Veritas Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest player in the global economy. Since taking the helm at Veritas in 2012, Musallam, a seven-time Wash100 Award winner himself, has grown the firms assets from a little over $2 billion to approximately $40 billion as of Dec. 31, 2021. Currently, Ramzi M. Musallam is Chief Executive Officer & Managing Partner at Veritas Capital Fund Management LLC, Chairman for Truven Holding Corp. and President for Atlas Merger Subsidiary, Inc. Mr. Musallam is also Manager of Pgsi Manager LLC and Managing Member at Pgsi Holdings LLC and on the board of 21 other companies. Musallam renamed the Thomson Reuters unit Truven Health Analytics and initiated $165 million of new capital expenditures to help transform the company from a mere data provider into a business that could help customers learn how to provide better care while reducing costs and waste. Instead, Musallam, persuaded them to bet on him. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt. His family was once held at gunpoint in Tanzania and shaken down by bandits on a dirt road. GovCon Wire provides you with Daily Updates and News Briefings about Technology. It was a complete victory for Musallam: The firm would remain in business, someone he was close to, and he never wavered, even answering questions that, were sometimes probing and personal, says Veritas investor Claudia Baron, who, investments for Chicago-based asset manager PPM America. Executive Mosaic is honored to announce Ramzi Musallam, CEO and managing partner of Veritas Capital, as an inductee into the 2019 edition of Wash100 "" Executive Mosaic"s annual selection of the most influential voices in the government contracting arena "" for leading the company"s mergers and acquisition . The Judges overseeing this case are Jennifer G. Schecter and Jennifer Schecter. While much of the world is recovering from the financial impact of the Covid-19 pandemic, the members of The Forbes 400 are doing better than ever. Weve been fortunate to align ourselves with folks in the government technology market who are exceptional. industrys top quartile, according to research firm Preqin. I thought, if that is how he acts during a stressful time, hes going to have the same level of thoughtfulness and integrity in deal work., The $30 Billion Kitty: Meet The Investor Who Made A Fortune On Pet Food, The Making Of New York's $150 Million 'Cannabis Campus', Evergrande Chairman Hui Ka Yan Has Been Paid $8 Billion In Cash While Property Developer Piled On Debt, The 2021 Forbes 400 List Of Richest Americans: Facts AndFigures, Donald Trump Falls Off The Forbes 400 For First Time In 25Years, 2021 Forbes 400 Methodology: How We Crunch The Numbers, The Forbes 400 Self-Made Score 2021: From Silver Spooners To Bootstrappers, Video: Why This Billionaire-Owned Thoroughbred Horse Farm Is Worth $400 Million. He is also Manager for Pgsi Manager LLC and Managing Member at Pgsi Holdings LLC and on the board of 21 other companies. Defense deals would become Veritas bread and butter. Hilarion regarding the presumed reception of Ramzi Musallam and his denomination "Catholic Church of the East" into ROCOR, first posted on Feb. 6, 2016. Veritas had BeyondTrust boost its R&D spending by 44% to bolster its products, which stop both rogue employees and external bad guys from hacking in. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. Many in this arena are aware that the U.S. government is not known for speed; being a vendor in the federal market requires constant calibration around government budgets, processes and timeframes. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. 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. Keeping their place at the top of this market, though, will require Musallam and Veritas to continually adjust, center around agility and stay one step ahead of their competitors. Unfortunately, the Dyal deal upset Robert McKeons heirs. For most financiers, "government" is a four-letter word. Donald Trumps real net worth? Absent Musallams efforts to get investor buy-ins, the whole firm would have collapsed, so his negotiating position with the family was strong. 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. Following its premier at the UN General Assembly in New York, a new docu-series about sustainable fashion by creative agency Fashion 4 Change is hoping to go mainstream. Simultaneously, the great, bull market had outside investors lining up to own stakes in Wall Streets most, successful firms, and in 2020, New Yorkbased Dyal Capital approached Musallam, to buy a stake in the business. Covids Forgotten Hero: The Untold Story Of The Scientist Whose Breakthrough Made The Vaccines Possible. Biography. 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. While private equity took a hit during the height of the pandemic in 2020as investors saw portfolio companies in battered industries strugglethings have since rebounded, with a frenetic pace of deal making in the first six months of this year, according to recent data from Pitchbook. Ultimately, Musallam uses this comprehension to make Veritas portfolio companies more disruptive, more strategically important and more valuable in their respective ecosystems and to their customers. Forbes Advisor is a new initiative for consumers under the Forbes Marketplace umbrella that provides . Previously, Ramzi was a Chief Executive Officer & Managing Partner at Capital Fund Management and also held positions at Capital Fund Management, Peraton, All Hands and Hearts, Salient CRGT, Amentum, MicroVault Form Alliance, Communications & Power . Those that gave away less than 1 percent of their wealth rose from 127 to 156. By January 2013, McKeons family agreed to transfer ownership of Veri-tas in exchange for 10% of the proceeds of any future sale of its management company and the three general partnerships associated with its existing funds. 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. A lot of the businesses that were very familiar with have gotten their start through government-funded customer R&D programs. Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas said, "As a long-time investor in Perspecta and its predecessor companies for over a decade, we have always recognized . Eghbali, meanwhile, cofounded Clearlake Capital in 2006, which became known for its high returns and now oversees some $24 billion in assets. 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. But despite his firms skyrocketing success in both public and private sectors, Musallam, from his office overlooking New York Citys Central Park, remains somewhat of an enigma to the government technology world. Reflects change since 5 pm ET of prior trading day. Enjoy the journey and take advantage of your opportunities.. Forbes Advisor is looking to hire a DevSecOps Lead. There was no, do an assignment and my mom would mail it in., with people from different cultural backgrounds, one that taught him sensitivity and, resilience. Since our last review on March 5, shares of SHLO have dropped another 56%. The other newcomers on The Forbes 400 list include Scott Shleifer, Ramzi Musallam and Behdad Eghbali, who are worth $5 billion, $4 billion and $3.4 billion, respectively. Veritas' funds have generated mind-boggling internal rates of . Its a reminder that the American dream is alive and wellbut also that great happiness requires more than just great wealth. He did what you hear and read abouthe took the boat to New York, Musallam says. 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. Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teams, he explained. ARCHBISHOP Ramzi Musallam is the spiritual head of the Catholic Church of the East. But if you have a strategy without teams who can obviously execute against that, you dont really have anything.. Financial terms of the deal were not disclosed and the pending acquisition of CAES Space Systems is expected to close in the first quarter of 2023, Veritas said Thursday. The company is being run by senior partners Ramzi Musallam, Hugh Evans and Benjamin Polk following McKeon's death, the firm, which invests in government service providers, said in the e- mail . It was a complete victory for Musallam: The firm would remain in business with him as its majority owner and CEO. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. For most financiers, "government" is a four-letter word. In this piece, Forbes presents private equity billionaire Ramzi Musallam and mentions that the most reliable data on private equity stems from HEC Paris Business School professor Oliver Gottschalg. 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. This February, the family, While dealing with McKeons family, Musallam worked from a desk near a large, He did what you hear and read abouthe took the boat to New York, Musallam, Get the latest stories, videos, and podcasts from Forbes India directly in your inbox every Saturday. He helped build Tesla. Private equity tycoons (from left) Leon Black, Henry Kravis and Orlando Bravo. with some co-investors, put down $845 million to buy flailing aerospace repair, company StandardAero from Dubai Aerospace in a $2.1 billion deal. My father built a business when he came to this country, my brother has built a number of technology companies, and so I try to bring that entrepreneurial mindset to the firm, Musallam said. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion. Through sheer will, McKeon had worked himself up from the streets of the Bronx, where his father was a Drakes Cakes delivery man supporting seven children, to the upper echelons of finance. Mr. Ogunlesi owns over 4,063 units of Goldman Sachs stock worth over $30,536,666 and over the last 13 years he sold GS stock worth over $0. The morning after the suicide, Musallam began holding emergency, meetings with the companys investors. But what cost him some $700 million turned out to be the boon for countless cancer patients. By the mid-1960s, the now successful Samih. The government marketplace is not for the faint of heart, Musallam said. The smaller businesses, on the other hand, face intense competition to prove themselves and gain recognition. In 2014, Musallam bought a busted security startup called BeyondTrust, putting up $145 million of equity in a $310 million buyout. 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. Despite the uncertainty and the ever-changing market economy, the 2021 Forbes 400 shows that Americas wealthiest have grown far richer, said Kerry A. Dolan, Assistant Managing Editor, Wealth at Forbes. (This story appears in the 19 November, 2021 issue of Forbes India. Donald Newhouse, 86: $10.3 billion net worth from media companies; resides in West Amwell-Hopewell townships. Veritas would dip its toe into these waters in 2007 by buying its first health care IT services firm, Vangent. Second, Musallam figured out that defense, contractors would be fertile buyout targets for funds willing to deal with the, idiosyncrasies of government contracting. In this time of pandemic induced quarantine and shutdown I have, much to my surprise, found myself going down the rabbit-hole of dance on film and finding particular pleasure in watching short dance films. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. He is understated but extremely effective, says David Solomon, CEO of Goldman Sachs. I thought it was normal, he says. Stephen Burke - JPMorgan Chase. Bombay Sapphire, one of the storied names in the gin industry has embraced gins inherent creativity to launch a new marketing campaign called #FindYourCanvas. Veritas Capital is a New York-based private-equity firm founded in 1992 that invests in companies providing critical products and services, primarily technology-enabled products and services, to government and commercial customers worldwide. Its not a nice thing to do, its a requirement.. The morning after the suicide, Musallam began holding emergency meetings with the companys investors. Musallam, a Jordanian immigrant, is CEO and managing partner of Veritas Capital and founding member of the firm's first institutional fund. The Forbes 400 magazine issue features five consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. Mohed Altrad, a French national of Syrian descent and founder of the Al-Trad group, which provides construction and maintenance services. Health care is a broken system, Musallam says. Forbes champions success by celebrating those who have made it, and those who aspire to make it. Ramzi Musallam, an American private equity specialist of Jordanian descent. 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. The richest person in the world, overtaking Tesla owner Elon Musk, became Louis Vuitton owner Bernard Arnault, with a real-time fortune exceeding $176.6 billion. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. "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 . First, he helped convince McKeon to move beyond his deal-by-deal approach and raise private equity funds from institutional investors that would lock up cash for years. multiples of what the entire venture capital community investsdozens of different, federal agencies investing directly into companies, Musallam says. Investment without talented and driven people doesnt get you anywhere, he said. In October 2020, Musallam agreed to sell 11.8% of Veritas to Dyal for $725 million in cash, plus a $200 million sweetener in the form of a loan to Veritas, which crea-ted a windfall for Musallam and his Veritas partners, who pocketed most of the proceeds. Tesla is another example, the space companiesbuilt through, collaboration in some form with the government., bought a busted security startup called BeyondTrust, putting up $145 million of, equity in a $310 million buyout. Bernard Arnault celebrated first rank by purchasing a unique property . 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. He returned to the office to devise a plan to stave off the collapse of. Read the rest at the linked site. We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. The great melting and eventual sinking: Have we reached the point of no return? There was no real precedent for this, Musallam says. This is not to say that the []. There are people in the private equity world who have a lot of visibility. Second, Musallam figured out that defense contractors would be fertile buyout targets for funds willing to deal with the idiosyncrasies of government contracting. Read about how we use cookies and how you can control them on our Privacy Policy. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. In court, Musallam claimed he stayed true to the contract. Ramzi Musallam - Net worth: $7.9 billion (#262 wealthiest in the world) - Residence: New York, New York - Source of wealth: private equity, Self Made #15. Troy Somero - Spotify. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . Private equity giant, Ramzi Musallam, makes the # ForbesList.The achievement honors the legacy of Robert McKeon, the # wasserella alumnus who mentored him. I dont get stressed, Musallam says. AP Photo/Elise Amendola, File. Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. Americas +1 212 318 2000. He was close to McKeon and knew his boss was struggling with, his mental health. Case Details Parties Documents Dockets. We're dedicated to helping turn aspirations into reality. This February, the family sued Musallam for breach of contract, claiming the $200 million loan was designed to cheat them out of their right to 10% of the proceeds of any sale of the firm, some $20 million. The deal valued Veritas at $6.2 billion, with Musallam retaining a majority stake. Ramzi Musallam, CEO and managing partner of Veritas Capital, recently participated in an exclusive interview with GovConWire, the leading publication for breaking news in the GovCon industry, to . In October 2020, Smith entered into an agreement with the Department of Justice and the Internal Revenue Service in which he paid a record $139 million for his role in a tax evasion scheme. 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Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor, How The Private Sector Is Fueling Fashion And Retail In Cairo, Is It Appropriate To Sue Federal Agents For Damages? Over the past decade, one firm in particular has been steadily increasing its share of the federal contracting market and is now positioned as one of GovCons giants. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. I thought it was normal, he says. Chapel director Archbishop Ramzi Musallam and his staff plan to honor the heroes of United Airlines Flight 93 with an ecumenical prayer service. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 3, 2021. McKeon had run, Wasserstein Perellas successful private equity arm and had grown tired of. Forbes Middle East / Ramzi Musallam produced this track record by focusing on technology companies that operate in sectors dominated by the . McKeon had run Wasserstein Perellas successful private equity arm and had grown tired of funneling most of his units profits to Bruce Wasserstein. It stands at the top of Netflix's Top 10 in France this weekend. There was no iPad. by-deal basis from a network of CEOs, including Chevrons George Keller and Fords, Harold Red Poling. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. He estimates the value around $60,000-$70,000. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. Years, later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam, But these manoeuvres laid the foundation for a stunning, a decade later, Veritas Capitals assets have grown from, $2 billion in 2012 to $36 billion today, and its funds have generated staggering net, internal rates of return of 31 percent. McKeons death meant they suddenly had the right to tear up their commitments to fund Veritas deals. Musallam had, just raised $1.9 billion for Veritas first new fund under his watch and wagered a big, chunk of it on the Scottsdale, Arizona, company. October 14, 2022. On a more personal level, looking past the challenges of business, the intricacies of government and the volatility of the market, Musallam prioritizes enjoying the journey. 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Instead, Musallam persuaded them to bet on him. Musallam, who is a member of the esteemed Forbes 400,also outlined his unique family history and business context. But going even further than just delivering these stellar returns, Musallam wants to see the firm, its investors and its customers succeed, and hes personally willing to get his hands dirty to make it happen. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. 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. His first night at the YMCA, all his belongings were stolen. Summary. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $43 billion. 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. The Forbes 400 magazine issue features five consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. by Nathan Vardi and Hank TuckerRamzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. BeyondTrusts revenue swelled, growing 20% a year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. In October 2020, Dyal Capital Partners bought an 11.8% stake in Veritas that valued the firm at $6.15 billion. My fundamental belief is that, In 2012, Musallam approached information giant Thomson Reuters about buying the, Musallam renamed the Thomson Reuters unit Truven Health Analytics and initiated. A lot of the, businesses that were very familiar with have gotten their start through, government-funded customer R&D programmes. While Kim was born in South Korea, he was educated in the U.S. and obtained citizenship along the way. (Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.). Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. I thought, if that is, how he acts during a stressful time, hes going to have the same level of, thoughtfulness and integrity in deal work., 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. The acquisition comes in the same week that Peraton announced plans to acquire Perspecta for $7.1 billion. Ramzi Musallam, CEO of Veritas Capital since 2012. He was a force of nature. The case status is Disposed - Dismissed. Daniel D'Aniello is one of three cofounders of The Carlyle Group. Musallam made a habit of staying close to people. To buy one company each week, Joe Liemandt has ordered managers of his 2,500 remote workers to design work unitsspecialized tasks that workers can perform over and over, as if they were on an old-fashioned auto factory assembly line. He is one of a handful of financiers with top government security clearance. His first, night at the YMCA, all his belongings were stolen. 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. 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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. Spot for the fourth consecutive year, with a net worth of $ 201 billion holding.: the Untold Story of the, businesses that were very familiar with have gotten start... Up their commitments to Fund Veritas deals Musallam produced this track record by focusing on technology companies that in..., says David Solomon, CEO of Veritas Capital since ramzi musallam forbes have a lot of.. Sell or Share My Personal Information, Limit the use of My Sensitive Personal.... Desire to make a positive impact in the private equity arm and had grown tired funneling... York, Musallam says teams, he explained thing to do, its a reminder that the dream! 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