A hospital purchasing department and an intelligence agency would make an odd pair of dinner guests. One worries about medical supplies. The other worries about national security. Yet both depend on systems that must work, vendors that must understand the rules, and purchasing decisions that rarely resemble downloading an app. Put them together and you begin to see the logic of Veritas Capital.
- The bet: essential technology in markets shaped by government spending and regulation.
- The method: buy businesses, invest in their capabilities, combine complementary operations.
- The catch: an essential product can still sit inside an overextended company.
The New York investment manager operates across private equity and credit. Its portfolio connects defense technology, healthcare software, education, energy intelligence and infrastructure. The family resemblance is the customer’s predicament: modernization is necessary, but implementing it is difficult. Veritas wants to own businesses that understand the difficulty.
The customer behind the customer
Founded by Robert McKeon in 1992, Veritas raised its first institutional fund in 1998. Today, CEO and managing partner Ramzi Musallam leads a firm whose stated focus is technology meeting government. That includes direct government contractors, but also commercial businesses whose economics depend on regulation and public policy.
Consider GHX. In January 2026, Veritas announced an agreement to acquire a majority stake alongside existing shareholders Temasek and Warburg Pincus. GHX connects healthcare providers and suppliers through supply-chain software. Its work involves purchasing, data and coordination: the administrative machinery behind delivering the right products to the right place.
The attraction becomes clearer when you ask who must agree before a product gets used. In regulated institutions, the user, procurement team, compliance officer and budget holder may have different priorities. An investor who understands those relationships can assess a business differently from someone examining only its software. That is the advantage Veritas is trying to earn.
Some assembly required
Veritas’s acquisitions show how that theory becomes an operating plan. In 2021, it agreed to buy Perspecta in a transaction valued at $7.1 billion and combine it with Peraton. The aim was to bring together complementary capabilities across government technology and mission support. Buying scale was part of the exercise; assembling capabilities was another.
Wood Mackenzie illustrates a different route. Veritas completed its acquisition of the energy intelligence business in February 2023. The agreement specified $3.1 billion in cash, plus up to $200 million in contingent consideration. Its Lens platform supplies analysis for energy and natural-resources decisions. Here, exposure to the energy transition comes through information used to allocate capital.
*Plus up to $200M contingent consideration. These are deal amounts, not investment returns.
The small hardware on the page belongs to another example: Epiq Solutions. After acquiring Epiq in 2022, Veritas supported product investment and acquisitions of Xiphos Systems and Cyber Radio Solutions, expanding its reach into space computing and radio-frequency capabilities. In August 2026, Veritas announced an agreement to sell Epiq to TTM Technologies for $1.1 billion, with closing expected by year-end. The announced price alone cannot tell us Veritas’s profit.
The money has different jobs
Veritas has three strategies: flagship private equity, the middle-market Vantage strategy, and credit. Vantage’s inaugural fund closed at $1.8 billion in 2021. Credit can invest at different levels of a company’s financing, including secured debt and preferred equity. These are different tools for pursuing opportunities within familiar sectors.
The customers of the investment manager are distinct from the customers of its portfolio. Limited partners commit capital to funds. Management teams work with Veritas on company strategy. Hospitals, agencies and other institutions buy the operating companies’ products. Veritas’s business model includes management fees and performance-based carried interest, with terms varying by fund.
In September 2025, Fund IX closed at $14.4 billion. By February 2026, Veritas reported $15.3 billion across Fund IX and related vehicles. The latter includes co-investment commitments. Neither number is Veritas’s revenue, valuation or cash profit. Keeping those labels attached is the financial equivalent of checking the units on a medicine bottle.
“We’re good listeners”
Ramzi Musallam, speaking to ExecutiveBiz in 2022
The classroom complication
Listening, however, does not remove execution risk. Anthology, the Veritas-backed education software company that combined with Blackboard, filed for Chapter 11 in September 2025. CreditSights describes falling revenue and earnings, competitive pressure and customer resistance to price increases. The operating business was deteriorating before the bankruptcy petition arrived.
The eventual response was a breakup and a narrower focus. In March 2026, the company announced its emergence as Blackboard, operating its core teaching-and-learning business debt-free after selling other divisions. Blackboard now identifies Nexus and Oaktree as its owners. The episode gives the broader Veritas thesis a necessary qualification: demand for education technology does not guarantee that a particular combination of products and financing will succeed.
For institutional buyers of software, the useful question is continuity. Who will support the product after a merger? Which systems will be integrated, sold or maintained separately? Blackboard’s restructuring makes those questions concrete. A vendor can survive while its ownership, product boundaries and financing change substantially. Procurement teams have reason to examine all three.
Learn the purchasing department
The firm’s own staffing offers another clue to its approach. Alongside investment professionals, its published team includes operations, portfolio optimization, technology and cybersecurity specialists. That mix supports its claim to active ownership, although a roster cannot establish the results of any individual intervention.
Veritas shares territory with investors such as Carlyle, whose aerospace, defense and government practice also emphasizes sector knowledge and operational improvement. Veritas’s distinction is its consistent government-and-regulation lens across seemingly unrelated industries. Its August 2026 agreements involving environmental consultant Trinity, electrical infrastructure provider Saber Power and federal technology business Steampunk extend that pattern.
For a business owner, Veritas offers a potential capital and acquisition partner. For institutional investors, it offers specialized exposure through private funds. For everyone else, there is a useful habit to copy: map the customer’s constraints before judging the product’s opportunity. Then test the integration plan and financing separately. The hospital still needs its supplies. The question is whether the business serving it can deliver them and pay its bills.