Veritas Capital announced it has raised $15.3 billion in total capital across The Veritas Capital Fund IX and related investment vehicles, closing the fundraise during what the firm described as a pronounced slowdown in private equity fundraising.
The firm said the close reflects continued investor support despite extended fundraising timelines and reduced allocations across the broader market. Fund IX represents a 40% increase in size compared with Fund VIII, which itself was 68% larger than Fund VII, signaling sustained growth in the firm’s flagship strategy.
Veritas focuses on companies delivering essential software, data, and technology-enabled services across sectors, including aerospace and defense, national security, healthcare, education, infrastructure, energy, and financial technology. The firm targets industries where demand is influenced by regulation, public policy, and long-term innovation priorities rather than short-term economic cycles.
Since closing Fund IX, Veritas has continued deploying capital across both its Flagship and Vantage strategies. Through its Flagship strategy, the firm recently acquired Global Healthcare Exchange, expanding its footprint in healthcare supply chain software and data-driven solutions. The transaction included significant co-investment participation from global institutional partners.
Under its Vantage strategy, which focuses on the large and fragmented middle market, Veritas acquired MetroStar, an AI-enabled digital transformation provider serving U.S. defense and national security agencies. The Vantage platform is designed to support smaller, growing businesses with scaled resources and sector expertise to accelerate growth.
Portfolio companies backed by Veritas have also secured major government mandates. Most recently, Peraton was awarded a multi-billion-dollar contract supporting a White House-led initiative to modernize the U.S. Federal Aviation Administration’s aging air traffic control systems.
Veritas noted that it has ranked among the top ten private equity firms globally in the HEC-Dow Jones Large Buyout Performance Ranking for four consecutive years and is one of only three firms out of more than 695 measured to achieve that distinction over the same period. CEO and Managing Partner Ramzi Musallam was also recently named a Wash100 Award recipient for the eleventh consecutive year.
Founded as a technology-focused investor operating at the intersection of government and industry, Veritas manages over $54 billion in assets under management as of September 30, 2025. The firm invests in mission-critical products, services, and software companies serving government and commercial customers worldwide, seeking to drive value through both organic and inorganic transformation initiatives.
KEY QUOTE:
“In a constrained fundraising market, investors are allocating capital selectively. Our ability to raise $15.3 billion underscores the strength of our platform and our investors’ conviction in our ability to outperform. We deploy capital where modernization is structural and complexity creates durable opportunity, positioning us to generate sustained returns across market cycles.”
Ramzi Musallam, CEO and Managing Partner, Veritas Capital
