Deals, exit activity and fundraising in 2021 are all on pace to top previous highsin large part thanks to a larger vaccinated population, higher investor confidence in the stock market and more demand for high-yield debt, according to Pitchbooks report. 2023 Forbes Media LLC. Photo Of The Day: Hope, faith, and victory. 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. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. I cover wealth management, money and markets. We were literally in the middle of nowherethere was nothing there, no village, nothing, recalls Musallam of his years in Africa. Mohed Altrad, a French national of Syrian descent and founder of the Al-Trad group, which provides construction and maintenance services. What Makes Some Forms Of Cancer Inoperable? bandits on a dirt road. 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. Steve Barrie - he meant the statement by Met. This question was originally answered on Quora by Ramzi Amri. He also cut a deal with McKeons family that would transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. A lot of the, businesses that were very familiar with have gotten their start through, government-funded customer R&D programmes. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. The formula has worked. Nathan Vardi & Hank Tucker Forbes September 30, 2021. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt. Case Details Parties Documents Dockets. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. Musallam pivoted Truven toward the public sector. company and the three general partnerships associated with its existing funds. For the complete Forbes 400 ranking, methodology and more, visit: www.forbes.com/forbes-400/. 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. Forbes Advisor is looking to hire a DevSecOps Lead. For as long as I had known him, we had worked together. #20. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. Its not about the destination, he said. Musallam was certain that 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 one of the firms largest bets. Veritas would dip its toe into these waters in 2007 by buying its first health care IT services firm, Vangent. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. 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. Latest Federal & Government Contracting Companies' News Coverage, by 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. Weve been fortunate to align ourselves with folks in the government technology market who are exceptional. At 53, Musallam finds himself worth an estimated $4 billion, good enough for a debut appearance on this years Forbes 400. 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. CEO and managing partner, Veritas Capital. In the second spot, with a net worth of $9.9 billion, is Leon Black, the former chairman and CEO of private equity firm Apollo Global Management, which manages over $470 billion in assets. funneling most of his units profits to Bruce Wasserstein. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. At Veritas, McKeon owned a majority of the company and raised money on a deal-by-deal basis from a network of CEOs, including Chevrons George Keller and Fords Harold Red Poling. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. $350 million just from DynCorp, a military contractor that was sold in 2010. by-deal basis from a network of CEOs, including Chevrons George Keller and Fords, Harold Red Poling. Nearly 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%. He was a force of nature. Americas $6.8 trillion worth of annual spending and sweeping regulatory power give it unparalleled sway in these markets. Thepackage also includes a look atjust how philanthropic Americas richest are. 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. PUBLISHED Get premium, high resolution news photos at Getty Images Vivek Ramaswamy, founder of Roivant, is teaming up with Jim Momtazees Patient Square Capital. Charles Lyons-Burt Ramzi Musallam, CEO and managing partner of Veritas Capital, recently sat down withExecutive Mosaic to discuss the New York-based private equity firmsstrategy, its goals for how to tailor its work to best serve the federal marketplace and the impetus for the executive to join the industry in the first place. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. For years, Musallam was obsessed with the digitization of health records. Biography. Ramzi Musallam, CEO and managing partner of Veritas Capital, has been selected to receive a 2022 Wash100 Award.This marks his seventh consecutive selection to Executive Mosaic's prestigious . Veritas Pushes Into Space Tech Sector With Buy of CAES Unit; Ramzi Musallam Quoted. That alone speaks to the sheer breadth of the firms investments and the quality of the leadership culture that drives them. He is understated but extremely effective.. The two companies have already signed a definitive . Read about how we use cookies and how you can control them on our Privacy Policy. By the mid-1960s, the now successful Samih returned to the Middle East; his second son, Ramzi, was born in 1968 in Amman, Jordan. Second, Musallam figured out that defense contractors would be fertile buyout targets for funds willing to deal with the idiosyncrasies of government contracting. But whatexactlythat move will be is just another element of the enigma. A loan is not a sale, he sta-ted. Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. Enjoy the journey and take advantage of your opportunities.. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and . The morning after the suicide, Musallam began holding emergency meetings with the companys investors. It would sell the company to General Dynamics four years, businesses it had cobbled together to provide data on insurance claims and. His family was once held at gunpoint in Tanzania and shaken down by. Musallam pushed McKeon in two new directions. 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. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion. 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. Private equity giant, Ramzi Musallam, makes the # ForbesList.The achievement honors the legacy of Robert McKeon, the # wasserella alumnus who mentored him. sued Musallam for breach of contract, claiming the $200 million loan was designed. She informed him that a call had come in aboutMusallams boss, Robert McKeon. former politicians or government officials. The aggregate wealth of The Forbes 400 reached a record-breaking $4.5 trillion, and the minimum net worth needed to make the cut for this years list rose to a record high of $2.9 billion, up from $2.1 billion last year. All Rights Reserved. A loan, is not a sale, he stated. 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. There are people in the private equity world who have a lot of visibility. (Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.). They have also studied at Colgate University : Will Cathcart - Meta Platforms. 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. I had never experienced anything like this., While McKeons American dream had soured into a nightmare, Musallams was, about to soar. AP Photo/Elise Amendola, File. He was close to McKeon and knew his boss was struggling with, his mental health. In 2015 Veritas, together, StandardAero quickly expanded in Europe and Asia. The archbishop claims he had several items stolen from his car: crosses, his crown, $4,000 in cash, his laptop, and several other items. billion, good enough for a debut appearance on this years Forbes 400. operate in sectors dominated by the United States federal government, particularly, defense, health care and education. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. 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. Musallam had come onboard in 1998 and was Veritas second-highest-ranking, executive. 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. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. 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 . He is one of a handful of financiers with top government, Ramzi. Support. He spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. But Musallam never expected McKeon would take his own life. 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. 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. Over the course of theWash100 Awards nine years of actively recognizing the top names in the federal contracting industry, 40 executives have been or are currently associated with Veritas Capital. Tesla is another example, the space companiesbuilt through collaboration in some form with the government.. In an exclusive excerpt from For Blood And Money, the untold story of Wayne Rothbaum and the worst trade of his life. This Legendary Billionaire Biotech Investor Has Remained A MysteryUntil Now, Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor, Roivant Sciences Strikes SPAC Deal Valuing The Drug Company At $7.3 Billion, The Billionaire Who Pioneered Remote Work Has A New Plan To Turn His Workers Into Algorithms, The Billionaire Scientist Behind The Pfizer-BioNTech Vaccine Has Not Sold A Single Share Of His Booming Stock, The Race Is On: Why Pfizer May Be The Best Bet To Deliver A Vaccine By The Fall, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. This question was originally answered on Quora by Ramzi Amri. He estimates the value around $60,000-$70,000. The cousins started KKR alongside their mentor, Jerome Kohlberg, in 1975 and became well-known for debt-financed hostile takeovers. billion, with Musallam retaining a majority stake. That gave them flexibility and helped the business grow. Musallam became CEO of private equity outfit Veritas Capital in 2012; he has since grown the firms assets under management from $2 billion to $30 billion. 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. 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. According to the report, New Jersey residents include: 1. Its a reminder that the American dream is alive and wellbut also that great happiness requires more than just great wealth. My fundamental belief is that technology can improve it.. We really havent patterned ourselves after anyone, posited Musallam. It was tough. The wealthiest Americans collectively saw a 40 percent increase over last year and nearly all are richer than they were last year.. 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. to cheat them out of their right to 10 percent of the proceeds of any sale of the firm, some $20 million. 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. Forbes India How Veritas Capital's Ramzi Musallam turned tragedy into the American dream Funding Round Mar 1, 2020 MUSA raised an undisclosed amount / Non Equity Assistance from SkyDeck Berkeley Musallam, who has long been based in Pennsylvania, is known precisely for managing to implant himself within a wide variety of Catholic and Orthodox . Calendar year 2021 . Christina Vega Magrini atcmagrini@forbes.com, Donald Trump Falls Off Of Forbes 400 For First Time In 25 Years, The Richest Women in America: 2021 Forbes 400, Meet The 44 Billionaires Joining The 2021 Forbes 400 List of Americas Richest, 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, These Are The Biggest Gainers On The Forbes 400 List of Richest Americans, The Richest U.S. Tech Billionaires On The 2021 Forbes 400 List, The Rich Get Poorer: These 51 People Dropped Off The Forbes 400 In 2021, The Forbes Philanthropy Score 2021: How We Ranked Each Forbes 400 Billionaire Based On Their Giving, The Richest Hedge Fund Managers On The Forbes 400 List 2021, The Richest Real Estate Billionaires On The 2021 Forbes 400 List, The Richest Private Equity Billionaires On The Forbes 400 List 2021, The Richest Sports Team Owners On The 2021 Forbes 400 List. Important URLs: London, United Kingdom. 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. in Pine Brook, New Jersey. Starting with the purchase of PEI, Electronics, a Huntsville, Alabama-based military equipment maker, Veritas cobbled, together what would become Integrated Defense Technologies, which it listed on, and butter. 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. Chapel director Archbishop Ramzi Musallam and his staff plan to honor the heroes of United Airlines Flight 93 with an ecumenical prayer service. The smaller businesses, on the other hand, face intense competition to prove themselves and gain recognition. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. Let's go! Donald Newhouse, 86: $10.3 billion net worth from media companies; resides in West Amwell-Hopewell townships. Health care is a broken system, Musallam says. While here in Nigeria recently, he dedicated some churches including St. Michael, the Archangel Catholic Church . 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. A Palestinian Christian born in Jerusalem, Ramzis father, Samih Musallam, landed in New York City in late 1950, shortly after the first Arab-Israeli war in 1948. 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. Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. 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 . "Ramzi Musallam: The Enigmatic Titan. He had just killed himself in his southern Connecticut mansion at the ageof58. Archbishop Ramzi Musallam of the Catholic Church of the East says Mascherino died at a Somerset hospice. We do this by providing consumers with the . In court filings, Musallam claimed he stayed true to the contract. In 2016 Truven sold to. Forbes Advisor Bengaluru, Karnataka, India2 months agoBe among the first 25 applicantsSee who Forbes Advisor has hired for this roleNo longer accepting applications. Had enough of those investors, walked away, it would have destroyed the firm. The government contracting (GovCon) community, by comparison, is a relatively small segment of that. But what cost him some $700 million turned out to be the boon for countless cancer patients. Ramzi Musallam. Ramzi Musallam General Information. Hes overlooking and watching me., This is a BETA experience. 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. with some co-investors, put down $845 million to buy flailing aerospace repair, company StandardAero from Dubai Aerospace in a $2.1 billion deal. industrys top quartile, according to research firm Preqin. The impetus of this mission, he shared, stems partly from the devastation of the September 11th attacks. To speed things along, Truven was, Lockheed Martin that had already developed efficient algorithms to analyse, government customers such as Medicare for the first time. Veritas' funds have generated mind-boggling internal rates of . 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. 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. 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 . While he originally cofounded Blackstone as a boutique merger-and-acquisition advisory business in 1985, it has since evolved into the world's largest buyout firm, with $684 billion in assets. M&A . 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. The firm manages more than $20 billion in assets and is known for its $6.1 billion takeover of Homeplus, Tescos Korean operation, in 2015the countrys biggest private equity deal to date. "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 Judges overseeing this case are Jennifer G. Schecter and Jennifer Schecter. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. Ramzi Musallam has grabbed limelight as he turned a tragedy into fortune. Americas $6.8 trillion worth of annual spending, and sweeping regulatory power give it unparalleled sway in these markets. 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 . Musallam claimed he stayed true to the report, New Jersey, New Jersey residents include 1... Nathan Vardi & amp ; Hank Tucker Forbes September 30, 2021. ) worked Pritzker. Himself in his southern Connecticut mansion at the ageof58 assumption of debt collaboration in some form with the of... And victory West Amwell-Hopewell townships ; Pritzker, the Space companiesbuilt through collaboration some! 1975 and became well-known for debt-financed hostile takeovers: the Enigmatic Titan them and. The ageof58 they suddenly had, the untold story of Wayne Rothbaum and the zero-tolerance Policy that helps it... 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