Ramzi Musallam, Veritas Capital CEO and managing partner, built the multi-strategy investment firm into a private equity and GovCon powerhouse through bold acquisitions of companies at the intersection of government and technology. Veritas Capital, through Musallam’s leadership, helped build Peraton, Cubic and Guidehouse into some of the most influential and well-known companies in government contracting.
A 10-time winner of the coveted Wash100 Award, Musallam placed No. 116 in the Forbes 400 wealthiest Americans for 2024 with a reported net worth of $9.2 billion. Musallam is world-renowned for targeting paradigm-shifting opportunities and companies with cutting-edge technologies. He developed Veritas into an organization with more than $50 billion in assets under management. Learn more about Musallam in his exclusive interview with GovCon Wire in 2022.
Veritas’ investments that reshape and modernize sectors critical to GovCon like national security and education always make big headlines. So what has Musallam and Veritas been up to recently? Let’s dive in.
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Veritas Exceeds Target for Ninth Flagship Offering
Musallam and Veritas in June landed more than $13 billion in investment for the firm’s ninth flagship offering, Veritas Capital Fund IX, well surpassing its $10 billion target, according to Buyouts. This also could be the largest fundraising round in the company’s history as it is 25 percent more than the $10.7 billion raised by Veritas Capital in 2022.
Musallam’s fundraising prowess is even more impressive considering total fundraising in North America hit a seven-year low in the first quarter of 2025. Veritas Capital Fund IX will perform control equity investments in large and upper mid-market firms with values ranging from $500 million to $6 billion that provide products and services to the federal government.
Veritas Capital Planning New Education Merger?
Two companies in Veritas’ education portfolio, Cambium Learning Group and Houghton Mifflin Harcourt, could merge, Bloomberg reported in March. Veritas Capital acquired Cambium in 2018 and HMH in 2022.
Veritas’ purchase of Houghton Mifflin Harcourt, which provides textbooks and other reference materials, valued the firm at roughly $2.8 billion. Cambium Learning Group develops computer software and hardware products for education customers.
Veritas Capital Fund IX Attracts Israeli Investment
Veritas Capital Fund IX has attracted strong investment from Israeli firms, who have contributed roughly $424 million, CTech reported in May. Veritas at the end of 2024 raised roughly $282 from Israeli organizations, including $100 million from Clal Insurance, $60 million from Migdal Insurance and $50 million from Menora Mivtachim.
CTech called Veritas’ fundraising from Israel the “most substantial” of any worldwide market in which the fund is active. CTech attributes the popularity of Veritas Capital Fund IX in Israel to U.S. market volatility from U.S. President Donald Trump’s trade war rolling over into alternative investments, such as defense technology.
Veritas Rumored for Data Firm Acquisition
Vertias was rumored to be in discussions to acquire Dun & Bradstreet Holdings, a major Wall Street business intelligence data company, Bloomberg reported in February. The deal would value Dun & Bradstreet at or near $5.4 billion.
Dun & Bradstreet is attractive to Veritas because it offers products and services in financial and risk analysis, operations and supply, and insights and research into global business issues. It also serves customers in government and highly-regulated industries such as communications, financial services and manufacturing.
Veritas Acquires NCR Voyix Unit
Veritas in August 2024 struck a deal to pay $2.5 billion for NCR Voyix Corp., a cloud-based digital banking business firm, according to Bloomberg. Veritas also put up a future additional contingent consideration of up to $100 million for the division, which had been soliciting interest from private equity and industry.
The digital banking platform is the largest in its field in the U.S. and had revenues of $579 million in 2023. It serves more than 1,300 leading financial institutions and over 20 million regular users.
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