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. Ramzi Musallam, CEO of Veritas Capital since 2012. Here's how the Microsoft-owned platform cracked the India growth story. The wealthiest Americans collectively saw a 40 percent increase over last year and nearly all are richer than they were last year.. (Kohlberg died in 2015.) By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. It is shaping up to be a stellar 2021 for private equity, with the industry on pace for a record-breaking year. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. IBM for $2.6 billion, making Veritas 3.2 times its original investment. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. Musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds, one that taught him sensitivity and resilience. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. He is one of a handful of financiers with top government security clearance. 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. Forbes lists 126 billionaires in New York. Today, that same mission-focused approach still steers Veritas investment strategy, which has set the firm apart from its competitors. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. EMEA +44 20 7330 7500. Forbes Advisor is looking to hire a DevSecOps Lead. 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. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. Tesla is another example, the space companiesbuilt through collaboration in some form with the government.. 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. The funding was raised in two months after Veritas' first engagement with investors was oversubscribed. Minimum Fortune To Make the Cut Reaches A Record-Breaking $2.9 Billion And The Collective Net Worth Of The 2021 List Makers Surges To A Historic $4.5 Trillion. - Produced sell-out designs for collection, resulting in enormous . Private equity tycoons (from left) Leon Black, Henry Kravis and Orlando Bravo. 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. In October 2020, Dyal Capital Partners bought an 11.8% stake in Veritas that valued the firm at $6.15 billion. Vivek Ramaswamy, founder of Roivant, is teaming up with Jim Momtazees Patient Square Capital. He has spent much of his time in sensitive compartmented information facilities, known as SCIFs, meeting with military, intelligence and government officials and gaining a deeper understanding of the classified community. The morning after the suicide, Musallam began holding emergency, meetings with the companys investors. Veritas' funds have generated mind-boggling internal rates of . Asia Pacific +65 6212 1000. Related by origin of wealth: private equity. Musallam jumped in his car and raced the 40 miles up I-95 from Midtown Manhattan to Darien, Connecticut. You may opt-out by. Important URLs: 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 education. Ramzi Musallam General Information. CEO and Managing Partner at Veritas Capital, Ramzi Musallam is photographed for Forbes Magazine on July 16, 2021 in New York City. For as long as I had known him, we, Musallam produced this track record by focusing on. Paul Zimmerman/Getty Images 19. Veritas Capital is at the center of the government contracting world with the investment companys stake in several different major government technology companies, includingPeraton andGuidehouse. Jan 2010 - Apr 20104 months. Vista Equity Partners founder Robert F. Smith. For most financiers, government is a four-letter word. Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teams, he explained. Musallam, who is a member of the esteemed Forbes 400,also outlined his unique family history and business context. As the son of a civil engineer for the U.S. Army Corps of Engineers, Musallam grew up in emerging markets around the world, and he attributes much of his enterprising approach to his family. It began selling its services to, Veritas is the rare government-focussed buyout shop that does not hire prominent, The US government is the largest single investor in technology, bar none, by, Musallam has kept one foot firmly in the defense arena. 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. Through sheer will, McKeon had worked himself up from the, streets of the Bronx, where his father was a Drakes Cakes delivery man supporting, had worked together. Musallam made a habit of staying close to people like Weems, who controlled one of the largest budgets in the U.S. government. The Forbes brand today reaches more than 150 million people worldwide through its trusted journalism, signature LIVE and Forbes Virtual events, custom marketing programs and 45 licensed local editions in 76 countries. Ramzi Musallam, Veritas Capital CEO & Managing Partner, Receives 2022 Wash100 Recognition for Asset Growth Strategy and Fund Management Leadership . We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Hes overlooking and watching me., This is a BETA experience. The 22 members on the latest Forbes 400 list who made their fortunes in private equity are now worth a combined $153.7 billion. They also retained a reduced portion of McKeons performance fees from existing, Veritas funds and 5 percent of the performance fees for the next two funds Veritas, raised. He is the Founding Member of the Firm's first institutional fundraised in 1998. M&A . Support. But these maneuvers laid the foundation for a stunning Wall Street success. When one looked particularly promising, McKeon would take a cue from Bruce Wasserstein and grab more of the riches for himself. 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. 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. Its not a nice thing to do, its a requirement.. "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.". The fortunes of Americas richest private equity tycoons have risen in tandem. - Effectively collaborated with high-end fashion house, Browns, to produce the Ramzi Musa for Bfocus collection. 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. The U.S. government is the largest single investor in technology, bar none, by multiples of what the entire venture capital community investsdozens of different federal agencies investing directly into companies, Musallam says. Ramzi Musallam, Veritas Capital CEO and Managing Partner, Named to 2021 Wash100 for Securing Multibillion-Dollar Acquisitions; Driving Significant Company Growth William McCormick March 16, 2021 Bachelor of Arts/Science, Colgate University; Master of Business Administration, University of Chicago Booth School of Business. Enter your account data and we will send you a link to reset your password. BeyondTrusts revenue swelled, growing 20 percent a. year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. If you continue to use this site, you consent to our use of cookies. If it involves business activity that impacts contracting operations and success, ExecutiveBiz has you covered. 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. # wasserella alumnus who mentored him. He persevered, eventually earning, a civil engineering degree from the University of Missouri before settlingand, prosperingin Effingham, Illinois. Forbes Middle East / 400 . I am a senior editor at Forbes who likes digging into Wall Street, hedge funds and private equity firms, looking for both the good and the bad. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and education. I also focus on the intersection of big money and biopharma. 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. Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN Veritas Capital has completed its purchase of CAES Space Systems and changed the name of the acquired business to Frontgrade Technologies to reflect its objectives of creating technology platforms that support national security and addressing engineering challenges facing . Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA), a special purpose acquisition company (SPAC), which is expected to close in Q4 of this year or Q1 of next year. 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.. But if you immerse yourself and if you go through and face the issues, problems and complexities that weve faced over the last 25 years and they include everything from market to technology, to regulatory, to political you learn from those, and youre able to navigate, at least on the part of your portfolio companies, whatever path theyre on.. 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. 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. We provide value to pensioners and investors across the globe, and thats what drives our efforts to generate the types of investment returns that are unmatched in the industry, he said of the motivation behind Veritas investment strategy. We do this by providing consumers with the . 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. McKeons death tripped Veritas key-person provision, giving investors the right to walk away, destroying the firm. First, he helped convince McKeon, the New York Stock Exchange in 2002. 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. This question was originally answered on Quora by Ramzi Amri. Its a reminder that the, American dream is alive and wellbut also that great happiness requires more than, says. 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. 2023 Forbes Media LLC. He personally made. 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. In 2014, Musallam bought a busted security startup called BeyondTrust, putting up $145 million of equity in a $310 million buyout. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. He studied economics at Colgate University and started on Wall Street as a JPMorgan investment banker in 1990 before jumping two years later into private equity at a boutique firm, Berkshire Partners. 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. Alphonse Mascherino died Friday after a long battle with cancer. He had just killed himself in his southernConnecticut mansion at the age of 58. 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. His first, night at the YMCA, all his belongings were stolen. Now he's gunning for it. Google, Apple, a lot of what is on your iPhone. Ramzis formative years were spent in emerging markets such as Saudi, Arabia and Tanzania. The government contracting (GovCon) community, by comparison, is a relatively small segment of that. Chapel director Archbishop Ramzi Musallam and his staff plan to honor the heroes of United Airlines Flight 93 with an ecumenical prayer service. Daniel D'Aniello is one of three cofounders of The Carlyle Group. Richest private equity tycoons ( from left ) Leon Black, Henry Kravis and Bravo! Just killed himself in his southernConnecticut mansion at the YMCA, all his were... Darien, Connecticut daniel D'Aniello is one of a handful of financiers with top government security clearance up I-95 Midtown... Also outlined his unique family history and business context David Solomon, CEO of, Sachs... Browns, to produce the Ramzi Musa for Bfocus collection browsing experience, analyze traffic... 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