In 2025, we advanced our mission of partnering with exceptional founders and management teams to build durable, high-growth software and AI-driven businesses.
We successfully closed JMI XII at $3.1 billion, bringing total Firm capital commitments to more than $11 billion since inception. We are also proud to have distributed more than $11 billion over the same period. Thank you to our Limited Partners for your continued trust and support.
With this fund, and the strength of our multi-generational team, we are well-positioned to capitalize on the most compelling opportunities in software and applied AI.
We are deeply grateful to the founders and management teams who partner with us, and to our Limited Partners for their continued trust and support. Looking ahead, we remain committed to long-term partnerships built on alignment, collaboration, and shared ambition—supporting entrepreneurs as they scale while continuing to drive long-term shareholder value.
Disclosures & Disclaimers
Industry Awards Disclosures
vii Inc. Founder Friendly Investors of 2025: This award reflects the opinion of the party conferring the award and should not be considered an endorsement of JMI Equity. Issued by Inc. in October 2025, the Inc. Founder-Friendly Investors of 2025 award was based on Inc.’s evaluation of JMI’s submitted application and founder references provided by JMI. The time period evaluated for the 2025 award was January 2020 to May 2025. JMI paid a fee to apply for the award and for publication of the award on Inc’s website, among other related editorial and marketing materials. Receipt of such compensation presents a potential conflict of interest, and other providers or surveys may reach different conclusions. For more information about Inc. Awards, please visit https://incmagazine.zendesk.com/hc/en-us/articles/360043021911-FFI-What-is-Inc-s-Founder-Friendly-Investors. JMI Equity is not responsible for the content of any third-party website and has not independently verified the accuracy of information contained therein.
GrowthCap, LLC (“GrowthCap”) Awards: This award reflects the opinion of the party conferring the award and should not be considered an endorsement of JMI Equity. For more information about GrowthCap Awards, please visit growthcapadvisory.com/award-usage. JMI Equity is not responsible for the content of any third-party website and has not independently verified the accuracy of information contained therein.
Top Private Equity Firms of 2025: Selections are based on GrowthCap’s evaluation of each firm’s capabilities, sector expertise, investment judgment, demonstrated value creation, senior partner composition, talent retention, firm evolution, and momentum, using nomination forms submitted by JMI, direct communications with portfolio company executives and other industry participants, and independent research. The Top Private Equity Firms of 2025 was issued by GrowthCap in June 2025. After the results were determined, JMI Equity accepted the awards and paid for publication of the award and recognition of JMI, as well as inclusion in GrowthCap’s annual publication and other related editorial and marketing materials. Receipt of such compensation presents a potential conflict of interest, and other providers or surveys may reach different conclusions.
Individual-level Awards: Selections are based on GrowthCap’s evaluation of each nominee’s professional achievements over the course of their careers, including nomination submissions by JMI Equity. GrowthCap assessed nominees using proprietary research, nomination submissions, and feedback from colleagues, peers, and portfolio company leaders. After the results were determined, JMI Equity accepted the awards and paid per-recipient fees for publication of the award and recognition of recipients, as well as inclusion in GrowthCap’s annual publication and other related editorial and marketing materials. Receipt of such compensation presents a potential conflict of interest, and other providers or surveys may reach different conclusions.
The content provided herein is for informational purposes only and intended solely for executives and operators considering partnering with JMI Equity. Certain information and industry data contained herein has been obtained from sources believed to be reliable and current, but accuracy cannot be guaranteed. The content presented herein reflects JMI’s views and experience and no assurances are given that the content referenced herein will achieve any particular result. Such statements are as of January 5, 2026, and are subject to change. Such statements have not been independently verified.
Past performance is not a guarantee of or necessarily indicative of future results. Further, the content provided herein is not an offer or sale of any security or investment product or investment advice.
The 2025 Year in Review includes the fund activity of active JMI flagship funds (JMI VIII, JMI IX, JMI X, JMI XI) and JMI Extended Value Fund, L.P. (“EVF”). EVF was formed to purchase seven assets (AlertMedia, Benevity, Employee Navigator, Eptura, Intradiem, Raptor (35%), and Vena (50%)) from Funds VII-IX and to hold, sell, distribute, or otherwise dispose of these assets in accordance with its LPA.
The 2025 Year in Review contains selected JMI investments which are shown for illustrative purposes only and do not purport to be a complete list of JMI investments. It should not be assumed that investments made in the future will be comparable in quality to the investments described herein. A list of JMI’s portfolio companies can be found here.
The 2025 Year in Review may include views, statements, or opinions of external contributors. While JMI believes the information contained in linked materials to be accurate and current as of the date of publication, JMI does not independently verify and cannot guarantee the accuracy or completeness of such information. JMI assumes no obligation to update any linked press release or related content to reflect future developments.
i Investment activity represents publicly disclosed investments from January 1, 2025, through December 22, 2025 and includes capital invested by JMI flagship funds, EVF, as well as LP capital invested alongside JMI Funds. Total invested capital by JMI flagship funds during the period was $727 million. Realization information represents publicly disclosed liquidity events in JMI flagship funds, EVF, and by LP co-investors from January 1, 2025 through December 22, 2025, including the pending liquidity at Raptor Technologies. In December 2025, Raptor Technologies entered into a definitive agreement to complete a majority recapitalization with Warburg Pincus with closing expected in Q1 2026. M&A represent select JMI investments. Active investment information as of December 5, 2025. JMI team updates from January 1, 2025, through January 5, 2026. All information represents activities across various funds.
ii Total amount realized includes exits, partial exits, dividends and escrows received in 2025 that are attributed to other prior year realizations as well as the pending liquidity at Raptor Technologies. Excluding the pending liquidity at Raptor, total realizations by JMI flagship funds during the period was $411 million.
iv As of January 2026. Operating Advisors (aka Functional Consultants) are independent contractors that are advisors to JMI Equity and portfolio companies of JMI Equity and are neither employees nor affiliates of JMI Equity entities.
v The use of artificial intelligence technologies (“AI”) by JMI portfolio companies presents both significant opportunities for growth and competitive advantage, as well as substantial risks. AI is an evolving field characterized by rapid and ongoing technological change, which introduces the risk of technological obsolescence. Even if an AI-related initiative is successfully implemented, a portfolio company could be outpaced by competitors that develop more advanced, efficient, or cost-effective technologies. The regulatory landscape governing AI remains uncertain and is likely to evolve. Such changes could result in increased compliance costs, litigation risk, or the need for portfolio companies to materially modify their business practices. Accordingly, any direct or indirect investment in Artificial Intelligence carries a significant risk of depreciation due to technological obsolescence and the value of such investment could decline if the investment failed to stay at the forefront of technological advancements.
vi JMI employs 100 professionals including 17 Operating Advisors. “Operating Advisors (fka Functional Consultants) are independent contractors that are advisors to JMI and portfolio companies of JMI, and are neither employees nor affiliates of JMI entities. JMI generally pays Operating Advisors a fixed annual retainer regardless of usage by JMI portfolio companies or JMI funds. If a portfolio company engages an Operating Advisor, JMI will bill the portfolio company the costs based on the hours of services performed. Per the Limited Partnership Agreement of the applicable fund, any fees reimbursed by JMI portfolio companies do not offset or reduce the respective JMI fund management fees
