JMI Management, L.P.
Our focus is on backing outstanding software and AI-driven companies via capital investments, strategic advice, team-building, and proven value creation strategies.
- Regulatory AUM
- $14B
- PE fund assets
- $14B
- PE funds
- 20
- Investments held
- 100 of 227
- Deals, last 12 months
- 3
89 additional team members, 26 additional counterparties and placement agents, 256 additional funds, deals and LP commitments, 55 events
Every relationship, signal and contact on this record, with the source on each.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
What matters now
- 2 deals180 days
2 deals since 2 Jun 2026: bought Gong cha (sponsor sale, 6 Aug) and SewerAI (growth investment, 2 Jun).
What it is buying now is the best guide to what it will buy next.
- +6funds on Form ADV
Private equity funds on its Form ADV went from 14 to 20 (+6).
New vehicles are a new flagship's feeders, parallels and co-invest sleeves being stood up: capacity arriving before the capital is announced.
People to know
View all people- general partnerWhy: General partner: carries the investment decisionEmailPhoneProfile
- General PartnerWhy: General partner: carries the investment decisionEmailPhoneProfile
- FounderWhy: Founder of the firmProfile
Capital path
who backs this record, through what, into what; each name opens its own path- California State Teachers' Retirement System$665M disclosed
- Alaska Permanent Fund Corporation$212M disclosed
- New York State Common Retirement Fund$80.0M disclosed
- Magenta Capital Services, Ltdplacement agent, 4 shared
- Goodwin Procterlegal adviser, 3 shared
- Canaccord Genuity Corp.financial adviser, 2 shared
Relationship network
420 connected entities90 observed deals7 repeat counterparties21 dated deals shown here, 2014 to 2026
From announced deals and their parties, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the private equity graph. Dollar figures appear only where a source disclosed one.
Some relationships on this record are counted rather than named here. They open with the full profile.
Click any name or line for the deals and sources behind it. Line weight is deals together; dashed lines are inferred.
- Company
- Service provider
- Capital provider
- Fund or vehicle
- Person
›How strength and recency are read
Strength is read from the deals: three or more is a strong observed relationship, two a repeat counterparty, one a single interaction. People and vehicles are structural. Nothing is scored that a reader cannot check.
Darker lines were active in the last 24 months or are current; lighter lines are older or undated.
Classification, Form ADV and stated criteria
Classification, Form ADV and stated criteria
How this organization is classified, and on what basisBuyout firm · 3 in historyShowHide
- Class
- Buyout firmconfirmed, confidence 85%
- Basis
- 20 of 39 distinct vehicles are sworn Private Equity Funds; 20 reported gross assets on a filing in 2022 or later
- Size band
- Upper middle marketdefined by: proxy: $13.58bn Private Equity Fund GAV on the Form ADV filed 2026-06-04
Classification history (3)
- Sep 24, 2026Buyout firm (confirmed, 85%)20 of 39 distinct vehicles are sworn Private Equity Funds; 20 reported gross assets on a filing in 2022 or later
- Sep 13, 2026Venture firm with private equity activity (probable, 70%)The venture graph classifies the same adviser CORPORATE_VENTURE
- Sep 13, 2026Venture firm with private equity activity (probable, 70%)19 sworn Venture Capital Funds against 14 Private Equity Funds over 2011-2024
Regulatory footprint (Form ADV)RAUM $14B · 20 PE funds · filed Jun 4, 2026ShowHide
- Adviser type
- Registered investment adviser
- Form ADV filings
- Mar 27, 2012 to Jun 4, 2026
- RAUM
- $14Bregulatory assets under management of the adviser; not dry powder, not a fund size
- PE funds, latest filing
- 20
- PE fund GAV, latest filing
- $14Breported gross assets (Form ADV), not fund size
- All private fund GAV
- $14Bevery private fund type, latest filing
- 2024 PE fund GAV
- $14Bsum over funds typed Private Equity Fund with a 2024 or later as-of date
- PE share of funds, lifetime
- 51%
- Fund type mix
- Private equity fund: 20 funds, $14B reported gross assets
- Venture capital fund: 19 ever reported
- Employees
- 71
- Headquarters
- Baltimore, MD
Stated criteria beside observed behaviour3 of 8 criteria stated · 200 observed dealsShowHide
- Sectors
- Technology, software, safety security
- Geography
- not stated or not yet read
- Revenue
- not stated or not yet read
- EBITDA
- not stated or not yet read
- Enterprise value
- not stated or not yet read
- Equity check
- $20.0M to $500M
- Control
- not stated or not yet read
- Thesis
- We partner with management teams leveraging data, automation, and artificial intelligence to enhance performance and scalability, helping businesses with strong market and product fundamentals create enduring shareholder value.
- On record
- 200 companies, 227 holdings, 84 transactions
- Period
- 2011 to 2026 (190 dated observations, 120 holdings undated)
- Most deals
- Software (112 of 200, e.g. Innovative Interfaces and Boulevard), education (10 of 200), business services (3 of 200) and 4 more
- Subsectors
- Software (85 of 200), vertical software (22 of 200), education (10 of 200), K12 education software (4 of 200) and 4 more
- Deal roles
- 33 platforms, 65 add-ons, 129 with role not stated
- Add-ons per platform
- 1.97 add-ons per platform
- Control
- 66 control, 161 not stated
- Holding period
- median 3.3 years across 4 exits
- Where
- Ma (3 of 200), va (2 of 200), ca (1 of 200), il (1 of 200), ia (1 of 200) and 1 more
- Bought from
- 2 sponsor, 1 founder, 2 unknown
- By year
- 2014: 2 other deals; 2015: 2 add-ons; 2016: 4 add-ons; 2017: 4 add-ons, 4 other deals; 2018: 3 add-ons, 3 other deals; 2019: 5 add-ons, 2 other deals; 2020: 4 add-ons, 2 other deals; 2021: 1 platform, 8 add-ons, 8 other deals; 2022: 6 add-ons, 1 other deal; 2023: 4 add-ons, 2 other deals; 2024: 9 add-ons, 2 other deals; 2025: 3 add-ons, 2 other deals; 2026: 1 add-on, 1 other deal
- Repeat counterparties
- Goodwin Procter (legal adviser) on 3 deals and Canaccord Genuity Corp. (sell-side adviser) on 2 deals
200 companies on the graph (84 transactions); most in software (112); 33 platforms and 65 add-ons; median observed hold 3.3 years (4 exits); observed 2011 to 2026
Funds
How vehicles are groupedFeeders, parallels, executive funds, alternative investment vehicles and lettered sleeves are folded under the fund they belong to, read from the vehicle names. Deal-by-deal co-investment vehicles are pooled. Current funds come first: families are ordered by vintage, newest first, among those holding at least a twentieth of the largest family’s assets, then by size. The figure is the sum of each vehicle’s latest reported gross assets on Form ADV, not a fund size.JMI Equity Fund XII-A · 2 vehicles · vintage 2025$3.0B
- JMI Equity Fund XII-A Feeder or parallel · 2025$1.7B
- JMI Equity Fund XII-B Feeder or parallel · 2025$1.3B
JMI Extended Value Fund · 1 vehicle · vintage 2024$1.0B
- JMI Extended Value Fund buyout or unlabelled · 2024$1.0B
Decision makers
- Bob Nye · general partnerWhy this person: General partner: carries the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-09-30Business phone, LinkedIn or profile link and work email on file (their bio on the firm's website, firm website), confirmed 2026-09-30, confidence 90%
- Brian Hersman · General PartnerWhy this person: General partner: carries the investment decision; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01Business phone, LinkedIn or profile link and work email on file (their bio on the firm's website, firm website), confirmed 2026-09-30, confidence 90%
- Charles Noell · FounderWhy this person: Founder of the firm; Named with investment responsibility; Confirmed current on the firm's own site 2026-10-01LinkedIn or profile link on file (firm website), confirmed 2026-09-13, confidence 90%
Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 3 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.
Team
Where the team comes fromEach row names its source in short; hover the source for its full description. Sources on this list: Investment organization websites (team, portfolio, strategy, criteria, news); Press release wires (PR Newswire, GlobeNewswire, Business Wire public pages and RSS). A person named by two sources under two spellings is shown once, with both sources.- Founder
- general partner
- General Partner
Deals
How deals are mergedOne row per deal. A portfolio relationship and a transaction that describe the same deal (the same transaction, or the same company on the same date) are printed once, with the columns of both. 227 portfolio relationships and 92 transactions are on this record.| Date | Company | Deal | This firm’s role | Status | Partner | Source |
|---|---|---|---|---|---|---|
| Aug 6, 2026 | Gong cha add-on to Bain Capital | Sponsor to sponsor | Sponsor (derived) | active held 2 months | unknown | baincapital.com:443 |
| Jun 2, 2026 | SewerAI | Growth investment | Sponsor (confirmed) | active held 4 months | Chase Thomet (confirmed) | jmi.com |
| Oct 15, 2025 | Cove Hill Partners, L.P. | Growth investment | Sponsor (confirmed) | active held 12 months | David Greenberg (confirmed) | jmi.com |
Portfolio credit
Where these figures come fromPortfolio companies matched to a BDC borrower by an identity-graded bridge, read from each BDC’s own schedule of investments: the lenders’ marks, their accrual footnotes, PIK and maturities. Observed, never forecast. Firms whose own BDC lends to the company are left out.- Principal held
- $48.9M
- 7 lenders
- Weighted mark
- 98.8
- unchanged on the quarter, same 3
- Non-accrual now
- 0
- 0 placed at Jun 30, 2026
- Marked down
- 0
- 2 pts or more on the quarter
- Maturing in 12 months
- 0
- none stated
- 3 portfolio companies on a BDC schedule at Jun 30, 2026: 1 with ownership stated current, 2 listed on a portfolio page with no date or status.
- Lenders mark them at 98.8 on cost, weighted by principal (3 borrowers with a mark inside the plausible band).
- On the 3 borrowers marked at both Mar 31, 2026 and Jun 30, 2026, the weighted mark moved 0 points; 0 fell 2 points or more and 0 rose 2 points or more.
- Not counted above: 2 borrowers still on a BDC schedule whose ownership by this sponsor is recorded as exited.
Show the credit outlook: 3 borrowers, 7 lenders, 8 quartersas of Jun 30, 2026
3 borrowers are in every figure above and named with Private Credit Intelligence.
7 lenders are counted here and named with Private Credit Intelligence.
| Quarter end | Held | Principal | Mark | Non-accrual placed | PIK added or up |
|---|---|---|---|---|---|
| Sep 30, 2024 | 1 | $25.4M | 100.0 | 0 | 0 |
| Dec 31, 2024 | 2 | $79.3M | 100.6 | 0 | 0 |
| Mar 31, 2025 | 2 | $61.0M | 99.6 | 0 | 0 |
| Jun 30, 2025 | 2 | $83.7M | 100.2 | 0 | 0 |
| Sep 30, 2025 | 3 | $66.8M | 100.2 | 0 | 0 |
| Dec 31, 2025 | 3 | $75.7M | 100.6 | 0 | 0 |
| Mar 31, 2026 | 3 | $48.4M | 98.7 | 0 | 0 |
| Jun 30, 2026 | 3 | $48.9M | 98.8 | 0 | 0 |
A look back at today’s portfolio companies, not a record of what the sponsor owned then. Mark is fair value over cost across every position inside the plausible band.
- A mark is the lender's own fair value over cost for the quarter. Below 90 means the lender carries the loan at a discount of 10 or more on the dollar; it is that lender's valuation, not DFX's.
- Two lenders on the same facility 10 points apart are valuing the same loan differently; which one is right is not something a schedule of investments says.
- Non-accrual is read from the BDC's own footnote, never inferred from a mark. PIK is interest the borrower pays in more debt rather than cash.
- No forecast is made here. DFX does not publish a default or distress prediction for a sponsor.
Population: portfolio companies matched to a BDC borrower by an identity-graded bridge, on a BDC schedule of investments at Jun 30, 2026, ownership not recorded as exited. Firms whose own BDC lends to the company, and private credit managers, are left out: that is lending, not ownership. Marks, principal and accrual status are the BDCs' own filed figures; the quarter before is Mar 31, 2026.
Placement agents, lenders, advisers and co-investors
- Magenta Capital Services, Ltd 4 shared · strong · last Aug 12, 2025
- Canaccord Genuity Corp. 2 shared · recurring · last Dec 6, 2021
- Goodwin Procter 3 shared · strong · last Dec 11, 2024
Placement agents by fund generation
| Agent | Funds | Years | Strategies | Latest generation |
|---|---|---|---|---|
| Magenta Capital Services, Ltd | 4 | vintages 2022 to 2025 | not stated | on it |
| Evercore Group L.L.C. | 1 | vintage 2024 | not stated | on it |
| Stifel, Nicolaus & Company, Incorporated | 2 | vintage 2022 | not stated | not on the vintage 2024 generation |
From Form ADV Schedule D, which names the placement agents on each private fund an adviser reports, year by year.
LP commitments
How LPs are totalledOne line per LP, largest disclosed total first. A commitment that the same LP reports again in a later document is counted once in its total; both documents stay in the full list. Rows repeated line for line from one document are shown once.- 2025-06-305 commitments to 3 funds · $665M disclosed
- 2025-12-314 commitments to 4 funds · $212M disclosed
- 2025-03-312 commitments · $80.0M disclosed
Events
- Aug 27, 2026August 27, 2026 JMI Equity Recognized Among GrowthCap’s Top Private Equity Firms of 2026
- Aug 19, 2026August 19, 2026 On the Front Lines: JMI Invests in First Due to Redefine Public Safety Software
- Jul 1, 2026July 1, 2026 JMI’s Maggie Schmitt and Dina Berdichevsky Named to GrowthCap’s 2026 Top Women in Growth Investing
- Jun 4, 2026JMI Management, L.P.: Private Equity Funds on Form ADV 14 (2024 extract) -> 20 (roster 2026-09-01)
JMI Management, L.P. is the same institution as 5 records in Allocators, Venture Capital, Independent Sponsors, RIA and Wealth and Private Credit.
DFX found 5 relationships across 5 datasets
Which record it is in each graph, what it is called there, and how the two were matched.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Checking your plan…
JMI Management, L.P. sits on 33 traced paths of capital across the graphs.
DFX traced 33 paths of capital through this record
Every record on each path, what it committed or lent, and as of when.
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.
Checking your plan…
Record history
- Merged in2026-09-13
- Firm news2026-08-27source on record
- Firm news2026-08-19source on record
+338 more changes on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.