Veritas Capital

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.

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

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

• Private equity investing
• Technology sector investments
• Government-focused investments
• Private credit investing
• Portfolio company management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. 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.
2. 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.
3. 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

Core 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

Named customers5 records

Segments6 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct 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

• LinkedInlinkedin.com/company/veritas-capital

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Subsidiaries16 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A40 records

Investments5 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Veritas Capital