Veritas Capital has closed its debut mid-market fund on its $1.8bn hard cap after just two months of fundraising.
The fundraise follows a decade of rising flagship fundraise sizes from Veritas – most recently its $6.5bn Fund VII – with those vehicles now firmly pointed at the larger deals end of the market.
Veritas said The Vantage Fund would allow it to “capitalize on compelling investment opportunities in the large, fragmented middle-market”, targeting buyouts in healthcare, education, and national security as well as software and communications.
Firm CEO and managing partner Ramzi Musallam said, “Veritas’ legacy is founded on investments in the middle-market, and this inaugural dedicated fund will harness our deep track record, highly synergistic, integrated investment platform and time-tested approach to value creation.
“The Vantage Fund is a natural expansion for us and will enable us to further leverage technology to make a positive impact and support the growth of more businesses across the vital areas of our target industries.”
The oversubscribed fundraise boosted the firm’s assets under management to more than $28bn.
Veritas has made acquisitions with a total enterprise value of more than $23bn over the last year despite a choppy investment market caused by the Covid-19 pandemic.
Recent deals include buying the healthcare unit of IT and consulting business DXC Technology for $5bn.
The firm hit a $400m final close for its debut credit fund last year.
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Source: https://www.altassets.net/private-equity-news/by-pe-sector/buyout/veritas-capital-takes-just-two-months-to-hit-1-8bn-hard-cap-close-for-debut-mid-market-fund.html
