JMI Equity Raises $1 Billion Fund

San Diego-based private equity investor JMI Equity said Wednesday that it has closed on a new, $1 billion growth equity fund, JMI Equity Fund VIII. According to JMI, the new fund brings its total raised to over $3.1 billion since 1992. JMI Equity said the new funds will go towards investments in rapidly growing, high quality software businesses. The fund is the largest raised so far by JMI, the firm said, and most of the funds came from existing investors. JMI's prior investments include such companies as ServiceNow, Eloqua, Axeda, and Autotask, among others.