The latest fund would be the firm’s largest yet and 42% larger than its predecessors

Software-focused private equity firm JMI Equity has upped its fundraising goal for its tenth flagship fund to $1.7bn.

AltAssets revealed at the start of the year that JMI was out raising Fund X, and had set a goal of $1.3bn at that point according to a filing it submitted to the US Securities andExchange Commission.

The firm has now increased that by $400m according to an updated SEC filing and a report from the latest Massachusetts Pension Reserves Investment Management board meeting, which revealed the LP would commit up to $100m to the fund.

JMI’s increased fund target comes in the wake of the firm naming its veteran investor Peter Arrowsmith as managing general partner, with previous incumbent Paul Barber becoming chairman of the firm.

Barber will continue to serve as a board director of JMI portfolio companies and be actively involved in the firm’s investment committee, the firm said earlier this month.

Read more

Source: Altassets