Forbes Middle East / 400 . He is understated but extremely effective.. The government marketplace is not for the faint of heart, Musallam said. This question was originally answered on Quora by Ramzi Amri. We chart our own course, and thats ultimately why we have created this unique perch in the markets that were so deeply engaged in.. But Musallam never expected McKeon would take his own life. She informed him that a call had come in about Musallams boss, Robert McKeon. 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. Investment without talented and driven people doesnt get you anywhere, he said. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . 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. Ramzi Musallam / Contributed photo Show More Show Less. Minimum Fortune To Make the Cut Reaches A Record-Breaking $2.9 Billion And The Collective Net Worth Of The 2021 List Makers Surges To A Historic $4.5 Trillion. 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. This question was originally answered on Quora by Ramzi Amri. 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. 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. 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 would sell the company to General Dynamics four years later for a $350 million profit. From the large infrastructure projects that the government is investing into, Egypt is on a new path of vast growth. Mike Elias, a senior vice president. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. In leading the 13 companies and 70,000 team members existent in Veritas private equity portfolio, Musallam takes seriously the sizable receipt of federal funds and the responsibilities that come with that privilege. 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. 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Were good listeners, and thats not only amongst ourselves and our investment teams, but also our management teams, he explained. Musallam, a Jordanian immigrant, is CEO and managing partner of Veritas Capital and founding member of the firm's first institutional fund. This is a BETA experience. 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. 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. He was a force of nature. 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.. 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. Musallam, who has long been based in Pennsylvania, is known precisely for managing to implant himself within a wide variety of Catholic and Orthodox . (Forbes calculated fortunes for the 2021 Forbes 400 list using stock prices from September 3, 2021.). 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Previously, Ramzi was a Chief Executive Officer & Managing Partner at Capital Fund Management and also held positions at Capital Fund Management, Peraton, All Hands and Hearts, Salient CRGT, Amentum, MicroVault Form Alliance, Communications & Power . In court filings, Musallam claimed he stayed true to the contract. I dont get stressed, Musallam says. Ramzi Musallam, CEO of Veritas Capital since 2012. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. 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. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. Summary. They are effectively above the law.. 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. Musallam says the experience was an immersion course in navigating relationships with people from different cultural backgrounds, one that taught him sensitivity and resilience. May 11, 2022, 11:46 am. Only eight members of the Forbes 400 have given away more than 20 percent of their net worth in their lifetime. But what cost him some $700 million turned out to be the boon for countless cancer patients. He did what you hear and read abouthe took the boat to New York, Musallam says. 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. 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. 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. Forbes Middle East / Ramzi Musallam produced this track record by focusing on technology companies that operate in sectors dominated by the . 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. 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. There was no real precedent for this, Musallam says. Americas $6.8 trillion worth of annual spending and sweeping regulatory power give it unparalleled sway in these markets. 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. Its not about the destination, he said. 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%. in Pine Brook, New Jersey. The team estimatedlist members total lifetime giving based on public filings (including tax forms for private foundations, press releases and more), and the percentage of their fortune they have donated - not to their own charitable foundation, but to nonprofit groupsso called out the door giving. Those that gave away less than 1 percent of their wealth rose from 127 to 156. Veritas Capital is at the center of the government contracting world with the investment companys stake in several different major government technology companies, includingPeraton andGuidehouse. The Forbes 400 magazine issue featuresfive consecutive covers, including: Sam Bankman-Fried, Ramzi Musallam, Jenny Just, Noubar Afeyan and Golden Nugget CEO Tilman Fertitta. 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 . Stephen Burke - JPMorgan Chase. Years, later, the hasty deal would produce bad bloodand a lawsuitbetween Musallam, But these manoeuvres laid the foundation for a stunning, 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 percent. By the time Musallam was in high school, his family returned to the U.S. and landed in Pine Brook, New Jersey. You may opt-out by. 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. The impetus of this mission, he shared, stems partly from the devastation of the September 11th attacks. 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. 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. 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. Hes overlooking and watching me., This is a BETA experience. Veritas Capital, the private equity firm McKeon had founded in 1992. We were homeschooled and learned through correspondence. 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. 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. 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. Shleifer helped cofound the private equity practice at Tiger Global in 2003, which he currently manageswith some of his best investments for the firm coming in China. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. The aggregate wealth of The Forbes 400 reached a record-breaking $4.5 trillion, and the minimum net worth needed to make the cut for this years list rose to a record high of $2.9 billion, up from $2.1 billion last year. 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. 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. multiples of what the entire venture capital community investsdozens of different, federal agencies investing directly into companies, Musallam says. Its not a nice thing to do, its a requirement.. 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 court, Musallam claimed he stayed true to the contract. Meet Ramzi Musallam, Wall Street's Top-Secret Billionaire Investor | HEC Paris Vivek Ramaswamy, founder of Roivant, is teaming up with Jim Momtazees Patient Square Capital. The government contracting (GovCon) community, by comparison, is a relatively small segment of that. 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 . After going public in 2010 and shifting from a partnership to a corporation in 2018, KKR now manages some $429 billion in assets. 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 . I cover wealth management, money and markets. For as long as I had known him, we had worked together. The Veritas Capital's assets have grown from US$2 billion in 2012 to US$36 billion as of FY2021. 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. Important URLs: 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 . We got, 100 percent approval from our investor base, which nobody thought we could get., his brothers and established for the benefit of his four children, to transfer McKeons, Veritas ownership to him. Ramzi Musallam General Information. For as long as I had known him, we, Musallam produced this track record by focusing on. - Expertly managed time to refine own design skills, and complete collection, during 2nd year of University study. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . According to the report, New Jersey residents include: 1. While Kim was born in South Korea, he was educated in the U.S. and obtained citizenship along the way. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. 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. In September, the New York State Supreme Court agreed, picture of his father, Samih, who died a decade ago. #20. Company Description. Musallam had come onboard in 1998 and was Veritas second-highest-ranking, executive. For most financiers, "government" is a four-letter word. like Weems, who controlled one of the largest budgets in the US government. 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. Of heart, Musallam says 4 people in New Jersey, New Jersey residents include: 1 states. 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