Ramzi Musallam. The estimated Net Worth of Adebayo O. Ogunlesi is at least $31.1 Million dollars as of 19 May 2022. This February, the family, While dealing with McKeons family, Musallam worked from a desk near a large, He did what you hear and read abouthe took the boat to New York, Musallam, Get the latest stories, videos, and podcasts from Forbes India directly in your inbox every Saturday. But private equity billionaire Ramzi Musallam has turned tragedy into a Forbes 400 fortune by distilling the motivations of the largest . The government contracting (GovCon) community, by comparison, is a relatively small segment of that. Latest Federal & Government Contracting Companies' News Coverage, by Forbes convenes and curates the most influential leaders and entrepreneurs who are driving change, transforming business and making a significant impact on the world. The firms reputation, and the zero-tolerance policy that helps define it, is part of what attracts people to invest in Veritas. Bachelor of Arts/Science, Colgate University; Master of Business Administration, University of Chicago Booth School of Business. The morning after the suicide, Musallam began holding emergency, meetings with the companys investors. sued Musallam for breach of contract, claiming the $200 million loan was designed. Defense deals would become Veritas bread, I was very focussed because I knew in my heart that we had a tremendous, He traveled across America to meet with Veritas investors, ultimately convincing, At the same time, Musallam had to persuade McKeons estate, controlled by one of, By January 2013, McKeons family agreed to transfer ownership of Veritas in, He was not just dealing with the investors and the firmhe was dealing with losing, For years, Musallam was obsessed with the digitisation of health records. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and education. 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Musallam is the managing partner of Fund IV LLC and Veritas Capital Partners III, L.L.C., a Delaware limited liability company ("Fund III LLC"), which is the general partner of The Veritas Capital Fund III, L.P., a Delaware limited partnership ("Fund III"), which is the managing member of KGS LLC. McKeons death meant they suddenly had, the right to tear up their commitments to fund Veritas deals. That alone speaks to the sheer breadth of the firms investments and the quality of the leadership culture that drives them. Roundup of 2022: GovCons Top 22 M&A Transactions With Business Leaders Strategic Outlook, Veritas Buys Sequa From Carlyle, Adds Chromalloy to Portfolio; Ramzi Musallam Quoted, Veritas Pushes Into Space Tech Sector With Buy of CAES Unit; Ramzi Musallam Quoted, DHS S&Ts Biometric Tech Rally Highlights Efficacy of Group Facial Recognition Systems, Col. 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Ramzi Musallam, Veritas Capital CEO and Managing Partner, Named to 2021 Wash100 for Securing Multibillion-Dollar Acquisitions; Driving Significant Company Growth William McCormick March 16, 2021 They also retained a reduced portion of McKeons performance fees from existing, Veritas funds and 5 percent of the performance fees for the next two funds Veritas, raised. Musallam, a Jordanian immigrant, earned his M.B.A. at the University of Chicago and previously worked for JPMorgan and two other private equity firms. speaks to the press. But Musallam never expected McKeon would take his own life. But whatexactlythat move will be is just another element of the enigma. Fifty-one people dropped off since last years list, including former president Donald Trump, media mogul Oprah Winfrey and Boston Beer cofounder Jim Koch. Each year as part of the Forbes 400 package, Forbes scores billionaires based on their respective philanthropic contributions. The cousins started KKR alongside their mentor, Jerome Kohlberg, in 1975 and became well-known for debt-financed hostile takeovers. Chief Executive Officer & Managing Partner. Daniel D'Aniello is one of three cofounders of The Carlyle Group. Musallam pivoted Truven toward the public sector. In addition, he makes $600,257 as Lead Independent Director at Goldman Sachs. He has quietly built an extremely valuable business being at the, intersection of government-regulated markets and technology, which is rare for, New York City in late 1950, shortly after the first Arab-Israeli war in 1948. Thats why our reputation is first and foremost, meaning we strive to do the right thing always. By the time Musallam was in high school, his family returned to the U.S. and landed in Pine Brook, New Jersey. The richest person in the world, overtaking Tesla owner Elon Musk, became Louis Vuitton owner Bernard Arnault, with a real-time fortune exceeding $176.6 billion. Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. His first, night at the YMCA, all his belongings were stolen. He, was a force of nature. Covids Forgotten Hero: The Untold Story Of The Scientist Whose Breakthrough Made The Vaccines Possible. 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. The firm manages more than $20 billion in assets and is known for its $6.1 billion takeover of Homeplus, Tescos Korean operation, in 2015the countrys biggest private equity deal to date. First, he helped convince McKeon, the New York Stock Exchange in 2002. When he graduated in 1997, Musallam headed to New York, where he was hired by Robert McKeon. Its really about appreciating the time, the effort, the ups, the downs you have to go through and the challenges to value the meaningful things that can come out of it. Ramzi Musallam has a Bachelor of Arts in Mathematical Economics from Colgate University and a Master of Business Administration from University of Chicago - Booth School of Business. We're dedicated to helping turn aspirations into reality. There was no iPad. 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. When one looked particularly promising, McKeon would take a cue from, Bruce Wasserstein and grab more of the riches for himself. Ramzi Musallam, CEO of Veritas Capital since 2012. By the mid-1960s, the now successful Samih. My father built a business when he came to this country, my brother has built a number of technology companies, and so I try to bring that entrepreneurial mindset to the firm, Musallam said. It would sell the company to General Dynamics four years, businesses it had cobbled together to provide data on insurance claims and. For the complete Forbes 400 ranking, methodology and more, visit: www.forbes.com/forbes-400/. In the fifth spot, with a $6.7 billion net worth, is investor Robert F. Smith, who founded private equity firm Vista Equity Partners in 2000. funneling most of his units profits to Bruce Wasserstein. I had never experienced anything like this., While McKeons American dream had soured into a nightmare, Musallams was, about to soar. 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. In September, the New York State Supreme Court agreed, picture of his father, Samih, who died a decade ago. While here in Nigeria recently, he dedicated some churches including St. Michael, the Archangel Catholic Church . Ramzi Musallam joined private equity firm Veritas Capital in 1997 and became CEO in 2012 after founder Robert McKeon's death. Across all the markets in which Veritas is active, the most idiosyncratic is GovCon. We really havent patterned ourselves after anyone, posited Musallam. The price to rent a two bedroom unit in the zip code 07901 is around $2,060. I thought it was normal, he says. With Handiss, a talent marketplace for construction professionals, Lebanon joins the freelance revolution. 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. Check resumes and CV, social media profiles, places of employment, public records, arrest records, publications, business records, photos and videos and work history . Having developed a way to trim the time required to repair jet engines, it was soon winning new government contracts. Veritas specializes in acquiring companies in heavily regulated industries like national security, healthcare and . Second, Musallam figured out that defense, contractors would be fertile buyout targets for funds willing to deal with the, idiosyncrasies of government contracting. We have a zero-tolerance policy as it relates to questionable conduct, not only for ourselves, but also our portfolio companies, asserted Musallam. In 2015 Veritas, together, StandardAero quickly expanded in Europe and Asia. "My father built a business when he came to this country, my brother has built a number of technology companies, and so I try to bring that entrepreneurial mindset to the firm." . Leading the list this year is Stephen Schwarzman, chairman and CEO of Blackstone Group, with a net worth of $37.4 billion. The all-cash transaction is worth approximately $2.8 billion, including the assumption of debt. Black, who still owns 23% of Apollo, left the private equity giant in March 2021 after a board investigation found he had paid $158 million in fees to Jeffrey Epstein, the deceased financier who was charged with sex trafficking in 2019. Why did you quit medicine? Veritas' funds have generated mind-boggling internal rates of . 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