Hauer & Feld and Carey Olsen. Expedition Growth Capital focuses on partnering with ambitious, rapidly growing European software companies that have achieved significant traction without external funding. They target minority growth investments, providing shareholder liquidity and growth capital to highly resilient, founder-led software companies. Their companies are typically on a path to category leadership with a use rather than a need for capital.

JMI Equity Fund XII is the twelfth flagship growth equity fund from JMI Equity, launched in 2025 with a target size of $2.4 billion, matching the amount raised by its predecessor, Fund XI. The fund continues JMI's strategy of investing in high-growth software and technology-enabled services companies across North America. JMI typically makes minority and majority investments ranging from $25 million to $250 million in companies with proven business models, high recurring revenue, and strong growth potential. Fund XII is led by Managing Partner Peter Arrowsmith, following a leadership transition in which co-founder Harry Gruner became Executive Chairman. The firm has a team of over 40 investment professionals across offices in Baltimore, San Diego, and Washington, D.C. JMI's investment approach emphasizes partnering with management teams to drive operational improvements and long-term value creation. The fund has attracted commitments from several institutional investors, including the Kansas Public Employees Retirement System ($110 million), Massachusetts Pension Reserves Investment Management Board ($150 million), and New Mexico State Investment Council ($75 million). These commitments reflect confidence in JMI's consistent performance and focus on the technology sector.