The government contracting (GovCon) community, by comparison, is a relatively small segment of that. Musallam pivoted Truven toward the public sector. We make our companies collaborate, Musallam says. Private equity giant, Ramzi Musallam, makes the # ForbesList.The achievement honors the legacy of Robert McKeon, the # wasserella alumnus who mentored him. View contact information: phones, addresses, emails and networks. But if you have a strategy without teams who can obviously execute against that, you dont really have anything.. 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. 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. "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.". And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. When he graduated in 1998, Musallam headed to New York, where he, Perella & Co, the pioneering investment bank co-founded by Bruce Wasserstein and, immortalised in a 1989 Forbes story, Bid em Up Bruce, which described how the, firms clients were often coaxed into overpaying for targets. For most financiers, "government" is a four-letter word. Second, Musallam figured out that defense, contractors would be fertile buyout targets for funds willing to deal with the, idiosyncrasies of government contracting. In September, New York State Supreme Court Justice Jennifer Schecter agreed with Musallam and tossed out the case. He is one of a handful of financiers with top government, Ramzi. 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. Its not necessarily one person; its the environment and culture that weve built and continue to build on that drives the success that weve had, and many at the firm today have played and continue to play a meaningful part in it.. 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 . 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. He was close to McKeon and knew his boss was struggling with his mental health. The government marketplace is not for the faint of heart, Musallam said. I also focus on the intersection of big money and biopharma. Ramzi Musallam. 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. Having developed a way to trim the time required to repair jet engines, it was soon winning new government contracts. 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. Top 10 Government Small Business Grants for Women-Owned Businesses, Executive Spotlight: Zaki Saleh, VP and GM of Global Health Business at Peraton, Exclusive Interview: Veritas Capital CEO & Managing Partner Ramzi Musallam. 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. In a statement published Tuesday, Ramzi Musallam, CEO and managing partner of Veritas, highlighted Chromalloys position in the engine aftermarket, Veritas Capital has agreed to acquire a CAES division that manufactures radiation-hardened microelectronic products and subsystems intended for space operations. Daniel D'Aniello is one of three cofounders of The Carlyle Group. 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. 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 had come onboard in 1997 and was Veritas second-highest-ranking executive. Musallam has kept one foot firmly in the defense arena. At 53, Musallam finds himself worth an estimated $4. by-deal basis from a network of CEOs, including Chevrons George Keller and Fords, Harold Red Poling. According to the report, New Jersey residents include: 1. While Kim was born in South Korea, he was educated in the U.S. and obtained citizenship along the way. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and education. 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Musallam had six months to get through the key-person process before the investor spigot turned off. 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. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. Now he's gunning for it. Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teams, he explained. The team estimatedlist members total lifetime giving based on public filings (including tax forms for private foundations, press releases and more), and the percentage of their fortune they have donated - not to their own charitable foundation, but to nonprofit groupsso called out the door giving. They closed an eighth flagship fund in 2022; in all, Veritas has approximately $45 billion of assets under management. He spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. CEO and managing partner, Veritas Capital. I thought it was normal, he says. Samih Musallam worked for the U.S. Army Corps of Engineers, moving his family constantly. 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 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. Veritas would dip its toe into these waters in 2007 by buying its first health care IT services firm, Vangent. 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. Since Musallam took over, Veritas' assets under management have grown . We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Musallam, a Jordanian immigrant, is CEO and managing partner of Veritas Capital and founding member of the firm's first institutional fund. 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.. 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. 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. 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. But whatexactlythat move will be is just another element of the enigma. I had never experienced anything like this.. She informed him that a call had come in aboutMusallams boss, Robert McKeon. London, United Kingdom. (This story appears in the 19 November, 2021 issue of Forbes India. We were, homeschooled and learned through correspondence. Americas +1 212 318 2000. 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. 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. The two companies have already signed a definitive . to cheat them out of their right to 10 percent of the proceeds of any sale of the firm, some $20 million. Six persons, including Lois Harris, Lea Musallam, Lea S Musallam, Ramzi M Musallam, Ramzi L Musallam, Lea R Musallam, listed the phone number (908) 918-0134 as their own, various documents indicated. 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. Ramzi Musallam net worth is projected to be $4 billion, putting him in the Forbes 400 for the first time this year. 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. #20. 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. By the time Musallam was in high school, his family returned to the U.S. and landed in Pine Brook, New Jersey. If you continue to use this site, you consent to our use of cookies. The acquisition comes in the same week that Peraton announced plans to acquire Perspecta for $7.1 billion. There was no real precedent for this, Musallam says. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. Veritas CEO and Managing Partner Ramzi Musallam, a 2021 Wash100 winner and past Potomac Officers Club event speaker, added that the acquisition marks the next phase of growth for Peraton. 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. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . With some $77 billion in assets, Vista is one of the best-performing private equity firms, posting annualized returns of 22% since inception. For most financiers, "government" is a four-letter word. 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. 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. The deal valued Veritas at $6.2. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. Mohed Altrad, a French national of Syrian descent and founder of the Al-Trad group, which provides construction and maintenance services. 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. Its a reminder that the American dream is alive and wellbut also that great happiness requires more than just great wealth. In court filings, Musallam claimed he stayed true to the contract. 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. like Weems, who controlled one of the largest budgets in the US government. For years, Musallam was obsessed with the digitization of health records. Nathan Vardi & Hank Tucker Forbes September 30, 2021. "Ramzi Musallam: The Enigmatic Titan. 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 was in shock. Had enough of those investors, walked away, it would have destroyed the firm. Support. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. About us 3 of 9 4 of 9 Police are investigating the alleged theft this week of more than $73,000 in jewels, cash, . 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 He was not just dealing with the investors and the firmhe was dealing with losing someone he was close to, and he never wavered, even answering questions that were sometimes probing and personal, says Veritas investor Claudia Baron, who runs $6 billion of private equity investments for Chicago-based asset manager PPM America. You may opt-out by, He traveled across America to meet with Veritas investors, ultimately convincing every one of them, to stick with him and his team, partly by cutting Veritas management fees. 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 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 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. 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. 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. 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. Latest Federal & Government Contracting Companies' News Coverage, by 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.. Years later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam and McKeons family. The formula has worked. If you continue to use this site, you consent to our use of cookies. The estimated Net Worth of Adebayo O. Ogunlesi is at least $31.1 Million dollars as of 19 May 2022. Equity Partners and Clayton, Dubilier & Rice. Paul Zimmerman/Getty Images 19. When one looked particularly promising, McKeon would take a cue from Bruce Wasserstein and grab more of the riches for himself. GovCon Wire provides you with Daily Updates and News Briefings about Technology. amzi Musallam returned to his desk after a quick trip to the bathroom onSeptember 10, 2012, tofind his assistant visibly shaken. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. StandardAero quickly expanded in Europe and Asia. 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. 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. Ramzi Musallam is a Chief Executive Officer at Veritas Capital based in New York City, New York. Musallam had six months to get, through the key-person process before the investor spigot turned off. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. If the Supreme Court adopts the governments position, government officials can violate theConstitutionwithout consequence. Musallam, who is a member of the esteemed Forbes 400,also outlined his unique family history and business context. Musallam, who is a member of the esteemed Forbes 400, also outlined his unique family history and business context. At 38, Robert McKeon was a Wall Street wunderkind doing big deals at Wasserstein Perella, such as a reported $300 million buyout of makeup company Maybelline in 1990. Google, Apple, a lot of what is on your iPhone. But these maneuvers laid the foundation for a stunning Wall Street success. Private equity tycoons (from left) Leon Black, Henry Kravis and Orlando Bravo. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. - Expertly managed time to refine own design skills, and complete collection, during 2nd year of University study. 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. New York, December 6, 2022. 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. He then headed to, the University of Chicago for business school, where he talked himself into a job, with the investment operation of Jay Pritzker, the, Hotels chain. Its a reminder that the, American dream is alive and wellbut also that great happiness requires more than, says. 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. I thought it was normal, he says. She informed him that a call had come in about Musallams boss, Robert McKeon. His first, night at the YMCA, all his belongings were stolen. While dealing with McKeons family, Musallam worked from a desk near a large picture of his father, Samih, who died a decade ago. A loan is not a sale, he sta-ted. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. Vista Equity Partners founder Robert F. Smith. In 2021 alone, Musallam spearheaded 10 acquisitions with an aggregate transaction value of $21 billion. 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. The smaller businesses, on the other hand, face intense competition to prove themselves and gain recognition. From a business standpoint, were focused on what we do and not necessarily focused on what others are doing, or how others are competing or thinking about us. 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 . Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. 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. On 02/17/2021 Matthew J McKeon filed an Other lawsuit against Ramzi Musallam. He had just killed himself in his southern Connecticut mansion at the ageof58. After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. 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. All the markets in which Veritas is active, the most idiosyncratic is GovCon Veritas is,... Chevrons George Keller and Fords, Harold Red Poling O. Ogunlesi is at least 31.1! 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