Veritas Capital Raises $14.4B Fund Amidst Tough Market

Veritas Capital, a private equity firm, has successfully closed its ninth flagship fund, raising $14.4 billion. This significant achievement is noteworthy, particularly given the challenging environment for private equity fundraising this year, and elevates Veritas's total assets under management to over $54 billion. The firm's investment strategy centers on acquiring technology companies operating within regulated sectors, including healthcare, defense, education, infrastructure, and fintech. Veritas's portfolio companies collectively generate $25 billion in annual revenue. Approximately 60% of this revenue originates from government agencies, with the remaining portion derived from the enterprise market. The firm explicitly avoids investments in direct-to-consumer businesses. Veritas Capital CEO Ramzi Musallam highlighted that the firm's focus on technologies that reduce wasteful spending directly supports the objectives of the Trump administration's Department of Government Efficiency. Musallam emphasized that the administration's prioritization of efficiency and quality, achieved through technology-driven cost reduction and outcome improvement, aligns seamlessly with Veritas's investment strategy, rather than posing a challenge. This strategic alignment is demonstrated through portfolio companies such as Gainwell Technologies, which supplies software to state Medicaid agencies, and Cotiviti, a healthcare data analytics business. These technological solutions are essential for states to comply with new regulatory mandates, including eligibility certification requirements outlined in "Trump’s One Big Beautiful Bill."