Veritas Capital
Veritas Capital is a New York-based private equity firm managing $50B+ across flagship, middle-market, and credit strategies, investing exclusively in technology and technology-enabled companies serving government and regulated commercial customers across defense, healthcare, education, and financial technology sectors.
- Company typePrivate
- Founded1992
- HeadquartersNew York, United States
- Headcount101–250
- GTM typeB2B
- OfferingServices
What Veritas Capital does
Veritas Capital is a New York-based private equity firm founded in 1998 that exclusively invests in technology and technology-enabled companies serving government and regulated commercial customers. The firm operates an integrated platform across three strategies: Flagship Funds (large-cap buyouts), the Vantage Fund (middle-market), and an opportunistic Credit Platform ($1.9B AUM), managing more than $50 billion in assets as of March 31, 2026, with 220+ investments completed since inception. Revenue is generated through management fees on committed capital (typically 1.5–2% on $50B+ AUM), carried interest on realized investment gains, and credit platform economics, with portfolio companies collectively employing over 97,000 people and generating approximately $23 billion in revenue across $83 billion+ of enterprise value.
The firm concentrates on six primary verticals: aerospace, defense and national security; healthcare; education technology; financial technology; energy; and infrastructure. Core portfolio companies include Peraton (federal IT and national security), Gainwell and Cotiviti (healthcare administration and analytics), Syneos Health (clinical research), GHX (healthcare supply chain software), Candescent (digital banking software), Cubic (transportation technology), Wood Mackenzie (energy data and analytics), HMH, Cambium Learning Group, Finalsite and Anthology (education technology), Chromalloy (aerospace aftermarket), APTIM, and MetroStar (AI-enabled defense digital transformation). Veritas supports portfolio companies through in-house Veritas Capital Markets (VCM) and Veritas Capital Securities (VCS), an SEC-registered, FINRA-member broker-dealer providing underwriting, private placements, and M&A advisory services.
The firm's go-to-market targets institutional limited partners — pension funds, sovereign wealth funds, endowments, foundations, and family offices — for fund commitments, demonstrated by the $15.3 billion raised for Fund IX in early 2026 (40% larger than the $10.7 billion Fund VIII in 2022). Acquisition and growth-investment activity is concentrated in companies at the intersection of technology and government, with disclosed transactions including the $7.1 billion Syneos Health take-private (2023, co-led), the $2.45 billion acquisition of NCR Voyix's Digital Banking Business (2024, rebranded as Candescent), the Wood Mackenzie carve-out from Veritas Capital Fund VII portfolio activity, the MetroStar acquisition (announced late 2025), and the GHX majority stake (January 2026). Customer segments for portfolio companies span U.S. federal agencies (DoD, intelligence community, civilian agencies), state and local government, healthcare providers and payors, K-12 and higher education institutions, banks and credit unions, transit authorities, and energy and natural resources firms.
Veritas Capital firmographics
Firmographics- Name
- Veritas Capital
- Legal name
- Veritas Capital Fund Management, L.L.C.
- Website
- http://www.veritascapital.com
- Company type
- Private
- Founded year
- 1992
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- Veritas Capital is a New York-based private equity firm managing $50B+ across flagship, middle-market, and credit strategies, investing exclusively in technology and technology-enabled companies serving government and regulated commercial customers across defense, healthcare, education, and financial technology sectors.
- Ownership category
- akta.pro rank
Veritas Capital industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Other Financial Vehicles (52599)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282)
- akta.pro primary industry
- Late-Stage Venture Capital (Series C+) (FSANAAAC)
- akta.pro secondary industries
- SME Term Loans & Growth Capital (FSAKAGAB), Venture Growth / Recurring Revenue Credit Funds (FSANAIAG)
Keywords
Where Veritas Capital is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Veritas Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others
Revenue model
- Management Fees: Veritas Capital earns management fees based on assets under management across its private equity and credit platforms. As of March 31, 2026, the firm manages $50B+ AUM across three strategies.
- Carried Interest (Performance Fees): Veritas Capital earns carried interest on realized gains from its private equity investments when portfolio companies are exited at profits above the preferred return threshold.
- Credit Platform Management: Veritas Capital's credit platform manages $1.9B AUM with an opportunistic strategy investing across senior secured, unitranche, mezzanine debt, preferred equity, and non-control common equity in target industries.
Go-to-market motion2 records
Distribution channels1 record
Marketing channels5 records
Veritas Capital product offering
Product offeringCore offering
Veritas Capital is a private equity investment firm that raises and manages capital across three strategies — Flagship Funds (large-scale private equity), the Vantage Fund (middle-market investments), and a Credit Platform (opportunistic credit) — deploying more than $50 billion in assets into technology and technology-enabled companies serving government and commercial customers in sectors including aerospace and defense, national security, healthcare, education, infrastructure, energy, and financial technology. The firm generates returns through capital appreciation in portfolio companies and complementary capital markets execution via its affiliated broker-dealer and capital markets entities.
Product overview
Veritas Capital is a private equity firm with $50B+ AUM across three investment strategies: Flagship Funds (large-scale private equity), Vantage Fund (middle-market investments), and Credit Platform ($1.9B AUM opportunistic credit). The firm operates through affiliated entities including Veritas Capital Markets (VCM) for capital markets activities and Veritas Capital Securities (VCS), an SEC-registered broker-dealer. Veritas Capital's portfolio companies include Candescent (digital banking software with Votiv platform, Forge developer tools, and Marketplace), Global Healthcare Exchange (GHX - healthcare supply chain software with AI-driven automation), MetroStar (AI-enabled defense/national security digital transformation), Peraton (federal technology services), Syneos Health (clinical research services), Cotiviti (healthcare analytics), Gainwell (healthcare administration technology), and Wood Mackenzie (energy analytics).
Differentiator
Problem solved
Functional benefit
Brands
- Candescent: Digital banking software provider for banks and credit unions, serving over 1,300 financial institution customers and 20+ million active users.
- Veritas Capital Fund Management
- Veritas Capital Markets (VCM)
- Veritas Capital Securities (VCS)
- Peraton
- Global Healthcare Exchange (GHX)
- Vantage Fund
Products and services
- Flagship Funds Veritas Capital's flagship private equity funds invest in large-scale technology and technology-enabled companies at the intersection of government and technology, targeting sectors including aerospace & defense, national security, healthcare, education, infrastructure, energy, and financial technology. Limited partners include pension funds, sovereign wealth funds, endowments, foundations, and family offices.
- Vantage Fund Middle-market private equity fund investing in growing businesses, bringing scaled resources and deep sector expertise to accelerate growth. Vantage targets smaller, growing businesses within Veritas's core sectors.
- Credit Platform Opportunistic credit strategy investing across the capital structure in private and public markets, focusing on senior secured, unitranche, mezzanine debt, preferred equity, and non-control common equity in target industries.
- Veritas Capital Markets (VCM) Capital markets execution platform that structures and arranges financing that advances portfolio company growth and strategic priorities, providing tailored solutions across debt and equity from initial idea through market execution.
- Veritas Capital Securities (VCS) SEC-registered broker-dealer providing underwriting, private placements, and merger and acquisition advisory services, serving as the execution and advisory platform for securities transactions.
Quantifiable outcome
- Top 10 globally in HEC-Dow Jones Large Buyout Performance Ranking for four consecutive years (only 3 of 695+ PE firms measured)
- +2 more outcomes
Companies that use Veritas Capital
Customer profileNamed customers5 records
Segments6 records
Ideal customer profiles2 records
Veritas Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability2 records
Veritas Capital partnerships and signals
Strategic signalScale indicators11 records
Recent moves7 records
Expansion highlights6 records
Veritas Capital competitors and assessment
Company assessmentDirect peers
- Thoma Bravo: Thoma Bravo is the largest technology-focused PE firm with over $130B AUM, specializing in enterprise software investments. While Veritas targets government tech specifically, both firms are technology-focused PE specialists pursuing differentiated sector theses, often competing for technology assets and overlapping LP relationships.
- New Mountain Capital: New Mountain Capital is a middle-to-large market PE firm focused on healthcare, government services, and technology-enabled business services. Its sector thesis in federal/defense/healthcare IT closely mirrors Veritas's flagship strategy, and both target similar mission-critical technology assets serving government and regulated industries.
- Carlyle Group: Carlyle is one of the largest global PE firms with deep government services, defense, healthcare, and technology investment focus, making it a close comparable to Veritas's strategy. Both firms have extensive federal contracting relationships, similar portfolio mixes in aerospace & defense and healthcare, and compete for the same government-influenced technology assets.
- Welsh, Carson, Anderson & Stowe: WCAS is a healthcare and technology-focused PE firm with a long track record in healthcare services, healthcare IT, and business services. Multiple Veritas partners (e.g., James Dimitri) previously worked at WCAS, and both firms compete for healthcare analytics, services, and technology assets similar to Veritas's Cotiviti, Gainwell, and Syneos portfolio.
- Francisco Partners: Francisco Partners is a technology-focused PE firm specializing in enterprise software and technology-enabled business services. Multiple Veritas partners (e.g., Sumit Khatod) came from Francisco Partners, and both firms pursue technology buyouts in regulated and mission-critical enterprise verticals.
- Behrman Capital: Behrman Capital is a mid-market PE firm focused on aerospace, defense, government services, healthcare, and industrials. It is one of the most direct comparable PE firms to Veritas's government-tech thesis, with multiple alumni (e.g., Jeff Wu) now at Veritas, reflecting overlapping investment philosophies and target sectors.
Broad incumbents
- Blackstone: Blackstone is the world's largest alternative asset manager with a large PE platform investing across technology, government services, healthcare, and education. While much larger than Veritas, Blackstone frequently competes for large-cap take-privates and government technology assets, particularly as it has expanded its core PE strategy into technology and government-influenced sectors.
- Warburg Pincus: Warburg Pincus is a global growth-oriented PE firm with deep exposure to healthcare, technology, and government services. It is already a co-investor with Veritas in GHX, and both firms compete for technology and healthcare assets while also partnering on selected transactions.
- KKR: KKR is a global mega-PE firm with dedicated technology and government services investment verticals. It is already a co-investor with Veritas in Cotiviti and frequently competes in large-cap take-privates and government-services buyouts, making it both a co-investor partner and a direct competitor in the same asset class.
- Bain Capital: Bain Capital is a large, diversified global PE firm with dedicated verticals in technology, healthcare, and government services. Its North America Private Equity group pursues control investments in technology-enabled companies, directly overlapping with Veritas's strategy, though Bain operates across a broader range of sectors and geographies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Veritas Capital social profiles
Digital presenceVeritas Capital compliance and trust
Trust signalCompliance5 records
Veritas Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Veritas Capital leadership team
Management profileNumber of profiles
Profiles18 records
Veritas Capital subsidiaries and ownership
Company hierarchySubsidiaries16 records
Veritas Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Veritas Capital M&A and investment
M&A and investmentM&A40 records
Investments5 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Veritas Capital
What does Veritas Capital do?
Veritas Capital is a private equity investment firm that raises and manages capital across three strategies — Flagship Funds (large-scale private equity), the Vantage Fund (middle-market investments), and a Credit Platform (opportunistic credit) — deploying more than $50 billion in assets into technology and technology-enabled companies serving government and commercial customers in sectors including aerospace and defense, national security, healthcare, education, infrastructure, energy, and financial technology. The firm generates returns through capital appreciation in portfolio companies and complementary capital markets execution via its affiliated broker-dealer and capital markets entities.
Is Veritas Capital a public or private company?
Veritas Capital is a private company. It is classified as management employee owned and is currently operating.
When was Veritas Capital founded?
Veritas Capital was founded in 1992. It employs 101 to 250 people.
Where is Veritas Capital based?
Veritas Capital is headquartered in New York, United States, in the North America region.
How does Veritas Capital make money?
Three revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Performance Fees) and credit Platform Management.
Who are Veritas Capital's main competitors?
Direct peers on record are Thoma Bravo, New Mountain Capital, Carlyle Group, Welsh, Carson, Anderson & Stowe, Francisco Partners and Behrman Capital. Broad incumbents are Blackstone, Warburg Pincus, KKR and Bain Capital.
Does Veritas Capital have an API?
No public API is recorded for Veritas Capital.
What industry is Veritas Capital in?
Veritas Capital's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANAAAC, Late-Stage Venture Capital (Series C+), with a secondary code of FSAKAGAB, SME Term Loans & Growth Capital. Its NAICS code is 523940 and its SIC code is 6211.