It was tough. 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. The wealthiest Americans collectively saw a 40 percent increase over last year and nearly all are richer than they were last year.. The 22 members on the latest Forbes 400 list who made their fortunes in private equity are now worth a combined $153.7 billion. A lot of the, businesses that were very familiar with have gotten their start through, government-funded customer R&D programmes. He also cut a deal with McKeons family that would, transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. Bernard Arnault celebrated first rank by purchasing a unique property . 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. 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. She informed him that a call had come in about Musallams boss, Robert McKeon. Second, Musallam figured out that defense contractors would be fertile buyout targets for funds willing to deal with the idiosyncrasies of government contracting. company and the three general partnerships associated with its existing funds. Read about how we use cookies and how you can control them on our Privacy Policy. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. But Musallam never expected McKeon would take his own life. Instead, Musallam prefers to tap into, decades of relationships. Google, Apple, a lot of what is on your iPhone. But whatexactlythat move will be is just another element of the enigma. With 13 companies currently in its private equity portfolio, Veritas oversees nearly 70,000 employees, whom Musallam credits with perpetuating the firms strong entrepreneurial culture and helping to drive its investment strategy. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. returned to the Middle East; his second son, Ramzi, was born in 1968 in Amman, constantly. The burgeoning field of cybersecurity is another focus for Veritas. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt. It stands at the top of Netflix's Top 10 in France this weekend. industrys top quartile, according to research firm Preqin. Musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds, one that taught him sensitivity and resilience. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Here's how the Microsoft-owned platform cracked the India growth story. He has quietly built an extremely valuable business being at the, intersection of government-regulated markets and technology, which is rare for, New York City in late 1950, shortly after the first Arab-Israeli war in 1948. $2.5 billion, according to our most recent tally. McKeon had run, Wasserstein Perellas successful private equity arm and had grown tired of. It began selling its services to government customers such as Medicare for the first time. Americas $6.8 trillion worth of annual spending, and sweeping regulatory power give it unparalleled sway in these markets. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. contracts. # wasserella alumnus who mentored him. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and . 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. Tesla is another example, the space companiesbuilt through collaboration in some form with the government.. If you continue to use this site, you consent to our use of cookies. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . We have consistently focused on that mission, and meaningfully so, through significant investments in people, research and development and business development, Musallam told Executive Mosaic. 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. We have a zero-tolerance policy as it relates to questionable conduct, not only for ourselves, but also our portfolio companies, asserted Musallam. October 14, 2022. 26.12.22. 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. funneling most of his units profits to Bruce Wasserstein. Six years earlier, McKeon had founded Veritas Capital after leaving Wasserstein Perella & Co., the pioneering investment bank cofoun-ded by Bruce Wasserstein and immortalized in a 1989 Forbes story, Bid em Up Bruce, which described how the firms clients were often coaxed into overpaying for targets. Weve been fortunate to align ourselves with folks in the government technology market who are exceptional. As the head of the firm and its portfolio companies, Musallam is accountable to the many individuals whose retirement accounts rely on the strong, consistent returns for which Veritas is known. Veritas Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. Alphonse Mascherino died Friday after a long battle with cancer. From the large infrastructure projects that the government is investing into, Egypt is on a new path of vast growth. Ramzi Musallam has a Bachelor of Arts in Mathematical Economics from Colgate University and a Master of Business Administration from University of Chicago - Booth School of Business. We were literally in the middle of nowherethere was nothing there, no village, nothing, recalls Musallam of his years in Africa. 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. 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. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. Defense deals would become Veritas bread, I was very focussed because I knew in my heart that we had a tremendous, He traveled across America to meet with Veritas investors, ultimately convincing, At the same time, Musallam had to persuade McKeons estate, controlled by one of, By January 2013, McKeons family agreed to transfer ownership of Veritas in, He was not just dealing with the investors and the firmhe was dealing with losing, For years, Musallam was obsessed with the digitisation of health records. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. For most financiers, "government" is a four-letter word. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor - Forbes . bandits on a dirt road. It would sell the company to General Dynamics four years later for a $350 million profit. I and the firm maintain a very close proximity to government because government is at the forefront of all the complexities and issues that confront us, says Musallam, sitting in his Manhattan office, whose broad views of Central Park mark it as distinctly distant from Washington, D.C. These are government-influenced markets, no doubt about it, and being close to how the government thinks about those markets enables us to understand how we can best invest.. billion, with Musallam retaining a majority stake. Veritas Capital, a New York City-based multi-strategy investment firm run byRamzi Musallam, is the parent company behind some of the largest, fastest-growing government technology companies, including Peraton, Cubic, Guidehouse and others. The two companies have already signed a definitive . Thepackage also includes a look atjust how philanthropic Americas richest are. Daniel D'Aniello is one of three cofounders of The Carlyle Group. This is a BETA experience. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. ExecutiveBiz provides you with Daily Updates and News Briefings about Technology, Executive MosaicGovconinterviewRamzi MusallamVeritas Capital, Receive Daily News Briefing And Event Updates Straight to Your Inbox. Instead, Musallam, persuaded them to bet on him. If you continue to use this site, you consent to our use of cookies. I thought it was normal, he says. Charles Lyons-Burt That alone speaks to the sheer breadth of the firms investments and the quality of the leadership culture that drives them. Ramzi Musallam produced this track record by focusing on technology companies that operate in sectors dominated by the United States' federal government, particularly defense, health care and educatio. Hes overlooking and watching me., This is a BETA experience. Through executive interviews, policy spotlights and news stories on corporate activity, ExecutiveBiz stays on top of whats shaping the industry and how GovCon leaders are positioning their businesses to win the federal business of tomorrow. There are people in the private equity world who have a lot of visibility. 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. Its really about appreciating the time, the effort, the ups, the downs you have to go through and the challenges to value the meaningful things that can come out of it. sued Musallam for breach of contract, claiming the $200 million loan was designed. And as a result of that, there are many of us who have put a stamp on the success weve had. New York, December 6, 2022. 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. Ramzis formative years were spent in emerging markets such as Saudi Arabia and Tanzania. With Handiss, a talent marketplace for construction professionals, Lebanon joins the freelance revolution. In an exclusive excerpt from For Blood And Money, the untold story of Wayne Rothbaum and the worst trade of his life. 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. The deal valued Veritas at $6.2 billion, with Musallam retaining a majority stake. 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. Atherton Research's Principal Analyst and Futurist Jean Baptiste "Jeb" Su looks back at why robotic process automation (RPA) is the next revolution in the enterprise business process automation industry and a key pillar to digital transformation. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. The funding was raised in two months after Veritas' first engagement with investors was oversubscribed. 2023 Forbes Media LLC. If you just come in and come out, you will face certain consequences which are unfavorable. 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. Veritas needed to go big on health care dataand after putting up $465 million, Veritas was able to acquire the group in a $1.3 billion leveraged buyout, making it, $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. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. In January, Veritas was listed as the private equity industrys fourth-best-performing firm by the closely followed HECDow Jones ranking (see below), ahead of high-flying firms like Thoma Bravo, Vista Equity Partners and Clayton, Dubilier & Rice. All Rights Reserved. Forbes lists 126 billionaires in New York. 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. Latest Federal & Government Contracting Companies' News Coverage, by He also cut a deal with McKeons family that would transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. 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. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. 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. Shleifer helped cofound the private equity practice at Tiger Global in 2003, which he currently manageswith some of his best investments for the firm coming in China. While Veritas higher purpose is protecting and bettering American assets, the firm is, at its core, a financial institution beholden to its investors, as Musallam mentioned. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. Ramzi M. Musallam is the managing partner of Fund IV LLC and Veritas Capital Partners III, L.L.C., a Delaware limited liability company ("Fund III LLC"), which is the general partner of The Veritas Capital Fund III, L.P., a Delaware limited partnership ("Fund III"), which is the managing member of KGS LLC. While, many buyout firms try to avoid investing in areas affected by government, interference, Musallams strategy hinges on understanding what the most influential, I and the firm maintain a very close proximity to government because government, is at the forefront of all the complexities and issues that confront us, says, Musallam, sitting in his Manhattan office, whose broad views of Central Park mark it, markets, no doubt about it, and being close to how the government thinks about, those markets enables us to understand how we can best invest., The formula has worked. 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. Read the rest at the linked site. That is not, A Palestinian Christian born in Jerusalem, Ramzis father, Samih Musallam, landed in, Musallam says the experience was an immersion course in navigating relationships, By the time Musallam was in high school, his family returned to the US and landed, Six years earlier, McKeon had founded Veritas Capital after leaving Wasserstein, At Veritas, McKeon owned a majority of the company and raised money on a deal-, Musallam pushed McKeon in two new directions. In September, New York State Supreme Court Justice Jennifer Schecter agreed with Musallam and tossed out the case. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. By the time Musallam was in high school, his family returned to the U.S. and landed in Pine Brook, New Jersey. He, was a force of nature. 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