Veritas Capital Hits $3.55B Hard Cap On Sixth PE Fund

Private equity company Veritas Capital has raised $3.55 billion for its sixth buyout fund, handily exceeding its $3 billion target within four months of entering the marketplace and closing at its hard cap.

The new fund, named Veritas Capital Fund VI, will continue the company’s strategy of investing in technology-focused middle market companies that work with government-related and leading commercial customers across a broad range of sectors including aerospace & defense, healthcare, technology, national security, communications, energy, government services and education.

The firm’s predecessor platform fund, Veritas Capital Fund V, completed its fundraising of $1.875 billion of aggregate committed capital in August 2014, and made its first investment in the second quarter of 2015, according to a company statement. Fund IV, meanwhile, completed its fundraising of $1.2 billion in July 2010.

“We are grateful for the support and confidence of our existing investors and are pleased to welcome a number of new investors to the fund,” said CEO Ramzi Musallam. “The demand for Fund VI reflects the success of our differentiated strategy and our ability to identify and execute attractive investment opportunities.”

Founded in 1992 by Robert McKeon and Thomas Campbell, Veritas Capital is a global private equity firm that concentrates primarily on opportunities in technology and technology-enabled solutions in the aerospace & defense, healthcare, technology, national security, communications, energy, government services and education industries. The firm is led by Musallam and five partners, and managed $5.75 billion as of January 2017.