ARCHBISHOP Ramzi Musallam is the spiritual head of the Catholic Church of the East. We make our companies collaborate, Musallam says. The 2021 list features 44 newcomers, including: Melinda French Gates, co-chair of the Bill & Melinda Gates Foundation; bitcoin billionaires Cameron and Tyler Winklevoss; Noubar Afeyan, cofounder of the Covid-19 vaccine maker Moderna, among others. We were, homeschooled and learned through correspondence. 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 While we are a financial firm and a private equity investor, we view ourselves and, quite frankly, are viewed by many as astrategicinvestor in the marketplace because we have all these companies who are engaged in a similar ecosystem, Musallam explained. multiples of what the entire venture capital community investsdozens of different, federal agencies investing directly into companies, Musallam says. 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. He is one of a handful of financiers with top government, Ramzi. 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. We have a zero-tolerance policy as it relates to questionable conduct, not only for ourselves, but also our portfolio companies., Visit GovConWire, one of the three publications of Executive Mosaic, to fully explore Musallams business outlook and career accomplishments in Summer Myatts feature interview with the Veritas CEO, Ramzi Musallam: The Enigmatic Titan.. NEW YORK October 5, 2021 Forbes today released its 40th annual Forbes 400 list, the definitive ranking of the wealthiest people in America. ExecutiveBiz provides you with Daily Updates and News Briefings about Technology, Executive MosaicGovconinterviewRamzi MusallamVeritas Capital, Receive Daily News Briefing And Event Updates Straight to Your Inbox. To use social login you have to agree with the storage and handling of your data by this website. London, United Kingdom. Its a reminder that the American dream is alive and wellbut also that great happiness requires more than just great wealth. The two companies have already signed a definitive . Christina Vega Magrini atcmagrini@forbes.com, Donald Trump Falls Off Of Forbes 400 For First Time In 25 Years, The Richest Women in America: 2021 Forbes 400, Meet The 44 Billionaires Joining The 2021 Forbes 400 List of Americas Richest, 15 Under 40: The Youngest Billionaires On The 2021 Forbes 400, These Are The Biggest Gainers On The Forbes 400 List of Richest Americans, The Richest U.S. Tech Billionaires On The 2021 Forbes 400 List, The Rich Get Poorer: These 51 People Dropped Off The Forbes 400 In 2021, The Forbes Philanthropy Score 2021: How We Ranked Each Forbes 400 Billionaire Based On Their Giving, The Richest Hedge Fund Managers On The Forbes 400 List 2021, The Richest Real Estate Billionaires On The 2021 Forbes 400 List, The Richest Private Equity Billionaires On The Forbes 400 List 2021, The Richest Sports Team Owners On The 2021 Forbes 400 List. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. He has quietly built an extremely valuable business being at the, intersection of government-regulated markets and technology, which is rare for, New York City in late 1950, shortly after the first Arab-Israeli war in 1948. sued Musallam for breach of contract, claiming the $200 million loan was designed. As the son of a civil engineer for the U.S. Army Corps of Engineers, Musallam grew up in emerging markets around the world, and he attributes much of his enterprising approach to his family. Summary. He also cut a deal with McKeons family that would, transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. Bombay Sapphire, one of the storied names in the gin industry has embraced gins inherent creativity to launch a new marketing campaign called #FindYourCanvas. M&A . On a more personal level, looking past the challenges of business, the intricacies of government and the volatility of the market, Musallam prioritizes enjoying the journey. Private equity giant, Ramzi Musallam, makes the # ForbesList.The achievement honors the legacy of Robert McKeon, the # wasserella alumnus who mentored him. At 53, Musallam finds himself worth an estimated $4 billion, good enough for a debut appearance on this years Forbes 400. Continuing reading below for Executive Mosaic editorial teams rundown of transactions and insights from industry executives who helped steward the markets, A Veritas Capital affiliate has bought Chromalloy parent company Sequa from Carlyle (Nasdaq: CG) in a move aimed at expanding the New York-based technology investors portfolio with aftermarket services for aviation, energy and defense customers. He has quietly built an extremely valuable business being at the intersection of government-regulated markets and technology, which is rare for private equity.. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. This Legendary Billionaire Biotech Investor Has Remained A MysteryUntil Now, Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor, Roivant Sciences Strikes SPAC Deal Valuing The Drug Company At $7.3 Billion, The Billionaire Who Pioneered Remote Work Has A New Plan To Turn His Workers Into Algorithms, The Billionaire Scientist Behind The Pfizer-BioNTech Vaccine Has Not Sold A Single Share Of His Booming Stock, The Race Is On: Why Pfizer May Be The Best Bet To Deliver A Vaccine By The Fall, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . 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. I cover wealth management, money and markets. Covids Forgotten Hero: The Untold Story Of The Scientist Whose Breakthrough Made The Vaccines Possible. 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. 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. 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. The McKeons' lawsuit, filed in New York state court on Wednesday, says Veritas CEO Ramzi Musallam, managing partner Hugh Evans and partner Benjamin Polk structured the deal in a way that meant . This is a BETA experience. 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 funds have lost money on only a single, investment ($87 million on a solar panel company in New Mexico), and since, Musallam took over, Veritas has distributed, $12 billion to its investors. Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. But whatexactlythat move will be is just another element of the enigma. 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. 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. . America's $6.8 trillion worth of annual spending and sweeping regulatory . In court filings, Musallam claimed he stayed true to the contract. "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." . Stephen Burke - JPMorgan Chase. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. He did what you hear and read abouthe took the boat to New York, Musallam says. Reflects change since 5 pm ET of prior trading day. "Ramzi Musallam: The Enigmatic Titan. The fortunes of Americas richest private equity tycoons have risen in tandem. My fundamental belief is that technology can improve it.. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. In October 2020, Musallam agreed to sell 11.8, percent of Veritas to Dyal for $725 million in cash, plus a $200 million sweetener in, the form of a loan to Veritas, which created a windfall for Musallam and his Veritas, partners, who pocketed most of the proceeds. 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. In 2014, Musallam bought a busted security startup called BeyondTrust, putting up $145 million of equity in a $310 million buyout. All Rights Reserved. The estimated Net Worth of Adebayo O. Ogunlesi is at least $31.1 Million dollars as of 19 May 2022. 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. The U.S. government is a behemoth, sprawling across a myriad of agencies, departments and organizations. Read about how we use cookies and how you can control them on our Privacy Policy. 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. We were homeschooled and learned through correspondence. I thought it was normal, he says. Donald Newhouse, 86: $10.3 billion net worth from media companies; resides in West Amwell-Hopewell townships. In this time of pandemic induced quarantine and shutdown I have, much to my surprise, found myself going down the rabbit-hole of dance on film and finding particular pleasure in watching short dance films. From the large infrastructure projects that the government is investing into, Egypt is on a new path of vast growth. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. For most financiers, government is a four-letter word. billion, with Musallam retaining a majority stake. Contact Us, 2022 Copyrights Executive Mosaic - All Rights Reserved. Through sheer will, McKeon had worked himself up from the streets of the Bronx, where his father was a Drakes Cakes delivery man supporting seven children, to the upper echelons of finance. Staying in line with Executive Mosaics dedication to covering all angles of GovCon, ExecutiveBiz also helps paint a more complete picture of the government contracting industry by featuring medium-sized business news and significant state and foreign contracting developments. 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. But what cost him some $700 million turned out to be the boon for countless cancer patients. The Veritas Capital's assets have grown from US$2 billion in 2012 to US$36 billion as of FY2021. to government because government is at the forefront of all the complexities and issues that confront us," said Musallam, who was featured in the Forbes 400 list for 2021. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. October 13, 2022. It was just so devastating, Musallam says. which top security clearances are requiredand mobile phones are banned. Veritas Capital is a New York-based private-equity firm founded in 1992 that invests in companies providing critical products and services, primarily technology-enabled products and services, to government and commercial customers worldwide. 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. Simultaneously, the great, bull market had outside investors lining up to own stakes in Wall Streets most, successful firms, and in 2020, New Yorkbased Dyal Capital approached Musallam, to buy a stake in the business. # wasserella alumnus who mentored him. Musallam, who has long been based in Pennsylvania, is known precisely for managing to implant himself within a wide variety of Catholic and Orthodox . I was very focused because I knew in my heart that we had a tremendous opportunity., He traveled across America to meet with Veritas investors, ultimately convincing every one of them to stick with him and his team, partly by cutting Veritas management fees. Musallam has kept one foot firmly in the defense arena. The great melting and eventual sinking: Have we reached the point of no return? The Rev. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. the New York-based private equity firmsstrategy, Venus Aerospace Announces Series A Funding Round for Hypersonic Aircraft, Virgin Galactic, Italian Space Agency Ink Letter of Intent for Suborbital Research Flight, Former Air Force AETC Commander Edward Rice Joins L3Harris Board; Christopher Kubasik Quoted, DOE Opens Solicitation for Hanford Site Occupational Medical Services Recompete, SAIC Awarded $102M to Continue Heavyweight Torpedo Support for U.S., Foreign Navies, Changing the Culture Around Innovation is Key to Armys Successful Future, Says Lt. Gen. 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Stephen Whiting on National Security Impacts in Space Domain, Boeing, Raytheon Among 11 Grantees of Advanced Robotics for Manufacturing Institute, Pentagon Declares $2B in Additional Security Assistance to Ukraine, Aeyon Awarded US Army Contract to Automate PEO Soldier Visual Augmentation System; Pat Collins Quoted. She informed him that a call had come in about Musallams boss, Robert McKeon. McKeons death tripped Veritas key-person provision, giving investors the right to walk away, destroying the firm. In an exclusive excerpt from For Blood And Money, the untold story of Wayne Rothbaum and the worst trade of his life. Ramzi Musallam, an American private equity specialist of Jordanian descent. In court, Musallam claimed he stayed true to the contract. We got 100% approval from our investor base, which nobody thought we could get.. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. Nearly 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%. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. A lot of the, businesses that were very familiar with have gotten their start through, government-funded customer R&D programmes. He personally made. McKeon had run Wasserstein Perellas successful private equity arm and had grown tired of funneling most of his units profits to Bruce Wasserstein. To speed things along, Truven was paired with a defense intelligence software company Veritas had purchased from Lockheed Martin that had already developed efficient algorithms to analyze petabytes of data. Click here to know more. He rarely speaks to the press. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and . Throughout Musallams career, hes learned that the most important asset a company can possess in GovCon is a keen ability to understand, and ideally predict, specific government and therefore, commercial needs and requirements. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. 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. 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 . 'Lost Bullet' (Balle Perdue) was released on Netflix on June 19. But Musallam never expected McKeon would take his own life. Now he's gunning for it. Veritas Pushes Into Space Tech Sector With Buy of CAES Unit; Ramzi Musallam Quoted. David Shaw 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. 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. 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. Executive Mosaic is honored to announce Ramzi Musallam, CEO and managing partner of Veritas Capital, as an inductee into the 2019 edition of Wash100 "" Executive Mosaic"s annual selection of the most influential voices in the government contracting arena "" for leading the company"s mergers and acquisition . Veritas has dispersed $12 billion to its investors since Musallam took . The Forbes 400 magazine issue featuresfive consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. His family was once held at gunpoint in Tanzania and shaken down by bandits on a dirt road. Net worth = $4 billion. 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. 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. In 2015 Veritas, together with some co-investors, put down $845 million to buy flailing aerospace repair company Standard-Aero from Dubai Aerospace in a $2.1 billion deal. Musallam was in shock. . Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. Having developed a way to trim the time required to repair jet engines, it was soon winning new government contracts. The man who is currently calling himself " Archbishop Metropolitan Melchisdeck ," is trying to implant himself as a supposed bishop in Jerusalem, Bethlehem, and Birzeit, the Patriarchate warns. There was no real precedent for this, Musallam says. 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. The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. For most financiers, "government" is a four-letter word. For years, Musallam was obsessed with the digitization of health records. 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. While dealing with McKeons family, Musallam worked from a desk near a large picture of his father, Samih, who died a decade ago. If you continue to use this site, you consent to our use of cookies. 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. Daniel D'Aniello is one of three cofounders of The Carlyle Group. 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. It began selling its services to government customers such as Medicare for the first time. We make our companies collaborate, Musallam says. Six years earlier, McKeon had founded Veritas Capital after leaving Wasserstein Perella & Co., the pioneering investment bank cofoun-ded by Bruce Wasserstein and immortalized in a 1989 Forbes story, Bid em Up Bruce, which described how the firms clients were often coaxed into overpaying for targets. Calendar year 2021 . Ramzis formative years were spent in emerging markets such as Saudi, Arabia and Tanzania. With some $77 billion in assets, Vista is one of the best-performing private equity firms, posting annualized returns of 22% since inception. "Over the course of our successful partnership with Bob and the management team, athenahealth has driven tremendous growth and transformation, reinforcing its position as the premier healthcare IT company supporting the largest nationwide network of healthcare providers," said Ramzi Musallam, CEO and managing partner of Veritas Capital, in a . Investment without talented and driven people doesnt get you anywhere, he said. 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. By the mid-1960s, the now successful Samih. 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. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. Tripped Veritas key-person provision, giving investors the right to stop providing capital for New.! Have grown from $ 2 billion to $ 39.5 billion worth of $ 37.4 billion in of... 19 May 2022 zero-tolerance policy that helps define it, is part what. Had grown tired of funneling most of his life great wealth $ Million. Veritas second-highest-ranking Executive jet engines, it was soon winning New government contracts, good enough for a debut on. 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