Veritas Capital, a prominent technology investor, has successfully closed its ninth flagship fund, The Veritas Capital Fund IX, amassing $14.4 billion in capital commitments. This significant achievement occurred despite a challenging private equity fundraising environment, underscoring strong investor confidence in Veritas’s strategic approach. The fund’s success surpasses its initial target of $13 billion and represents a substantial increase from its predecessor, Fund VIII.
Veritas Capital’s Fund IX closed at a hard cap of $14.4 billion, significantly oversubscribed and surpassing its initial target of $13 billion. This achievement marks a 35% increase compared to Fund VIII, which closed at $10.7 billion in 2022. With the successful close of Fund IX, Veritas now manages over $54 billion in assets across its various strategies, solidifying its position as a leading investor in the technology sector.
Ramzi Musallam, CEO and Managing Partner of Veritas, expressed pride in the team and the enduring partnerships that enabled this milestone. He noted that in a challenging fundraising market, the strong demand for Fund IX serves as a clear endorsement of the firm’s strategy and platform. The fund is poised to expand Veritas’s impact and fuel innovation in critical areas.
Fund IX will advance Veritas’s strategy of investing in essential, resilient businesses within highly regulated markets that are undergoing profound transformation. The firm targets sectors experiencing secular growth, driven by advancements in software, data, and artificial intelligence. Veritas’s investment thesis centers on companies providing mission-critical products, services, and software, primarily technology and technology-enabled solutions, to government and commercial customers worldwide.
Key sectors of focus include aerospace & defense, national security, healthcare, education, infrastructure, energy, and financial technology. Veritas prioritizes industries where demand is propelled by regulation, public policy, and long-term innovation priorities, rather than short-term economic cycles.
Since the close of Fund IX, Veritas has actively deployed capital across both its Flagship and Vantage strategies. The Flagship strategy recently saw the acquisition of GHX, a leader in healthcare supply chain software and data-driven solutions, which included significant co-investment from global institutional partners. Through its Vantage strategy, focused on the large, fragmented middle market, Veritas acquired MetroStar, an AI-enabled digital transformation provider serving U.S. defense and national security agencies.
Veritas-backed companies have also achieved notable successes. Peraton, a portfolio company, was awarded a multi-billion-dollar contract to support a White House-led initiative aimed at modernizing the U.S. Federal Aviation Administration’s air traffic control systems.
Veritas Capital has consistently received industry accolades. The firm has ranked among the top ten private equity firms globally in the HEC-Dow Jones Large Buyout Performance Ranking for four consecutive years. Additionally, it was recognized as America’s top-performing buyout firm by Preqin in 2023. Ramzi Musallam has also been named a Wash100 Award recipient for eleven consecutive years, acknowledging his leadership in the government and technology ecosystem.