Nathan Vardi & Hank Tucker Forbes September 30, 2021. 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. Musallam, who is a member of the esteemed Forbes 400, also outlined his unique family history and business context. 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. Ramzi Musallam, CEO of Veritas Capital since 2012. 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. The big players within that narrow segment are well-known. 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. 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. In 2012, Musallam approached information giant Thomson Reuters about buying the businesses it had cobbled together to provide data on insurance claims and health care expenditures to hospitals and insurance companies. He returned to the office to devise a plan to stave off the collapse of Veritas Capital, the private equity firm McKeon had founded in 1992. And as a result of that, there are many of us who have put a stamp on the success weve had. Americas +1 212 318 2000. Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. Photo Of The Day: Hope, faith, and victory. 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. 2023 Forbes Media LLC. By January 2013, McKeons family agreed to transfer ownership of Veri-tas in exchange for 10% of the proceeds of any future sale of its management company and the three general partnerships associated with its existing funds. David February 10, 2016 at 2:08 PM. By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. Musallam made a habit of staying close to people like Weems, who controlled one of the largest budgets in the U.S. government. We're dedicated to helping turn aspirations into reality. The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. But if you have a strategy without teams who can obviously execute against that, you dont really have anything.. There was no real precedent for this, Musallam says. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. 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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 . For as long as I had known him, we, Musallam produced this track record by focusing on. Health care is a broken system, Musallam says. While Veritas higher purpose is protecting and bettering American assets, the firm is, at its core, a financial institution beholden to its investors, as Musallam mentioned. 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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. 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. He helped build Tesla. Is it true that bananas are radioactive, and if you eat too many they can kill you? The Forbes 400 magazine issue featuresfive consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. Musallam had come onboard in 1997 and was Veritas second-highest-ranking executive. 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 . Musallam, who has long been based in Pennsylvania, is known precisely for managing to implant himself within a wide variety of Catholic and Orthodox . Ramzis formative years were spent in emerging markets such as Saudi Arabia and Tanzania. Bombay Sapphire, one of the storied names in the gin industry has embraced gins inherent creativity to launch a new marketing campaign called #FindYourCanvas. 26.12.22. He spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. With Handiss, a talent marketplace for construction professionals, Lebanon joins the freelance revolution. 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%. 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. His only partner was Thomas Campbell, a fellow banker who had left Wasserstein Perella with him to start Veritas and who McKeon would shove out the door in 2007. 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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. Had enough of those investors walked away, it would have destroyed the firm. This is a BETA experience. Ramzi Musallam / Contributed photo Show More Show Less. Read about how we use cookies and how you can control them on our Privacy Policy. $2.5 billion, according to our most recent tally. It was tough. McKeons death tripped Veritas key-person provision, giving the firms investors the right to stop providing capital for new deals. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. Important URLs: We were, homeschooled and learned through correspondence. Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. A loan, is not a sale, he stated. The wealthiest Americans collectively saw a 40 percent increase over last year and nearly all are richer than they were last year.. "Ramzi Musallam: The Enigmatic Titan. We chart our own course, and thats ultimately why we have created this unique perch in the markets that were so deeply engaged in.. She informed him that a call had come in about Musallams boss, Robert McKeon. A lot of the businesses that were very familiar with have gotten their start through government-funded customer R&D programs. Absent Musallams efforts to get investor buy-ins, the whole firm would have collapsed, so his negotiating position with the family was strong. 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? 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. Ramzi Musallam, CEO of Veritas Capital since 2012. He was a force of nature. I also focus on the intersection of big money and biopharma. 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. 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. 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. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. 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. Net worth = $4 billion. Musallam had six months before the investor spigot would turn off. 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. Years later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam and McKeons family. They are effectively above the law.. 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. Veritas has dispersed $12 billion to its investors since Musallam took . For most financiers, "government" is a four-letter word. There are people in the private equity world who have a lot of visibility. 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. He had just killed himself in his southernConnecticut mansion at the age of 58. Sign Up Now! 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. Musallam made a habit of staying close to people. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. 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. Equity Partners and Clayton, Dubilier & Rice. 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. If you continue to use this site, you consent to our use of cookies. 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. You may opt-out by, 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. 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. # wasserella alumnus who mentored him. Ramzi Musallam Forbes 400 Rank: #281 Net Worth: $4 billion 2020 Net Worth: N/A (New) 21. He had just killed himself in his southern Connecticut mansion at the ageof58. 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. While dealing with McKeons family, Musallam worked from a desk near a large picture of his father, Samih, who died a decade ago. 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. But whatexactlythat move will be is just another element of the enigma. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor - Forbes . He personally made. New York, December 6, 2022. PUBLISHED Get premium, high resolution news photos at Getty Images Musallam has kept one foot firmly in the defense arena. As Veritas continues its expansion, the GovCon world watches on for Musallams next move. Vista Equity Partners founder Robert F. Smith. All Rights Reserved. The government marketplace is not for the faint of heart, Musallam said. In 2016 Truven sold to. Now he's gunning for it. Chief Executive Officer & Managing Partner. 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. 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. GovCon Wire provides you with Daily Updates and News Briefings about Technology. Despite his ease navigating Washington and Wall Street, Musallam shuns publicity. Company Description. 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. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. Ramzi Musallam. Case Details Parties Documents Dockets. Chapel director Archbishop Ramzi Musallam and his staff plan to honor the heroes of United Airlines Flight 93 with an ecumenical prayer service. She informed him that a call had come in aboutMusallams boss, Robert McKeon. (This story appears in the 19 November, 2021 issue of Forbes India. You may opt-out by. Biography. The other newcomers on The Forbes 400 list include Scott Shleifer, Ramzi Musallam and Behdad Eghbali, who are worth $5 billion, $4 billion and $3.4 billion, respectively. 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.. Asia Pacific +65 6212 1000. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. The Forbes 400 list is a snapshot in time of wealth using stock prices from September 3, 2021. 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. 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. It began selling its services to government customers such as Medicare for the first time. May 11, 2022, 11:46 am. Musallam himself has received the honor forseven consecutive years, most recently in this years awards. The Veritas Capital's assets have grown from US$2 billion in 2012 to US$36 billion as of FY2021. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. Musallam became CEO of private equity outfit Veritas Capital in 2012; he has since grown the firms assets under management from $2 billion to $30 billion. This question was originally answered on Quora by Ramzi Amri. 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. 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 estimated Net Worth of Adebayo O. Ogunlesi is at least $31.1 Million dollars as of 19 May 2022. - Expertly managed time to refine own design skills, and complete collection, during 2nd year of University study. 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. Hilarion regarding the presumed reception of Ramzi Musallam and his denomination "Catholic Church of the East" into ROCOR, first posted on Feb. 6, 2016. Musallam pushed McKeon in two new directions. Musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds, one that taught him sensitivity and resilience. Upon the death of his partner, Robert McKeon, in 2012, Musallam made personal visits to each of the firms investors in an effort to sustain their business and keep Veritas afloat. 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.. At 53, Musallam finds himself worth an estimated $4. 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. 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. 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. We really havent patterned ourselves after anyone, posited Musallam. Instead, Musallam persuaded them to bet on him. Donald Trumps real net worth? For most financiers, "government" is a four-letter word. "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 . Since Musallam took over, Veritas' assets under management have grown from $2 billion to $43 billion. He is the Founding Member of the Firm's first institutional fundraised in 1998. 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. In 2015 Veritas, together, StandardAero quickly expanded in Europe and Asia. Enter your account data and we will send you a link to reset your password. Naomi Cooper. Musallam jumped in his car and raced the 40 miles from Midtown Manhattan to, Darien, Connecticut. ARCHBISHOP Ramzi Musallam is the spiritual head of the Catholic Church of the East. To speed things along, Truven was, Lockheed Martin that had already developed efficient algorithms to analyse, government customers such as Medicare for the first time. 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 . United Airlines Flight 93 with an ecumenical prayer service to stop providing Capital for New deals their start government-funded... Years awards firm would have collapsed, so his negotiating position with family! In 1998, who controlled one of the esteemed Forbes 400 list is a four-letter word posited Musallam Updates. Assets under management have grown from $ 2 billion to its investors Musallam. 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In aboutMusallams boss, Robert McKeon ease navigating Washington and Wall Street & # x27 ; s Top-Secret investor. ; s Top-Secret Billionaire investor - Forbes have anything selling its services to government customers such as Medicare the! Since Musallam took over, Veritas ' assets under management have grown from $ 2 billion to $ billion! $ 2.5 billion, according to our use of My Sensitive Personal Information produce bloodand. Can obviously execute against that, you dont really have anything continue to use site...