Ramzi Musallam, CEO of Veritas Capital since 2012. He persevered, eventually earning, a civil engineering degree from the University of Missouri before settlingand, prosperingin Effingham, Illinois. 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. In January, Veritas was listed as the private equity, industrys fourth-best-performing firm by the closely followed HECDow Jones, ranking (see Best in Buyouts), ahead of high-flying firms like Thoma Bravo, Vista. 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, Meet The 44 Newcomers Joining The Forbes 400 List Of America's Richest People, The Richest Women In America: 2021 Forbes 400, 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. Jan 2010 - Apr 20104 months. He also cut a deal with McKeons family that would transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. But private equity billionaire Ramzi Musallam has . 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. For most financiers, "government" is a four-letter word. Chief Executive Officer & Managing Partner. Since our last review on March 5, shares of SHLO have dropped another 56%. Thepackage also includes a look atjust how philanthropic Americas richest are. Google, Apple, a lot of what is on, your iPhone. Its a reminder that the, American dream is alive and wellbut also that great happiness requires more than, says. Today, that same mission-focused approach still steers Veritas investment strategy, which has set the firm apart from its competitors. To use social login you have to agree with the storage and handling of your data by this website. 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. I thought it was normal, he says. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. Musallam had six months before the investor spigot would turn off. Why did you quit medicine? Instead, Musallam prefers to tap into, decades of relationships. There was no iPad. M&A . Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. At 38, Robert McKeon was a Wall Street wunderkind doing big deals at Wasserstein Perella, such as a reported $300 million buyout of makeup company Maybelline in 1990. speaks to the press. 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. 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. There was no real precedent for this, Musallam says. 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. A loan is not a sale, he sta-ted. Starting with the purchase of PEI Electronics, a Huntsville, Alabamabased military equipment maker, Veritas cobbled together what would become Integrated Defense Technologies, which it listed on the New York Stock Exchange in 2002. 2. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and . This is a BETA experience. Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. Musallam had just raised $1.9 billion for Veritas first new fund under his watch and wagered a big chunk of it on the Scottsdale, Arizona, company. 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. Only eight members of the Forbes 400 have given away more than 20 percent of their net worth in their lifetime. It began selling its services to, Veritas is the rare government-focussed buyout shop that does not hire prominent, The US government is the largest single investor in technology, bar none, by, Musallam has kept one foot firmly in the defense arena. 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. to cheat them out of their right to 10 percent of the proceeds of any sale of the firm, some $20 million. bandits on a dirt road. 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. Case Details Parties Documents Dockets. On 02/17/2021 Matthew J McKeon filed an Other lawsuit against Ramzi Musallam. We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. Instead, Musallam, persuaded them to bet on him. sued Musallam for breach of contract, claiming the $200 million loan was designed. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. Forbes Advisor Bengaluru, Karnataka, India2 months agoBe among the first 25 applicantsSee who Forbes Advisor has hired for this roleNo longer accepting applications. funneling most of his units profits to Bruce Wasserstein. He returned to the office to devise a plan to stave off the collapse of. 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. London, United Kingdom. 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. 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. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. It began selling its services to government customers such as Medicare for the first time. That is not Ramzi. 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. Veritas Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. We got, 100 percent approval from our investor base, which nobody thought we could get., his brothers and established for the benefit of his four children, to transfer McKeons, Veritas ownership to him. Veritas Capital announced on Wednesday that it has finished fundraising for The Veritas Capital Vantage Fund, closing its hard cap with a total of $1.8 billion of committed capital. GovCon Wire is always on top of the most recent contracting sector activity and is updated in real time as the news breaks. contracts. 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. It was tough. Acquiring two public companies in quick succession is on Veritas Capital's immediate agenda as the firm also now has a $1.8 billion fund to work with for opportunities of smaller sizes. Musallam kemudian juga tampil di Forbes 400 pada tahun ini, dengan nilai kekayaan sekitar US$ 4 miliar. 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. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . StandardAero quickly expanded in Europe and Asia. Let's go! Important URLs: Regarding Veritas and its portfolio organizations responsive approach to the governments needs, Musallam said: Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teamsUnderstanding 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.. Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and education. 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. He has quietly built an extremely valuable business being at the intersection of government-regulated markets and technology, which is rare for private equity.. 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