But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . funneling most of his units profits to Bruce Wasserstein. Through executive interviews, policy spotlights and news stories on corporate activity, ExecutiveBiz stays on top of whats shaping the industry and how GovCon leaders are positioning their businesses to win the federal business of tomorrow. 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. (Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.). Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor Musallam produced his track record by focusing on technology companies that operate in sectors dominated by the United States' federal government, particularly defense, health care and education. Eghbali, meanwhile, cofounded Clearlake Capital in 2006, which became known for its high returns and now oversees some $24 billion in assets. which top security clearances are requiredand mobile phones are banned. 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. Paul Zimmerman/Getty Images 19. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. 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. He has spent much of his time in sensitive compartmented information facilities, known as SCIFs, meeting with military, intelligence and government officials and gaining a deeper understanding of the classified community. Musallam had six months to get, through the key-person process before the investor spigot turned off. Veritas Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. That gave them flexibility, and helped the business grow. Four properties, including , belong to Ramzi Musallam. Ralph Lauren - Net worth: $6.9 billion (#335 wealthiest in the world) . 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 lot of the, businesses that were very familiar with have gotten their start through, government-funded customer R&D programmes. We really havent patterned ourselves after anyone, posited Musallam. Calendar year 2021 . Why did you quit medicine? Google, Apple, a lot of what is on, your iPhone. With Handiss, a talent marketplace for construction professionals, Lebanon joins the freelance revolution. 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. Photo Of The Day: Hope, faith, and victory. 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. 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. Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. According to the report, New Jersey residents include: 1. Musallam renamed the Thomson Reuters unit Truven Health Analytics and initiated $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. Donald Newhouse, 86: $10.3 billion net worth from media companies; resides in West Amwell-Hopewell townships. 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 said. David Shaw 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. 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. 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. Veritas had BeyondTrust boost its R&D spending by, 44 percent to bolster its products, which stop both rogue employees and external, bad guys from hacking in. Hilarion regarding the presumed reception of Ramzi Musallam and his denomination "Catholic Church of the East" into ROCOR, first posted on Feb. 6, 2016. There was no real precedent for this, Musallam says. If the Supreme Court adopts the governments position, government officials can violate theConstitutionwithout consequence. All Rights Reserved. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. It was tough. contracts. In Forbes' recently published list of 12 billionaires, . Musallam, a Jordanian immigrant, is CEO and managing partner of Veritas Capital and founding member of the firm's first institutional fund. 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. 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. 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. Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. We chart our own course, and thats ultimately why we have created this unique perch in the markets that were so deeply engaged in.. Veritas has dispersed $12 billion to its investors since Musallam took . by Nathan Vardi and Hank TuckerRamzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. Covids Forgotten Hero: The Untold Story Of The Scientist Whose Breakthrough Made The Vaccines Possible. Ramzi Musallam. 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. 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. 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. 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. Veritas . "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 . When one looked particularly promising, McKeon would take a cue from Bruce Wasserstein and grab more of the riches for himself. Since Musallam took over, Veritas' assets under management have grown . Ramzi Musallam has grabbed limelight as he turned a tragedy into fortune. Hes nowhere near as rich as he boasts, nor as poor as his critics claim. She informed him that a call had come in aboutMusallams boss, Robert McKeon. It was just so devastating, Musallam says. 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. A loan, is not a sale, he stated. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. 3 of 9 4 of 9 Police are investigating the alleged theft this week of more than $73,000 in jewels, cash, . Forbes Middle East / 400 . Stephen Burke - JPMorgan Chase. He had just killed himself in his southern Connecticut mansion at the ageof58. The big players within that narrow segment are well-known. But what cost him some $700 million turned out to be the boon for countless cancer patients. like Weems, who controlled one of the largest budgets in the US government. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. Instead, Musallam prefers to tap into decades of relationships. 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. At the same time, Musallam had to persuade McKeons estate, controlled by one of his brothers and established for the benefit of his four children, to transfer McKeons Veritas ownership to him. That gave them flexibility and helped the business grow. The archbishop claims he had several items stolen from his car: crosses, his crown, $4,000 in cash, his laptop, and several other items. Americas $6.8 trillion worth of annual spending, and sweeping regulatory power give it unparalleled sway in these markets. Curhatan Mark Zuckerberg, Usai Facebook, Instagram dan Whatsapp Down - Perjalanan Usaha Aruna Harsa, Si Pendiri Dekoruma - Halaman 24 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. with some co-investors, put down $845 million to buy flailing aerospace repair, company StandardAero from Dubai Aerospace in a $2.1 billion deal. 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 . We use cookies to offer you a better browsing experience, analyze site traffic, personalize content, and serve targeted advertisements. By the mid-1960s, the now successful Samih. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion, more than tripling Veritas initial investment. 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.. Roundup of 2022: GovCons Top 22 M&A Transactions With Business Leaders Strategic Outlook, Veritas Buys Sequa From Carlyle, Adds Chromalloy to Portfolio; Ramzi Musallam Quoted, Veritas Pushes Into Space Tech Sector With Buy of CAES Unit; Ramzi Musallam Quoted, DHS S&Ts Biometric Tech Rally Highlights Efficacy of Group Facial Recognition Systems, Col. Meredith Beg Leads the Way for SSCs Space Access, Mobility & Logistics Program, OMB Memo Requires Agencies to Remove TikTok From Federal Devices, Defense Logistics Agency Unit Develops Advanced Battery Technologies for Warfighters, Dawn Schaible Becomes Permanent Deputy Director of NASAs Glenn Research Center, Singapore to Buy 8 Additional Lockheeed-Built F-35B Jets, Aerojet Rocketdyne Logs Milestone in Patriot Missile Attitude Control Motor Delivery, Google to Help Modernize Digital Experience for Presidential Museum Visitors, 10 Teams Win DOE Contest for Energy Storage Innovations, Austin Pugh Named VP of Government Business Development at Aautonomy Tech Developer Merlin, Business Mission Edge Books Army HR IT Support Task Order, Maxar to Continue Work on Armys One World Terrain Program Under OTA Phase 3B; Tony Frazier Quoted. Musallam himself has received the honor forseven consecutive years, most recently in this years awards. But if you have a strategy without teams who can obviously execute against that, you dont really have anything.. 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. It began selling its services to government customers such as Medicare for the first time. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 3, 2021. October 13, 2022. Its not a nice thing to do, its a requirement.. They also retained a reduced portion of McKeons performance fees from existing Veritas funds and 5% of the performance fees for the next two funds Veritas raised. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. Asia Pacific +65 6212 1000. All Rights Reserved. Donald Trumps real net worth? But whatexactlythat move will be is just another element of the enigma. 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. Musallam pivoted Truven toward the public sector. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor, How The Private Sector Is Fueling Fashion And Retail In Cairo, Is It Appropriate To Sue Federal Agents For Damages? 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Ramzi Musallam, CEO and managing partner of Veritas Capital, recently participated in an exclusive interview with GovConWire, the leading publication for breaking news in the GovCon industry, to . 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 For most financiers, government is a four-letter word. In September, New York State Supreme Court Justice Jennifer Schecter agreed with Musallam and tossed out the case. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. Forbes Advisor is a new initiative for consumers under the Forbes Marketplace umbrella that provides . The government marketplace is not for the faint of heart, Musallam said. It is shaping up to be a stellar 2021 for private equity, with the industry on pace for a record-breaking year. 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. I dont get, every one of them to stick with him and his team, partly by cutting Veritas, management fees. He also cut a deal with McKeons family that would, transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. Forbes Advisor Bengaluru, Karnataka, India2 months agoBe among the first 25 applicantsSee who Forbes Advisor has hired for this roleNo longer accepting applications. About us When he graduated in 1997, Musallam headed to New York, where he was hired by Robert McKeon. In 2016 Truven sold to. 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. Ramzi Musallam has a Bachelor of Arts in Mathematical Economics from Colgate University and a Master of Business Administration from University of Chicago - Booth School of Business. After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. Ramzi Musallam is a Chief Executive Officer at Veritas Capital based in New York City, New York. Having developed a way to trim the time required to repair jet engines, it was soon winning new government contracts. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor - Forbes . Investment without talented and driven people doesnt get you anywhere, he said. AP Photo/Elise Amendola, File. Steve Barrie - he meant the statement by Met. Instead, Musallam persuaded them to bet on him. 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. Is it true that bananas are radioactive, and if you eat too many they can kill you? There was no real precedent for this, Musallam says. Naomi Cooper. Financial terms of the deal were not disclosed and the pending acquisition of CAES Space Systems is expected to close in the first quarter of 2023, Veritas said Thursday. I thought it was normal, he says. On 02/17/2021 Matthew J McKeon filed an Other lawsuit against Ramzi Musallam. Americas $6.8 trillion worth of annual spending and sweeping regulatory power give it unparalleled sway in these markets. For the complete Forbes 400 ranking, methodology and more, visit: www.forbes.com/forbes-400/. Musallam was in shock. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. 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. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. Those that gave away less than 1 percent of their wealth rose from 127 to 156. I dont get stressed, Musallam says. 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. 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. This question was originally answered on Quora by Ramzi Amri. While Kim was born in South Korea, he was educated in the U.S. and obtained citizenship along the way. The impetus of this mission, he shared, stems partly from the devastation of the September 11th attacks. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Over the course of theWash100 Awards nine years of actively recognizing the top names in the federal contracting industry, 40 executives have been or are currently associated with Veritas Capital. Today, that same mission-focused approach still steers Veritas investment strategy, which has set the firm apart from its competitors. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. Ramzi Musallam, CEO of Veritas Capital since 2012. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. NEW YORK October 5, 2021 Forbes today released its 40th annual Forbes 400 list, the definitive ranking of the wealthiest people in America. Ramzi 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 educatio. Second, Musallam figured out that defense contractors would be fertile buyout targets for funds willing to deal with the idiosyncrasies of government contracting. CEO and Managing Partner at Veritas Capital, Ramzi Musallam is photographed for Forbes Magazine on July 16, 2021 in New York City. His first, night at the YMCA, all his belongings were stolen. company and the three general partnerships associated with its existing funds. In September, the New York State Supreme Court agreed, picture of his father, Samih, who died a decade ago. 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. His family was once held at gunpoint in Tanzania and shaken down by bandits on a dirt road. 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. That announcement has since been removed from the ROCOR website. The government contracting (GovCon) community, by comparison, is a relatively small segment of that. 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 as distinctly distant from Washington, D.C. These are government-influenced 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.. It stands at the top of Netflix's Top 10 in France this weekend. May 11, 2022, 11:46 am. The deal valued Veritas at $6.2. Unfortunately, the Dyal deal upset Robert McKeons heirs. 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. If it involves business activity that impacts contracting operations and success, ExecutiveBiz has you covered. 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. multiples of what the entire venture capital community investsdozens of different, federal agencies investing directly into companies, Musallam says. Reflects change since 5 pm ET of prior trading day. 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. 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. Mohed Altrad, a French national of Syrian descent and founder of the Al-Trad group, which provides construction and maintenance services. Veritas had BeyondTrust boost its R&D spending by 44% to bolster its products, which stop both rogue employees and external bad guys from hacking in. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. He was close to McKeon and knew his boss was struggling with his mental health. Support. And as a result of that, there are many of us who have put a stamp on the success weve had. 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. Summary. 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. 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. Let's go! 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A way to trim the time required to repair jet engines, it soon! This question was originally answered on Quora by Ramzi Amri 2019, Musallam said equity... Willing to deal with the idiosyncrasies of government contracting is active, the Dyal upset. Having developed a way to trim the time required to repair jet engines, was...