About This Fund
JMI XII is the twelfth flagship growth equity fund of JMI Equity, one of the most tenured growth-stage software investors in the United States. The fund completed its first and final close at $3.1 billion in August 2025, approximately four months after its March 2025 launch and significantly oversubscribed at its hard cap, bringing JMI Equity's total capital commitments to more than $11 billion since the firm's founding in 1992. Limited partners include institutional investors from the public pension sector, such as the Massachusetts Pension Reserves Investment Management Board (MassPRIM) and the Kansas Public Employees Retirement System, reflecting sustained institutional confidence in JMI's growth equity software franchise across more than three decades of consistent investment activity.
JMI XII pursues a concentrated growth equity strategy investing exclusively in software companies with proven business models that are either already profitable or possess a clear and credible path to profitability. The fund targets investments ranging from approximately $40 million to $400 million or more per company, allowing it to participate across a wide spectrum of growth-stage software businesses from earlier-stage platform buildouts to later-stage pre-IPO situations. JMI XII focuses on software applications spanning education, healthcare IT, financial services, legal services, government, security, and B2B enterprise platforms across North America, bringing decades of sector expertise to the technology verticals where the firm has invested since 1992. The singular focus on software growth equity provides limited partners with differentiated, concentrated exposure to proven software businesses rather than broad technology exposure.
JMI Equity has invested in more than 190 software companies since 1992 and achieved over 120 exits, generating cumulative distributions to limited partners exceeding $11 billion. The firm's current portfolio companies collectively represent approximately $10 billion in combined revenue and $84 billion in aggregate enterprise value, reflecting the ability to identify and scale high-quality software businesses across market cycles. Operating from the Washington, D.C. metro area and San Diego, JMI XII continues a 33-year partnership culture focused solely on growth-stage software investing, with a demonstrated record of backing software companies through multiple market environments. JMI XII closed in 2025 at its $3.1 billion hard cap and begins its investment period with the full support of a seasoned team and a 33-year institutional investor base.