Ramzi Musallam has grabbed limelight as he turned a tragedy into fortune. Stephen Burke - JPMorgan Chase. I am a senior editor at Forbes who likes digging into Wall Street, hedge funds and private equity firms, looking for both the good and the bad. Archbishop Ramzi Musallam of the Catholic Church of the East says Mascherino died at a Somerset hospice. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. 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. 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. . "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 . His family was once held at gunpoint in Tanzania and shaken down by. I dont get stressed, Musallam says. By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. But if you have a strategy without teams who can obviously execute against that, you dont really have anything.. That gave them flexibility and helped the business grow. The Judges overseeing this case are Jennifer G. Schecter and Jennifer Schecter. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Defense deals would become Veritas bread and butter. He spends a lot of time sitting through briefings in sensitive compartmented information facilities (SCIFs) set up by the military, for which top security clearances are requiredand mobile phones are banned. Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. 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. 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 addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. It was just so devastating, Musallam says. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. 4534. We would do an assignment and my mom would mail it in.. There are people in the private equity world who have a lot of visibility. industrys top quartile, according to research firm Preqin. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. Keeping their place at the top of this market, though, will require Musallam and Veritas to continually adjust, center around agility and stay one step ahead of their competitors. The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. 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. 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. 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. 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., first turned on to the idea of a governmentprivate sector partnership involving, health care IT through conversations with Kerry Weems, who headed Medicare in, George W Bushs administration. He estimates the value around $60,000-$70,000. He did what you hear and read abouthe took the boat to New York, Musallam says. Ramzi Musallam, Veritas Capital CEO & Managing Partner, Receives 2022 Wash100 Recognition for Asset Growth Strategy and Fund Management Leadership . Ramzi Musallam, CEO of Veritas Capital since 2012. 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, $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. (Musallam knew aerospace well, given that Veritas had formerly owned Vertex Aerospace, a StandardAero, the time required to repair jet engines, it was soon winning new government. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . The fortunes of Americas richest private equity tycoons have risen in tandem. 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.. by-deal basis from a network of CEOs, including Chevrons George Keller and Fords, Harold Red Poling. Veritas Capital is at the center of the government contracting world with the investment companys stake in several different major government technology companies, includingPeraton andGuidehouse. We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Tesla is another example, the space companiesbuilt through collaboration in some form with the government.. Years later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam and McKeons family. Absent Musallams efforts to get investor buy-ins, the, whole firm would have collapsed, so his negotiating position with the family was, exchange for 10 percent of the proceeds of any future sale of its management. 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. 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. 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. If the Supreme Court adopts the governments position, government officials can violate theConstitutionwithout consequence. To visit our Archives, click here. Americas +1 212 318 2000. Donald Trumps real net worth? 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. In 2012, Musallam approached information giant Thomson Reuters about buying the businesses it had cobbled together to provide data on insurance claims and health care expenditures to hospitals and insurance companies. 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. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. 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. 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. McKeons death tripped Veritas key-person provision, giving the firms investors the right to stop providing capital for new deals. 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. McKeon had run Wasserstein Perellas successful private equity arm and had grown tired of funneling most of his units profits to Bruce Wasserstein. Private equity tycoons (from left) Leon Black, Henry Kravis and Orlando Bravo. In 2021 alone, Musallam spearheaded 10 acquisitions with an aggregate transaction value of $21 billion. Ramzi Musallam, CEO and Managing Partner, Veritas Capital R amzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. We got 100% approval from our investor base, which nobody thought we could get., 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. By January 2013, McKeons family agreed to transfer ownership of Veri-tas in exchange for 10% of the proceeds of any future sale of its management company and the three general partnerships associated with its existing funds. Why did you quit medicine? In 2016 Truven sold to IBM for $2.6 billion, making Veritas 3.2 times its original investment. It would sell the company to General Dynamics four years, businesses it had cobbled together to provide data on insurance claims and. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. billion, with Musallam retaining a majority stake. All Rights Reserved. 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. He personally made. He spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. Mr. Musallam is the CEO and Managing Partner of Veritas Capital as well as a Founding Member of the Firm's first institutional fund raised in 1998. It was tough. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. About us In 2016 Truven sold to. Its a reminder that the, American dream is alive and wellbut also that great happiness requires more than, says. He is also Manager for Pgsi Manager LLC and Managing Member at Pgsi Holdings LLC and on the board of 21 other companies. Naomi Cooper. Weve been fortunate to align ourselves with folks in the government technology market who are exceptional. 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. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 3, 2021. I believe we are unique in what we do and how we approach it. Veritas has dispersed $12 billion to its investors since Musallam took . Net worth = $3.3 billion. Today, that same mission-focused approach still steers Veritas investment strategy, which has set the firm apart from its competitors. 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. For most financiers, "government" is a four-letter word. in Pine Brook, New Jersey. 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. After his close friend was killed that day, on the historic flight from Boston, Musallam was galvanized to make a difference in the world and serve as a steward of national assets. He was a force of nature. 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. We were homeschooled and learned through correspondence. 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. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . The funding was raised in two months after Veritas' first engagement with investors was oversubscribed. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. At the end of the day, we view ourselves as custodians of national assets, and we want to make sure we conduct ourselves as such. For most financiers, "government" is a four-letter word. The archbishop claims he had several items stolen from his car: crosses, his crown, $4,000 in cash, his laptop, and several other items. But private equity billionaire Ramzi Musallam has . He rarely speaks to the press. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. Bombay Sapphire, one of the storied names in the gin industry has embraced gins inherent creativity to launch a new marketing campaign called #FindYourCanvas. For the complete Forbes 400 ranking, methodology and more, visit: www.forbes.com/forbes-400/. Click here to know more. It was a complete victory for Musallam: The firm would remain in business with him as its majority owner and CEO. Instead, Musallam, persuaded them to bet on him. He is one of a handful of financiers with top government, Ramzi. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. There was no real precedent for this, Musallam says. Having developed a way to trim the time required to repair jet engines, it was soon winning new government contracts. Veritas would dip its toe into these waters in 2007 by buying its first health care IT services firm, Vangent. In Forbes' recently published list of 12 billionaires, . Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. Calendar year 2021 . He was, Health care is a broken system, Musallam says. His first night at the YMCA, all his belongings were stolen. Black, who still owns 23% of Apollo, left the private equity giant in March 2021 after a board investigation found he had paid $158 million in fees to Jeffrey Epstein, the deceased financier who was charged with sex trafficking in 2019. Innovation can't be like Brownian motion: Ashish Khushu, CTO, LTTS, Padcare Labs: Solving sanitary napkins disposal conundrum, one bin-full at a time, Glamping the great outdoors in uber luxury, Rohan Verma at MapMyIndia on the consumer hardware opportunity in navigation and connected vehicles, From Allcargo's puzzle to Ronnie Screwvala's leadership mantras, here are our most-read stories of the week, Fashion courts K-Pop and its fans at Milan Fashion Week shows, How Veritas Capital's Ramzi Musallam turned tragedy into the American dream. Read the rest at the linked site. BeyondTrusts revenue swelled, growing 20% a year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. Sign Up Now! His family was once held at gunpoint in Tanzania and shaken down by 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 player in the global economy will do next. StandardAero quickly expanded in Europe and Asia. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion. 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. GovCon Wire is always on top of the most recent contracting sector activity and is updated in real time as the news breaks. The two companies have already signed a definitive . We have consistently focused on that mission, and meaningfully so, through significant investments in people, research and development and business development, Musallam told Executive Mosaic. Unfortunately, the Dyal deal upset Robert McKeons heirs. While McKeons American dream had soured into a nightmare, Musallams was about to soar. Musallam had come onboard in 1998 and was Veritas second-highest-ranking, executive. The great melting and eventual sinking: Have we reached the point of no return? America's $6.8 trillion worth of annual spending and sweeping regulatory . Reflects change since 5 pm ET of prior trading day. 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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. The government marketplace is not for the faint of heart, Musallam said. A lot of the businesses that were very familiar with have gotten their start through government-funded customer R&D programs. The acquisition comes in the same week that Peraton announced plans to acquire Perspecta for $7.1 billion. $350 million just from DynCorp, a military contractor that was sold in 2010. First, he helped convince McKeon to move beyond his deal-by-deal approach and raise private equity funds from institutional investors that would lock up cash for years. 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. Guest Contributions She . But what cost him some $700 million turned out to be the boon for countless cancer patients. In leading the 13 companies and 70,000 team members existent in Veritas private equity portfolio, Musallam takes seriously the sizable receipt of federal funds and the responsibilities that come with that privilege. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. Veritas' funds have generated mind-boggling internal rates of . Part of the firms strategy for accomplishing this goal is fostering, and in some ways, requiring collaboration among its portfolio companies, which are often situated in the same competitive markets. There are people in the private equity world who have a lot of visibility. Nathan Vardi & Hank Tucker Forbes September 30, 2021. Not far behind are two cofounders of private equity giant Kohlberg Kravis & Roberts (KKR): George Roberts and Henry Kravis, worth $9 billion and $8.5 billion, respectively. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. - Expertly managed time to refine own design skills, and complete collection, during 2nd year of University study. 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. Forbes Advisor is a new initiative for consumers under the Forbes Marketplace umbrella that provides journalist- and expert-written insights, news and reviews on all things personal finance. 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. Bachelor of Arts/Science, Colgate University; Master of Business Administration, University of Chicago Booth School of Business. We really havent patterned ourselves after anyone, posited Musallam. Equity Partners and Clayton, Dubilier & Rice. 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. Americas $6.8 trillion worth of annual spending, and sweeping regulatory power give it unparalleled sway in these markets. Now he's gunning for it. The deal valued Veritas at $6.2 billion, with Musallam retaining a majority stake. 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. sued Musallam for breach of contract, claiming the $200 million loan was designed. While here in Nigeria recently, he dedicated some churches including St. Michael, the Archangel Catholic Church . 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. Enjoy the journey and take advantage of your opportunities.. Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. 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. Second, Musallam figured out that defense, contractors would be fertile buyout targets for funds willing to deal with the, idiosyncrasies of government contracting. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. 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. He is understated but extremely effective.. 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. Google, Apple, a lot of what is on, your iPhone. Bernard Arnault celebrated first rank by purchasing a unique property . Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. 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. 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. 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. NEW YORK October 5, 2021 Forbes today released its 40th annual Forbes 400 list, the definitive ranking of the wealthiest people in America. We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Had enough of those investors walked away, it would have destroyed the firm. Despite the uncertainty and the ever-changing market economy, the 2021 Forbes 400 shows that Americas wealthiest have grown far richer, said Kerry A. Dolan, Assistant Managing Editor, Wealth at Forbes. Veritas Capital, the private equity firm McKeon had founded in 1992. (This story appears in the 19 November, 2021 issue of Forbes India. With Handiss, a talent marketplace for construction professionals, Lebanon joins the freelance revolution. Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. ExecutiveBiz follows the executive-level business activity that drives the government contracting industry. Why is late stage cancer rarely operable? Currently, Ramzi M. Musallam is Chief Executive Officer & Managing Partner at Veritas Capital Fund Management LLC, Chairman for Truven Holding Corp. and President for Atlas Merger Subsidiary, Inc. Mr. Musallam is also Manager of Pgsi Manager LLC and Managing Member at Pgsi Holdings LLC and on the board of 21 other companies. Chief Executive Officer & Managing Partner. In this piece, Forbes presents private equity billionaire Ramzi Musallam and mentions that the most reliable data on private equity stems from HEC Paris Business School professor Oliver Gottschalg. M&A . amzi Musallam returned to his desk after a quick trip to the bathroom onSeptember 10, 2012, tofind his assistant visibly shaken. More than 40 winners of Executive Mosaics prestigiousWash100 Award which annually recognizes an elite class of the top 100 executives across the federal landscape are or have been affiliated with Veritas throughout the awards nine-year history. Forbes Medias brand extensions include real estate, education and financial services license agreements. I had never experienced anything like this.. 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. Instead, Musallam persuaded them to bet on him. 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. - Produced sell-out designs for collection, resulting in enormous . Ramzi Musallam is a Chief Executive Officer at Veritas Capital based in New York City, New York. multiples of what the entire venture capital community investsdozens of different, federal agencies investing directly into companies, Musallam says. 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. 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. At 53, Musallam finds himself worth an estimated $4 billion, good enough for a debut appearance on this years Forbes 400. 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