Veritas Capital has raised $14.4 billion for its ninth flagship fund, securing one of the largest private equity vehicles of the year despite a broader downturn in global fundraising.
The New York–based firm announced the close last week, marking a significant milestone as institutional investors remain selective with commitments. Global private equity fundraising has fallen sharply, dropping nearly 40% since its $1.1 trillion peak in 2021, according to industry data.
Founded in 1992, Veritas is best known for its
focus on technology, government services, healthcare, and education sectors where it frequently targets companies operating at the intersection of business and mission-critical government needs.
Its portfolio includes aerospace and defense contractors, IT service providers, and healthcare technology firms.
The new $14.4 billion vehicle, Veritas Capital Fund IX, will continue this strategy, emphasizing buyouts and growth equity investments across North America. With this close, Veritas has solidified its position among the top-tier U.S. buyout firms, competing with peers such as Thoma Bravo, Vista Equity Partners, and Advent International.
The fundraising success stands out against a backdrop of more cautious limited partners. Rising interest rates, slower exits, and reduced distributions have made investors wary of committing to new funds.
Many large firms have extended fundraising timelines, making Veritas’ ability to hit $14.4 billion noteworthy.
Private equity firms are increasingly concentrating capital into fewer, larger funds, favoring managers with strong track records. Veritas’ history of high-profile deals, including investments in government contractor Peraton and defense technology group Sequa, has helped it maintain credibility with LPs during a more challenging fundraising cycle.
While global totals are down, mega-funds such as Veritas Capital Fund IX underscore that institutional investors are still allocating capital to established managers with proven sector expertise.