Ramzi Musallam has grabbed limelight as he turned a tragedy into fortune. She . 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. In court filings, Musallam claimed he stayed true to the contract. There are people in the private equity world who have a lot of visibility. Chapel director Archbishop Ramzi Musallam and his staff plan to honor the heroes of United Airlines Flight 93 with an ecumenical prayer service. - Effectively collaborated with high-end fashion house, Browns, to produce the Ramzi Musa for Bfocus collection. 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 billionaire who built the Hyatt Hotels chain. 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. Net worth = $4 billion. For most financiers, "government" is a four-letter word. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. I thought it was normal, he says. 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. London, United Kingdom. The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. 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. Veritas Capital, the private equity firm McKeon had founded in 1992. Musallam made a habit of staying close to people. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. 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. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and . Fifteen years ago, during the Sept. 11, 2001 . Instead, Musallam persuaded them to bet on him. He is understated but extremely effective.. 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When he graduated in 1998, Musallam headed to New York, where he, Perella & Co, the pioneering investment bank co-founded by Bruce Wasserstein and, immortalised in a 1989 Forbes story, Bid em Up Bruce, which described how the, firms clients were often coaxed into overpaying for targets. October 13, 2022. Ramzi Musallam, Chief Executive Officer and Managing Partner of Veritas said, "As a long-time investor in Perspecta and its predecessor companies for over a decade, we have always recognized . I believe we are unique in what we do and how we approach it. To use social login you have to agree with the storage and handling of your data by this website. PUBLISHED Get premium, high resolution news photos at Getty Images Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. At 53, Musallam finds himself worth an estimated $4 billion, good enough for a debut appearance on this years Forbes 400. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. The richest person in the world, overtaking Tesla owner Elon Musk, became Louis Vuitton owner Bernard Arnault, with a real-time fortune exceeding $176.6 billion. I had never experienced anything like this., While McKeons American dream had soured into a nightmare, Musallams was, about to soar. 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. 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. 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 . In 2015 Veritas, together, StandardAero quickly expanded in Europe and Asia. 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. Read about how we use cookies and how you can control them on our Privacy Policy. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. 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. 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I also focus on the intersection of big money and biopharma. This is not to say that the []. Ramzi Musallam General Information. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . Photo Of The Day: Hope, faith, and victory. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. If you just come in and come out, you will face certain consequences which are unfavorable. David Shaw 2023 Forbes Media LLC. 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. Instead, Musallam prefers to tap into decades of relationships. 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. 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 . GovCon Wire is always on top of the most recent contracting sector activity and is updated in real time as the news breaks. There are people in the private equity world who have a lot of visibility. He is one of a handful of financiers with top government security clearance. Image Title: Ramzi Musallam Source: Forbes Credit: PHOTO BY JAMEL TOPPIN . Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor | HEC Paris Musallam pushed McKeon in two new directions. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . (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. Veritas is the rare government-focused buyout shop that does not hire prominent former politicians or government officials. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. In 2014, Musallam bought a busted security startup called BeyondTrust, putting up $145 million of equity in a $310 million buyout. 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. All Rights Reserved. In the fifth spot, with a $6.7 billion net worth, is investor Robert F. Smith, who founded private equity firm Vista Equity Partners in 2000. Ramzi Musallam. Enter your account data and we will send you a link to reset your password. I cover wealth management, money and markets. Musallam has kept one foot firmly in the defense arena. 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. Hes overlooking and watching me., This is a BETA experience. His first night at the YMCA, all his belongings were stolen. "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." . We were literally in the middle of nowherethere was nothing there, no village, nothing, recalls Musallam of his years in Africa. 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. In an exclusive excerpt from For Blood And Money, the untold story of Wayne Rothbaum and the worst trade of his life. For most financiers, "government" is a four-letter word. 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. David Bonderman, chairman and founding partner of private equity giant TPG. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. Musallam had six months to get, through the key-person process before the investor spigot turned off. The Judges overseeing this case are Jennifer G. Schecter and Jennifer Schecter. 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 spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. with some co-investors, put down $845 million to buy flailing aerospace repair, company StandardAero from Dubai Aerospace in a $2.1 billion deal. 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. He had just killed himself in his southernConnecticut mansion at the age of 58. 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. A loan is not a sale, he sta-ted. That alone speaks to the sheer breadth of the firms investments and the quality of the leadership culture that drives them. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. Alphonse Mascherino died Friday after a long battle with cancer. In October 2020, Dyal Capital Partners bought an 11.8% stake in Veritas that valued the firm at $6.15 billion. 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. Ramzi Musallam, an American private equity specialist of Jordanian descent. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. His family was once held at gunpoint in Tanzania and shaken down by. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. Musallam himself has received the honor forseven consecutive years, most recently in this years awards. 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. Ramzi Musallam, CEO of Veritas Capital since 2012. 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. "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 . He was close to McKeon and knew his boss was struggling with his mental health. Calendar year 2021 . That gave them flexibility, and helped the business grow. Veritas has dispersed $12 billion to its investors since Musallam took . But despite his firms skyrocketing success in both public and private sectors, Musallam, from his office overlooking New York Citys Central Park, remains somewhat of an enigma to the government technology world. 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. 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. EMEA +44 20 7330 7500. The premier source of breaking business news for the government contracting industry, GovCon Wire provides informative, to-the-point stories of the most significant contract awards, top-level executive moves, M&A activities and financial results of the sectors most notable players. GovCon Wire provides you with Daily Updates and News Briefings about Technology. 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. #20. Support. This question was originally answered on Quora by Ramzi Amri. (This story appears in the 19 November, 2021 issue of Forbes India. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. Forbes Medias brand extensions include real estate, education and financial services license agreements. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor - Forbes . Its not a nice thing to do, its a requirement.. like Weems, who controlled one of the largest budgets in the US government. I thought it was normal, he says. The great melting and eventual sinking: Have we reached the point of no return? $350 million just from DynCorp, a military contractor that was sold in 2010. The Rev. 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. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion, more than tripling Veritas initial investment. This question was originally answered on Quora by Ramzi Amri. Tesla is another example, the space companiesbuilt through, collaboration in some form with the government., bought a busted security startup called BeyondTrust, putting up $145 million of, equity in a $310 million buyout. 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. 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. 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. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. Click here to know more. 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. The formula has worked. They are effectively above the law.. We would do an assignment and my mom would mail it in.. 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. McKeons death tripped Veritas key-person provision, giving investors the right to walk away, destroying the firm. Ramzi Musallam. Musallam, who is a member of the esteemed Forbes 400, also outlined his unique family history and business context. 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. 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. Ramzi Musallam net worth is projected to be $4 billion, putting him in the Forbes 400 for the first time this year. We make our companies collaborate, Musallam says. 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. The archbishop claims he had several items stolen from his car: crosses, his crown, $4,000 in cash, his laptop, and several other items. Stephen Burke - JPMorgan Chase. America's $6.8 trillion worth of annual spending and sweeping regulatory . Forbes Middle East / 400 . This is a BETA experience. 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. Mr. Ramzi Musallam is a Founding Member and serves as Chief Executive Officer and Managing Partner at Veritas Capital. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. According to the report, New Jersey residents include: 1. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. You may opt-out by. 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