Firm: Veritas Capital
Fund: Veritas Capital Fund V LP
Target: $1.5 billion
Amount Raised: $1.875 billion
Placement Agent: UBS Securities LLC
Legal Counsel: Schulte Roth & Zabel LLP
Veritas Capital Fund V, the follow-up to its $1.2 billion predecessor that closed in 2010, was significantly oversubscribed and beat its $1.5 billion goal in a fundraising effort that began in April. The firm declined an interview request. Buyouts reported in May that Veritas had been talking to investors about Fund V.
It was the first fund since Robert McKeon, the founder and former chairman of the firm, died in 2012. Partners Ramzi Musallam, Hugh Evans and Benjamin Polk now lead the firm.
Fund V will invest in mid-market companies that provide products and services to government customers, the firm said in a prepared statement. Veritas takes aim at acquisition targets in aerospace and defense, healthcare, technology, national security, communications, energy and education.
“The significant demand for the fund underscores the strength of our team, differentiated strategy and resulting unique perch we have built in the private equity market,” Musallam said in the statement. “We see tremendous opportunities ahead.”
Among the limited partners in Veritas Capital Fund V, the Public Employees Retirement System of Idaho listed the fund as “in the pipeline for 2014” for a potential commitment, Buyouts reported in July. In June, the Teachers’ Retirement System of Illinois committed $100 million to the fund.
Among the firm’s recent deals, its portfolio company SI Organization set plans in May to buy QinetiQ North America Services and Solutions Group, a British cybersecurity, analytics and software specialist in the public sector, for up to $165 million. SI Organization has since announced plans to change its name this fall to Vencore as a result of the combination of the two companies.