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Veritas Capital

Ramzi Musallam, CEO & Managing Partner

Overview

AUM$45B
AUM Date2025
Funds10
Bankruptcies2

Notable Funds

Fund IX ($11B)

Fund Scorecards (1)

Veritas Capital Fund VIII

2020$10.3B
IRR+13%
Multiple1.5x
DPI0.3x

Government services and defense tech specialist. Consistent performer. Benefits from counter-cyclical government spending.

Description

Government technology and services specialist. Deep defense/intelligence community relationships. Acquired Peraton (Northrop Grumman IT) for $7.1B, merged with Perspecta to create $8B government IT giant. Also acquired Gainwell Technologies (Medicaid IT) from DXC. Peraton now under pressure — KKR/FS KKR Capital took losses on the credit. Niche but leveraged.

Hot Potato Deals

AthenaHealth

$5.7B → $17B in ~2 years. Veritas/Elliott tripled their money. H&F and Bain are the bag-holders at peak-era price.

Active — H&F/Bain holding at 3x what Veritas paid, peak-era valuation