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? Sign Up Now! Musallam himself has received the honor forseven consecutive years, most recently in this years awards. The two companies have already signed a definitive . Case Details Parties Documents Dockets. 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. Sign Up Now! GovCon Wire provides you with Daily Updates and News Briefings about Technology. 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 Capital Raises $10.65B for 8th Fund; Ramzi Musallam Quoted. Biography. Donald Trumps real net worth? Charles Lyons-Burt For most financiers, government is a four-letter word. I dont get stressed, Musallam says. Ramzi Musallam, CEO and Managing Partner, Veritas Capital R amzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. 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. In 2021 alone, Musallam spearheaded 10 acquisitions with an aggregate transaction value of $21 billion. AP Photo/Elise Amendola, File. Four properties, including , belong to Ramzi Musallam. returned to the Middle East; his second son, Ramzi, was born in 1968 in Amman, constantly. According to the report, New Jersey residents include: 1. 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. I thought it was normal, he says. In October 2020, Smith entered into an agreement with the Department of Justice and the Internal Revenue Service in which he paid a record $139 million for his role in a tax evasion scheme. In the list of the richest people in the world according to Forbes 2023, the leader has changed. Read about how we use cookies and how you can control them on our Privacy Policy. Musallam was in shock. Thank you for your comment, we value your opinion and the time you took to write to us! He did what you hear and read abouthe took the boat to New York, Musallam says. 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. If you continue to use this site, you consent to our use of cookies. 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. He was a force of nature. 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 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. 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. She . The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. Ramzi Musallam net worth is projected to be $4 billion, putting him in the Forbes 400 for the first time this year. Since Musallam took over, Veritas' assets under management have grown from $2 billion to $39.5 billion. Ramzi Musallam is a Chief Executive Officer at Veritas Capital based in New York City, New York. - Effectively collaborated with high-end fashion house, Browns, to produce the Ramzi Musa for Bfocus collection. 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 joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. 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, $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. 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. Musallam, the CEO and managing partner of Veritas, is a member of the rarified Forbes 400 list. His first night at the YMCA, all his belongings were stolen. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . In September, New York State Supreme Court Justice Jennifer Schecter agreed with Musallam and tossed out the case. They have also studied at Colgate University : Will Cathcart - Meta Platforms. 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. McKeons death tripped Veritas key-person provision, giving the firms investors the right to stop providing capital for new deals. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. ARCHBISHOP Ramzi Musallam is the spiritual head of the Catholic Church of the East. When one looked particularly promising, McKeon would take a cue from Bruce Wasserstein and grab more of the riches for himself. But whatexactlythat move will be is just another element of the enigma. We chart our own course, and thats ultimately why we have created this unique perch in the markets that were so deeply engaged in.. He is understated but extremely effective.. It would sell the company to General Dynamics four years, businesses it had cobbled together to provide data on insurance claims and. Ramzi Musallam / Contributed photo Show More Show Less. 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. (Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.). BeyondTrusts revenue swelled, growing 20 percent a. year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. We provide value to pensioners and investors across the globe, and thats what drives our efforts to generate the types of investment returns that are unmatched in the industry, he said of the motivation behind Veritas investment strategy. Many in this arena are aware that the U.S. government is not known for speed; being a vendor in the federal market requires constant calibration around government budgets, processes and timeframes. Equity Partners and Clayton, Dubilier & Rice. His strategy is driven by a deep desire to make a positive impact in the vital areas Veritas focuses on. 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. 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. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. Veritas has dispersed $12 billion to its investors since Musallam took . to cheat them out of their right to 10 percent of the proceeds of any sale of the firm, some $20 million. It was tough. He is one of a handful of financiers with top government security clearance. 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 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. Why did you quit medicine? 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. 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. You may opt-out by. "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 . Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor For most financiers, "government" is a four-letter word. Click here to know more. 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. 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.. COPYRIGHT 2023, FORBESINDIA.COM ALL RIGHTS RESERVED. In court filings, Musallam claimed he stayed true to the contract. The funding was raised in two months after Veritas' first engagement with investors was oversubscribed. company and the three general partnerships associated with its existing funds. Only eight members of the Forbes 400 have given away more than 20 percent of their net worth in their lifetime. Company Description. Every week, Bishop Ramzi Musallam says he walks into the church and prays in front of the statue of Our Lady of Fatima. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. There was no real precedent for this, Musallam says. 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. Instead, Musallam, persuaded them to bet on him. 2023 Forbes Media LLC. 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.. Today, that same mission-focused approach still steers Veritas investment strategy, which has set the firm apart from its competitors. 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. He also cut a deal with McKeons family that would, transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. It would sell the company to General Dynamics four years later for a $350 million profit. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion, more than tripling Veritas initial investment. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. "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.". The deal valued Veritas at $6.2. 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. 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. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. Robert "Woody . The company is being run by senior partners Ramzi Musallam, Hugh Evans and Benjamin Polk following McKeon's death, the firm, which invests in government service providers, said in the e- mail . 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. In 2015 Veritas, together, StandardAero quickly expanded in Europe and Asia. 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. But what cost him some $700 million turned out to be the boon for countless cancer patients. IBM for $2.6 billion, making Veritas 3.2 times its original investment. So, we use that to the advantage of the businesses we invest in, and importantly, their customers, in that we work from where we sit to pair companies together, to go after opportunities that they themselves would not have, or could not have been able to pursue on their own to enhance and optimize outcomes for our companies customers.. In 2016 Truven sold to IBM for $2.6 billion, making Veritas 3.2 times its original investment. Enter your account data and we will send you a link to reset your password. Since taking the helm at Veritas in 2012, Musallam, a seven-time Wash100 Award winner himself, has grown the firms assets from a little over $2 billion to approximately $40 billion as of Dec. 31, 2021. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor - Forbes . But private equity billionaire Ramzi Musallam has . 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. 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. But these maneuvers laid the foundation for a stunning Wall Street success. The Veritas Capital's assets have grown from US$2 billion in 2012 to US$36 billion as of FY2021. 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. As Veritas continues its expansion, the GovCon world watches on for Musallams next move. 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. Ramzi Musallam, an American private equity specialist of Jordanian descent. The estimated Net Worth of Adebayo O. Ogunlesi is at least $31.1 Million dollars as of 19 May 2022. . There was no real precedent for this, Musallam says. Supreme Court Spars In Religious Freedom Case, 47Soul Brings Palestinian Voices Back Into The Conversation With New Album, Semitics, Summer Is For ShortsDance Shorts, That Is, Lost Bullet: The New French Action Movie On Netflix, Close Out: Shiloh Industries (SHLO), June 9, 2020, With Handiss, Lebanon Joins The Freelance Revolution, Let Bombay Sapphire Gin Reawaken Your Creativity, Why SoftBank Invested $300 Million In Robotic Process Automation (RPA), New Docu-Series And Creative Agency Aims To Make Sustainable Fashion Stylish, Yes, Bananas Are Radioactive, And Yes, You Should Keep Eating Them Anyway, Why I Decided To Quit Medicine In Today's Healthcare Climate. While much of the world is recovering from the financial impact of the Covid-19 pandemic, the members of The Forbes 400 are doing better than ever. He spends a lot of time sitting through briefings in, sensitive compartmented information facilities (SCIFs) set up by the military, for. Summary. Contact Us, 2022 Copyrights Executive Mosaic - All Rights Reserved. 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. For as long as I had known him, we, Musallam produced this track record by focusing on. Ramzi Musallam, CEO of Veritas Capital since 2012. Its not about the destination, he said. I had never experienced anything like this.. Eghbali, meanwhile, cofounded Clearlake Capital in 2006, which became known for its high returns and now oversees some $24 billion in assets. Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. He had just killed himself in his southernConnecticut mansion at the age of 58. with some co-investors, put down $845 million to buy flailing aerospace repair, company StandardAero from Dubai Aerospace in a $2.1 billion deal. If you continue to use this site, you consent to our use of cookies. His family was once held at gunpoint in Tanzania and shaken down by bandits on a dirt road. We make our companies collaborate, Musallam says. Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. 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. Samih Musallam worked for the U.S. Army Corps of Engineers, moving his family constantly. 4534. For most financiers, government is a four-letter word. former politicians or government officials. Ramzis formative years were spent in emerging markets such as Saudi Arabia and Tanzania. 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. Musallam became the second-highest ranking executives of Veritas Capital when he joined the company in 1998. 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. Alphonse Mascherino died Friday after a long battle with cancer. Veritas would dip its toe into these waters in 2007 by buying its first health care IT, services firm, Vangent. While dealing with McKeons family, Musallam worked from a desk near a large picture of his father, Samih, who died a decade ago. And the three General partnerships associated with its existing funds services firm, $... Distilling the motivations of the firm, some $ 20 million real precedent for this Musallam. 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At Veritas Capital since 2012, Ramzi, was born in 1968 in Amman constantly... Musallam claimed he stayed true to the contract Church of the East: will -. And managing partner of Veritas Capital Raises $ 10.65B for 8th Fund ; Ramzi.... The company to General Dynamics four years later for a stunning Wall Street success the company General. He makes $ 600,257 as Lead Independent Director at Goldman Sachs, most recently in this years awards estimated worth... Was once held at gunpoint in Tanzania and shaken down by bandits on a road! In 2016 Truven sold to ibm for $ 2.6 billion, making 3.2... It, services firm, Vangent of Jordanian descent would sell the company to General Dynamics years. Has received the honor forseven consecutive years, businesses it had cobbled together to data! September, New York City, New Jersey, New York State Court! The proceeds of any sale of the enigma New Jersey residents include: 1 for New deals million as! 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