Looking toward the future, Musallam is keeping his head down and focusing on the right things specifically, providing consistent and strong returns to Veritas investors, delivering on Veritas mission and leading an investment strategy thats taken the federal market by storm. He was first turned on to the idea of a governmentprivate sector partnership involving health-care IT through conversations with Kerry Weems, who headed Medicare in George W. Bushs administration. He, was a force of nature. Musallam had six months before the investor spigot would turn off. which top security clearances are requiredand mobile phones are banned. It stands at the top of Netflix's Top 10 in France this weekend. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. Robert "Woody . Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. "Cubic has an unparalleled history of delivering innovative technology-based solutions to address the mission-critical needs of the global transportation and defense markets," said Ramzi Musallam, CEO and managing partner of Veritas and 2021 . Forbes Advisor is looking to hire a DevSecOps Lead. (This story appears in the 19 November, 2021 issue of Forbes India. According to the report, New Jersey residents include: 1. Veritas would dip its toe into these waters in 2007 by buying its first health care IT services firm, Vangent. Understanding what those customers are trying to achieve, not today necessarily, but a year from now, five years from now, 10 years from now, is very important to us., Thats been the tack weve taken, and understanding the peculiar and idiosyncratic government market, understanding each agency and the procurement processes therein plays a big part in that, Musallam added, noting that the government is not a monolithic organization.. Jane Edwards. This Legendary Billionaire Biotech Investor Has Remained A MysteryUntil Now, Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor, Roivant Sciences Strikes SPAC Deal Valuing The Drug Company At $7.3 Billion, The Billionaire Who Pioneered Remote Work Has A New Plan To Turn His Workers Into Algorithms, The Billionaire Scientist Behind The Pfizer-BioNTech Vaccine Has Not Sold A Single Share Of His Booming Stock, The Race Is On: Why Pfizer May Be The Best Bet To Deliver A Vaccine By The Fall, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Veritas Capital's assets have expanded from $2 billion in 2012 to $36 billion today, with funds returning a stunning 31 percent net internal rate of return. Musallam, who is a member of the esteemed Forbes 400,also outlined his unique family history and business context. to government because government is at the forefront of all the complexities and issues that confront us," said Musallam, who was featured in the Forbes 400 list for 2021. Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. While many buyout firms try to avoid investing in areas affected by government interference, Musallams strategy hinges on understanding what the most influential player in the global economy will do next. They also retained a reduced portion of McKeons performance fees from existing Veritas funds and 5% of the performance fees for the next two funds Veritas raised. Veritas Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. For the most part, this decline was the product of the coronavirus-driven panic selling that occurred in the ensuing two weeks, which had the stock closing at just 95 cents on March 20. He is understated but extremely effective, says David Solomon, CEO of Goldman Sachs. David Shaw Mr. Musallam is the CEO and Managing Partner of Veritas Capital as well as a Founding Member of the Firm's first institutional fund raised in 1998. We were homeschooled and learned through correspondence. His only partner was Thomas Campbell, a fellow banker who, had left Wasserstein Perella with him to start Veritas and who McKeon would shove, to move beyond his deal-by-deal approach and raise private equity funds from, institutional investors that would lock up cash for years. In 2016 Truven sold to. Musallam, who is a member of the esteemed Forbes 400, also outlined his unique family history and business context. Now, Musallam makes up for the physical distance between New York City and Washington, D.C. with his top government security clearance an asset not many financial firms, nor their leaders, have. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. He was a force of nature. "Over the course of our successful partnership with Bob and the management team, athenahealth has driven tremendous growth and transformation, reinforcing its position as the premier healthcare IT company supporting the largest nationwide network of healthcare providers," said Ramzi Musallam, CEO and managing partner of Veritas Capital, in a . BeyondTrusts revenue swelled, growing 20% a year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. Ramzi Musallam, CEO and Managing Partner, Veritas Capital. PUBLISHED Get premium, high resolution news photos at Getty Images Ramzi Musallam, CEO and Managing Partner, Veritas Capital R amzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. I believe we are unique in what we do and how we approach it. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. In 2015 Veritas, together with some co-investors, put down $845 million to buy flailing aerospace repair company Standard-Aero from Dubai Aerospace in a $2.1 billion deal. Regarding Veritas and its portfolio organizations responsive approach to the governments needs, Musallam said: Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teamsUnderstanding what those customers are trying to achieve, not today necessarily, but a year from now, five years from now, 10 years from now, is very important to us.. As this week's UAE-Bahrain-Israel deal noticeably lacked a Palestinian perspective, the popular Palestinian diaspora band provides one with their latest albumand it may just make you want to dance. The premier source of breaking business news for the government contracting industry, GovCon Wire provides informative, to-the-point stories of the most significant contract awards, top-level executive moves, M&A activities and financial results of the sectors most notable players. Veritas Capital announced on Wednesday that it has finished fundraising for The Veritas Capital Vantage Fund, closing its hard cap with a total of $1.8 billion of committed capital. the New York-based private equity firmsstrategy, Venus Aerospace Announces Series A Funding Round for Hypersonic Aircraft, Virgin Galactic, Italian Space Agency Ink Letter of Intent for Suborbital Research Flight, Former Air Force AETC Commander Edward Rice Joins L3Harris Board; Christopher Kubasik Quoted, DOE Opens Solicitation for Hanford Site Occupational Medical Services Recompete, SAIC Awarded $102M to Continue Heavyweight Torpedo Support for U.S., Foreign Navies, Changing the Culture Around Innovation is Key to Armys Successful Future, Says Lt. Gen. Thomas Todd, Aaron Weis, Department of the Navy CIO, Named to 2023 Wash100 for Information Superiority Vision Planning Leadership, Former GSA, NASA Official Mary Davie Joins The Building People Advisory Board, Raft to Support Air Force Software Development Under $100M Contract; Shubhi Mishra Quoted, GSA Exercises 5-Year Option for VETS 2 IT Support GWAC; Sonny Hashmi Quoted, Air Force Issues On-Ramp Solicitation for Potential $900M AFLCMC Systems Development Support IDIQ, Lauren Pittenger Named Human Services Portfolio VP at Abt Associates, GSA Requests Information on Proposed Small Business Tech Procurement Vehicle, DARPA Gears Up for AI Forward Initiative With Summer Workshops, Commerce Secretary Gina Raimondo Lays Out Semiconductor Investment Goals, Director Jen Easterly Announces Launch of New CISA Website, DOE to Fund ULTRAFAST Program for Improving US Power Grid Resilience; Jennifer Granholm Quoted, Lt. Gen. Stephen Whiting on National Security Impacts in Space Domain, Boeing, Raytheon Among 11 Grantees of Advanced Robotics for Manufacturing Institute, Pentagon Declares $2B in Additional Security Assistance to Ukraine, Aeyon Awarded US Army Contract to Automate PEO Soldier Visual Augmentation System; Pat Collins Quoted. Calendar year 2021 . In 2016 Truven sold to IBM for $2.6 billion, making Veritas 3.2 times its original investment. We got, 100 percent approval from our investor base, which nobody thought we could get., his brothers and established for the benefit of his four children, to transfer McKeons, Veritas ownership to him. We were, homeschooled and learned through correspondence. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and . He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. Hes overlooking and watching me., Trifecta Capital raises Rs 750 crore as first close for third fund, Quadria Capital to focus on tech-enabled healthcare deals, Private equity funds, sensing profit in tumult, are propping up oil, Mind The GAAP: How loss-making companies adjust numbers to show they are profitable, IDBI Bank divestment: Strong optics and no hidden surprises lure potential buyers, There are 100 million Indians on LinkedIn. Veritas' funds have generated mind-boggling internal rates of . Musallam, a Jordanian immigrant, earned his M.B.A. at the University of Chicago and previously worked for JPMorgan and two other private equity firms. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . At the same time, Musallam had to persuade McKeons estate, controlled by one of his brothers and established for the benefit of his four children, to transfer McKeons Veritas ownership to him. His only partner was Thomas Campbell, a fellow banker who had left Wasserstein Perella with him to start Veritas and who McKeon would shove out the door in 2007. Staying in line with Executive Mosaics dedication to covering all angles of GovCon, ExecutiveBiz also helps paint a more complete picture of the government contracting industry by featuring medium-sized business news and significant state and foreign contracting developments. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . Instead, Musallam prefers to tap into, decades of relationships. Instead, Musallam persuaded them to bet on him. - Effectively collaborated with high-end fashion house, Browns, to produce the Ramzi Musa for Bfocus collection. While here in Nigeria recently, he dedicated some churches including St. Michael, the Archangel Catholic Church . Ramzi Musallam. McKeon had run, Wasserstein Perellas successful private equity arm and had grown tired of. McKeons death tripped Veritas key-person provision, giving investors the right to walk away, destroying the firm. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. At the end of the day, we view ourselves as custodians of national assets, and we want to make sure we conduct ourselves as such. 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