Ramzi Musallam, CEO and Managing Partner, Veritas Capital. 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. Musallam pivoted Truven toward the public sector. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion, more than tripling Veritas initial investment. Musallam pushed McKeon in two new directions. Musallam kemudian juga tampil di Forbes 400 pada tahun ini, dengan nilai kekayaan sekitar US$ 4 miliar. Musallam jumped in his car and raced the 40 miles from Midtown Manhattan to, Darien, Connecticut. Four properties, including , belong to Ramzi Musallam. In a statement published Tuesday, Ramzi Musallam, CEO and managing partner of Veritas, highlighted Chromalloys position in the engine aftermarket, Veritas Capital has agreed to acquire a CAES division that manufactures radiation-hardened microelectronic products and subsystems intended for space operations. Let's go! This is not to say that the []. He personally made $350 million just from DynCorp, a military contractor that was sold in 2010. McKeons death tripped Veritass key-person provision, giving the firms investors, the right to stop providing capital for new deals. In 2019, Musallam sold StandardAero to Carlyle Group for $5.3 billion. Forbes Middle East / Ramzi Musallam produced this track record by focusing on technology companies that operate in sectors dominated by the . Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. 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. Since Musallam took over, Veritas' assets under management have grown . In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. funneling most of his units profits to Bruce Wasserstein. Ramzi Musallam is a Chief Executive Officer at Veritas Capital based in New York City, New York. #20. 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. Bisnis.com, Jakarta - Ramzi Musallam, berkembang dari negara Arab Saudi dan Tanzania, tidak ada desa dan hal-hal lainnya, namun, Ramzi kini menjadi investor miliarder teratas Wall Street. He is understated but extremely effective, says David Solomon, CEO of, Goldman Sachs. 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. 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. We were literally in the middle of nowherethere was, nothing there, no village, nothing, recalls Musallam of his years in Africa. This case was filed in New York County Courts, Supreme Court Civil Term located in Washington, New York. 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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. The man who is currently calling himself " Archbishop Metropolitan Melchisdeck ," is trying to implant himself as a supposed bishop in Jerusalem, Bethlehem, and Birzeit, the Patriarchate warns. That gave them flexibility, and helped the business grow. to cheat them out of their right to 10 percent of the proceeds of any sale of the firm, some $20 million. The 22 members on the latest Forbes 400 list who made their fortunes in private equity are now worth a combined $153.7 billion. A loan is not a sale, he sta-ted. And its not just the government, the private sector is fueling the growth in fashion, retail, and the food and beverage sectors. The government contracting (GovCon) community, by comparison, is a relatively small segment of that. Check out our Festive offers upto Rs.1000/- off website prices on subscriptions + Gift card worth Rs 500/- from Eatbetterco.com. I dont get, every one of them to stick with him and his team, partly by cutting Veritas, management fees. The big players within that narrow segment are well-known. BeyondTrusts revenue swelled, growing 20% a year, and in 2018 Veritas sold it for $755 million, making 3.8 times what it put in. At 53, Musallam finds himself worth an estimated $4 billion, good enough for a debut appearance on this years Forbes 400. In January, Veritas was listed as the private equity industrys fourth-best-performing firm by the closely followed HECDow Jones ranking (see below), ahead of high-flying firms like Thoma Bravo, Vista Equity Partners and Clayton, Dubilier & Rice. It is shaping up to be a stellar 2021 for private equity, with the industry on pace for a record-breaking year. 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. He persevered, eventually earning a civil engineering degree from the University of Missouri before settlingand prosperingin Effingham, Illinois. He persevered, eventually earning, a civil engineering degree from the University of Missouri before settlingand, prosperingin Effingham, Illinois. 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. By 2019 Veritas was humming, with all five of its buyout funds performing in the industrys top quartile, according to research firm Preqin. 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. Forbes Middle East / 400 . Thats why our reputation is first and foremost, meaning we strive to do the right thing always. The score ranks list members on a scale of 1 to 5, with 5 being the most philanthropic. 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. Bachelor of Arts/Science, Colgate University; Master of Business Administration, University of Chicago Booth School of Business. Daniel D'Aniello is one of three cofounders of The Carlyle Group. Paul Zimmerman/Getty Images 19. Previously he worked at Pritzker & Pritzker, the private equity group then led by Jay Pritzker and prior to that at Berkshire Partners, a . The artist formerly known as Withings may be up for sale with Google-owned Nest in the running. 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. Absent Musallams efforts to get investor buy-ins, the whole firm would have collapsed, so his negotiating position with the family was strong. Former Amazon CEO Jeff Bezos retains the top spot for the fourth consecutive year, with a net worth of $201 billion. He is also Manager for Pgsi Manager LLC and Managing Member at Pgsi Holdings LLC and on the board of 21 other companies. Ramzi Musallam Found 4 people in New Jersey, New York and 5 other states. 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. A lot of the businesses that were very familiar with have gotten their start through government-funded customer R&D programs. Ultimately, Musallam uses this comprehension to make Veritas portfolio companies more disruptive, more strategically important and more valuable in their respective ecosystems and to their customers. billion, with Musallam retaining a majority stake. $350 million just from DynCorp, a military contractor that was sold in 2010. 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. Fifteen years ago, during the Sept. 11, 2001 . He also cut a deal with McKeons family that would, transfer ownership of McKeons majority stake in Veritas, mostly to Musallam. 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. We got 100% approval from our investor base, which nobody thought we could get.. Its a reminder that the American dream is alive and wellbut also that great happiness requires more than just great wealth. As the son of a civil engineer for the U.S. Army Corps of Engineers, Musallam grew up in emerging markets around the world, and he attributes much of his enterprising approach to his family. like Weems, who controlled one of the largest budgets in the US government. The government marketplace is not for the faint of heart, Musallam said. He is one of a handful of financiers with top government security clearance. 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 six months to get, through the key-person process before the investor spigot turned off. Vivek Ramaswamy, founder of Roivant, is teaming up with Jim Momtazees Patient Square Capital. 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. . Thank you for your comment, we value your opinion and the time you took to write to us! David Bonderman, chairman and founding partner of private equity giant TPG. 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. Important URLs: McKeons death tripped Veritas key-person provision, giving the firms investors the right to stop providing capital for new deals. He helped build Tesla. Fifty-one people dropped off since last years list, including former president Donald Trump, media mogul Oprah Winfrey and Boston Beer cofounder Jim Koch. For Veritas, the federal contracting market is not a new one, and the firm has survived (and thrived) within its constantly changing landscape. Here's how the Microsoft-owned platform cracked the India growth story. But if you immerse yourself and if you go through and face the issues, problems and complexities that weve faced over the last 25 years and they include everything from market to technology, to regulatory, to political you learn from those, and youre able to navigate, at least on the part of your portfolio companies, whatever path theyre on.. It was a complete victory for Musallam: The firm would remain in business with him as its majority owner and CEO. 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. Instead, Musallam prefers to tap into, decades of relationships. (Musallam knew aerospace well given that Veritas had formerly owned Vertex Aerospace, a StandardAero competitor.). 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. "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 . All Rights Reserved. Ramzi Musallam returned to his desk after a quick trip to the bathroom on September 10, 2012, to find his assistant visibly shaken. Ramzi Musallam, an American private equity specialist of Jordanian descent. Ramzis formative years were spent in emerging markets such as Saudi, Arabia and Tanzania. Ramzi Musallam net worth is projected to be $4 billion, putting him in the Forbes 400 for the first time this year. 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. Chief Executive Officer & Managing Partner. He spends a lot of time sitting through briefings in sensitive compartmented information facilities (SCIFs) set up by the military, for which top security clearances are requiredand mobile phones are banned. Ramzi Musallam Forbes 400 Rank: #281 Net Worth: $4 billion 2020 Net Worth: N/A (New) 21. Having developed a way to trim, By 2019 Veritas was humming, with all five of its buyout funds performing in the, Unfortunately, the Dyal deal upset Robert McKeons heirs. 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. 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. 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