speaks to the press. He studied economics at Colgate University and started on Wall Street as a JPMorgan investment banker in 1990 before jumping two years later into private equity at a boutique firm, Berkshire Partners. (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. As this week's UAE-Bahrain-Israel deal noticeably lacked a Palestinian perspective, the popular Palestinian diaspora band provides one with their latest albumand it may just make you want to dance. $2.5 billion, according to our most recent tally. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. Musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds, one that taught him sensitivity and resilience. Copyrights Executive Mosaic - All Rights Reserved. Fifteen years ago, during the Sept. 11, 2001 . By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. Veritas Capital, the private equity firm McKeon had founded in 1992. This is a BETA experience. which top security clearances are requiredand mobile phones are banned. There are people in the private equity world who have a lot of visibility. The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. #20. Bachelor of Arts/Science, Colgate University; Master of Business Administration, University of Chicago Booth School of Business. He was, Health care is a broken system, Musallam says. Behdad Eghbali He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. Steve Barrie - he meant the statement by Met. 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. 2023 Forbes Media LLC. He had just killed himself in his southernConnecticut mansion at the age of 58. If you continue to use this site, you consent to our use of cookies. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion, more than tripling Veritas initial investment. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. His family was once held at gunpoint in Tanzania and shaken down by bandits on a dirt road. 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.. For most financiers, "government" is a four-letter word. We were homeschooled and learned through correspondence. Calendar year 2021 . 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. Forbes recently announced plans to go public through a business combination with Magnum Opus (NYSE: OPA), a special purpose acquisition company (SPAC), which is expected to close in Q4 of this year or Q1 of next year. Jane Edwards. former politicians or government officials. . Charles Lyons-Burt Understanding what those customers are trying to achieve, not today necessarily, but a year from now, five years from now, 10 years from now, is very important to us., Thats been the tack weve taken, and understanding the peculiar and idiosyncratic government market, understanding each agency and the procurement processes therein plays a big part in that, Musallam added, noting that the government is not a monolithic organization.. 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. He is the Founding Member of the Firm's first institutional fundraised in 1998. contracts. The Forbes 400 magazine issue features five consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. 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. 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. We have a zero-tolerance policy as it relates to questionable conduct, not only for ourselves, but also our portfolio companies, asserted Musallam. A loan is not a sale, he sta-ted. They have also studied at Colgate University : Will Cathcart - Meta Platforms. Supreme Court Spars In Religious Freedom Case, 47Soul Brings Palestinian Voices Back Into The Conversation With New Album, Semitics, Summer Is For ShortsDance Shorts, That Is, Lost Bullet: The New French Action Movie On Netflix, Close Out: Shiloh Industries (SHLO), June 9, 2020, With Handiss, Lebanon Joins The Freelance Revolution, Let Bombay Sapphire Gin Reawaken Your Creativity, Why SoftBank Invested $300 Million In Robotic Process Automation (RPA), New Docu-Series And Creative Agency Aims To Make Sustainable Fashion Stylish, Yes, Bananas Are Radioactive, And Yes, You Should Keep Eating Them Anyway, Why I Decided To Quit Medicine In Today's Healthcare Climate. 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. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. Alphonse Mascherino died Friday after a long battle with cancer. Musallam, a Jordanian immigrant, is CEO and managing partner of Veritas Capital and founding member of the firm's first institutional fund. London, United Kingdom. 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. Case Details Parties Documents Dockets. Read about how we use cookies and how you can control them on our Privacy Policy. About usGovernment Contracting FAQGuest Contributions2022 Events, Your Direct Source for Government Contracting News, In 2022, the GovCon landscape saw announcements and completions of merger-and-acquisition deals at privately held, publicly traded and private equity backed companies that sought to expand what they could offer to their federal customers. Ramzi Musallam, CEO of Veritas Capital since 2012. Had enough of those investors, walked away, it would have destroyed the firm. What Makes Some Forms Of Cancer Inoperable? Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teams, he explained. 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. 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. 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. 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. 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. While much of the world is recovering from the financial impact of the Covid-19 pandemic, the members of The Forbes 400 are doing better than ever. He studied economics at Colgate University and started, on Wall Street as a JPMorgan investment banker in 1990 before jumping two years, later into private equity at a boutique firm, Berkshire Partners. We're dedicated to helping turn aspirations into reality. Reflects change since 5 pm ET of prior trading day. We were, homeschooled and learned through correspondence. He is understated but extremely effective, says David Solomon, CEO of Goldman Sachs. They are effectively above the law.. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. His family was once held at gunpoint in Tanzania and shaken down by. Eghbali, meanwhile, cofounded Clearlake Capital in 2006, which became known for its high returns and now oversees some $24 billion in assets. - Expertly managed time to refine own design skills, and complete collection, during 2nd year of University study. Guest Contributions Years later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam and McKeons family. As Veritas continues its expansion, the GovCon world watches on for Musallams next move. Leader of the church Bishop Ramzi R. Musallam, whose orthodox name is Bishop Elias, wants the new church to have a positive impact on the community, which includes a program that provides housing in apartments and single family homes for those in need. He was 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. This February, the family sued Musallam for breach of contract, claiming the $200 million loan was designed to cheat them out of their right to 10% of the proceeds of any sale of the firm, some $20 million. Google, Apple, a lot of what is on, your iPhone. With some $77 billion in assets, Vista is one of the best-performing private equity firms, posting annualized returns of 22% since inception. 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. The Forbes 400 magazine issue featuresfive consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . It was just so devastating, Musallam says. Important URLs: 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. To buy one company each week, Joe Liemandt has ordered managers of his 2,500 remote workers to design work unitsspecialized tasks that workers can perform over and over, as if they were on an old-fashioned auto factory assembly line. 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. 2. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. The deal valued Veritas at $6.2. While here in Nigeria recently, he dedicated some churches including St. Michael, the Archangel Catholic Church . 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. The morning after the suicide, Musallam began holding emergency meetings with the companys investors. This February, the family, While dealing with McKeons family, Musallam worked from a desk near a large, He did what you hear and read abouthe took the boat to New York, Musallam, Get the latest stories, videos, and podcasts from Forbes India directly in your inbox every Saturday. 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. Investment without talented and driven people doesnt get you anywhere, he said. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. Enjoy the journey and take advantage of your opportunities.. 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. 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. 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. In an exclusive excerpt from For Blood And Money, the untold story of Wayne Rothbaum and the worst trade of his life. Those that gave away less than 1 percent of their wealth rose from 127 to 156. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. October 13, 2022. My father built a business when he came to this country, my brother has built a number of technology companies, and so I try to bring that entrepreneurial mindset to the firm.. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. She informed him that a call had come in aboutMusallams boss, Robert McKeon. Forbes Advisor is looking to hire a DevSecOps Lead. 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. 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 . Through sheer will, McKeon had worked himself up from the, streets of the Bronx, where his father was a Drakes Cakes delivery man supporting, had worked together. Instead, Musallam persuaded them to bet on him. In his past career Ramzi M. Musallam occupied the position of Principal at JPMorgan Chase & Co. and Analyst at Chemical Bank (New York) (a subsidiary of JPMorgan Chase & Co.), Principal at Pritzker . Having developed a way to trim, By 2019 Veritas was humming, with all five of its buyout funds performing in the, Unfortunately, the Dyal deal upset Robert McKeons heirs. 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. Years, later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam, But these manoeuvres laid the foundation for a stunning, 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 percent. It was tough. Americas $6.8 trillion worth of annual spending and sweeping regulatory power give it unparalleled sway in these markets. StandardAero quickly expanded in Europe and Asia. It would sell the company to General Dynamics four years, businesses it had cobbled together to provide data on insurance claims and. Following its premier at the UN General Assembly in New York, a new docu-series about sustainable fashion by creative agency Fashion 4 Change is hoping to go mainstream. Atherton Research's Principal Analyst and Futurist Jean Baptiste "Jeb" Su looks back at why robotic process automation (RPA) is the next revolution in the enterprise business process automation industry and a key pillar to digital transformation. Important URLs: Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . Veritas . That gave them flexibility, and helped the business grow. He had just killed himself in his southern Connecticut mansion at the ageof58. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. ExecutiveBiz follows the executive-level business activity that drives the government contracting industry. McKeons death tripped Veritas key-person provision, giving investors the right to walk away, destroying the firm. 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. We really havent patterned ourselves after anyone, posited Musallam. Fifty-one people dropped off since last years list, including former president Donald Trump, media mogul Oprah Winfrey and Boston Beer cofounder Jim Koch. 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. When one looked particularly promising, McKeon would take a cue from, Bruce Wasserstein and grab more of the riches for himself. Read the rest at the linked site. 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. The funding was raised in two months after Veritas' first engagement with investors was oversubscribed. company and the three general partnerships associated with its existing funds. 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. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. Forbes Advisor is a new initiative for consumers under the Forbes Marketplace umbrella that provides . At 53, Musallam finds himself worth an estimated $4. The case status is Disposed - Dismissed. Veritas would dip its toe into these waters in 2007 by buying its first health care IT, services firm, Vangent. Veritas invests in technology-focused companies and is guided by an overarching mission of leveraging technology to effect positive change in three critical areas that impact each and every one healthcare, education and national security. 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. Ramzi Musallam, Veritas Capital CEO and Managing Partner, Named to 2021 Wash100 for Securing Multibillion-Dollar Acquisitions; Driving Significant Company Growth William McCormick March 16, 2021 The great melting and eventual sinking: Have we reached the point of no return? In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. Acquiring two public companies in quick succession is on Veritas Capital's immediate agenda as the firm also now has a $1.8 billion fund to work with for opportunities of smaller sizes. 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