Veritas Capital
Private equityNew York · Growth–Late Stage
Also known as VERITAS CAPITAL FUND MANAGEMENT, L.L.C.
Investment thesis
Veritas Capital invests at the intersection of technology and government, targeting companies that deliver critical technology or technology-enabled products, services, and software to government and commercial customers. The firm concentrates on industries supported by a government-related customer base or shaped by government regulation and policy, believing these sectors are resilient across macroeconomic cycles, geopolitical events, and political administrations. Its target markets are large and complex, spanning aerospace and defense/national security, healthcare, education, infrastructure, energy, and financial technology. Veritas emphasizes focused expertise and deep understanding of government-influenced markets and regulatory environments to identify and develop key trends and act as a nimble, flexible partner.
Source: firm website, verified Aug 25, 2026.
What they invest in
from 20 of 46 portfolio companiesDefense Tech ×7SaaS ×6AI & Machine Learning ×5Hardware ×5GovTech ×4Healthtech ×4Data & Infrastructure ×3Deep Tech ×3
HQs:United States×7
Investments · 46 tracked
founders shown can be your intro pathAbaco provides COTS rugged embedded computing products and hardware solutions spanning data capture to information delivery, used to build complete systems for defense and aerospace programs.
Deep TechDefense TechHardware
Co-investorsBooz Allen Ventures
Radio frequency and microwave integrated circuits, components and systems for aerospace, defense and communications
Advanced engineering, IT, naval architecture and operational solutions for government and commercial customers
Radio frequency components, assemblies and subsystems for aerospace, defense, wireless, medical and industrial markets
Healthcare-specific workforce management software for health systems
Co-investorsFrancisco Partners
National security training, analytics, operations, planning and investigative support
Cloud-based healthcare platform for clinical workflows
Bob Segertin
Co-investorsAspect VenturesBain Capital Double Impact Fund LPBain Capital Tech OpportunitiesBCICardinal PartnersDraper Associates+6 more
Cyber security threat management software to reduce IT security risks and simplify compliance reporting.
Co-investorsFrancisco PartnersInsight Partners
Cyber security threat management software to reduce IT security risks and simplify compliance reporting
Digital education solutions to school districts, educators, students and parents
Cambium Learning is a company whose family of brands offers educational technology products.
EdTech
Candescent provides a digital banking platform for banks and credit unions, covering account opening, consumer and business banking, assisted banking, lending, payments, and identity/security.
AI & Machine LearningFintechSaaS
Chromalloy develops FAA-approved PMA (Parts Manufacturer Approval) parts and advanced repairs for the gas path of gas turbine engines.
Advanced ManufacturingDeep TechHardware
Coronis Health provides outsourced revenue cycle management (RCM), medical coding, and billing services for healthcare organizations including community health centers, health systems, hospitals, and physician groups across the US.
Digital HealthHealthtechSaaS
Co-investorsMultiplier CapitalPlexus Capital
Cotiviti provides healthcare analytics and payment accuracy services aimed at improving financial performance, reducing inefficiency, and enhancing healthcare quality.
AI & Machine LearningData & InfrastructureDigital HealthHealthtechSaaSAtlanta, US
David Beaulieu(Executive Officer)Steve Senneff(Executive Officer)Jonathan Olefson(Executive Officer)J. Douglas William(Executive Officer, Director)Kenneth R. Goulet(Director)James E. Parisi(Director)
Components and subsystems for generation, amplification, transmission and reception of microwave signals
Specialized mission-critical outsourced technical services for businesses and government agencies
Epiq Solutions designs commercial off-the-shelf software-defined radio (SDR) platforms and RF sensing hardware for space, defense, security, and communications applications.
Deep TechDefense TechHardware
Global optoelectronics provider to military and defense customers and commercial OEMs
Finalsite builds mobile-friendly websites and digital experience tools for K-12 school districts, consolidating district resources, enrollment, program information, and school sites into one organized platform.
EdTechMarketing TechSaaS
Co-investorsSpectrum Equity
Frontgrade builds electronics and subsystems for mission-critical and defense systems, including precision motion control, edge processing with AI/ML, storage, and RF front ends and modules.
Defense TechHardwareSemiconductors
Technology solutions for the administration and operation of health and human services in the US
Gainwell Technologies provides cloud-ready technology and services to modernize Medicaid and other public health and human services programs in the United States, serving members, providers, and government program teams.
Digital HealthGovTechHealthtech
GHX operates a cloud-based supply chain network connecting healthcare providers, suppliers, and distributors to optimize procurement and clinical outcomes.
Data & InfrastructureEnterprise SoftwareHealthtechSaaS
Tina Vatanka Murphy(President and CEO)
Co-investorsGolub GrowthWarburg Pincus
Management, technology, and risk consulting services to public and commercial markets
HMH is an adaptive learning company that builds integrated K–12 education solutions—covering core curriculum, supplemental, intervention, assessment, and professional learning—delivered on a single platform.
AI & Machine LearningEdTechSaaS
Jack Lynch(CEO)Greg Daniel(Chief Marketing Officer)
Co-investorsLumos Capital GroupMoonshots Capital
Advanced electronics and technology products for defense and intelligence applications
Security-clearance background investigations, employment screenings, and related services for government agencies
Mission-critical language, translation, intelligence, security and related services for US government agencies
SaaS-based platform helping organizations mitigate risk and strengthen resilience
Cyber, data analytics, cloud computing, enterprise IT, systems engineering and background investigation capabilities
Agile application development, big data analytics, cyber security and related solutions for US government agencies
Co-investorsFrontenac
Solar cells, solar panels and composite structures for satellites and aerospace applications
StandardAero is an independent maintenance, repair and overhaul (MRO) provider specializing in gas turbine engines, airframes, avionics, and components.
Advanced ManufacturingDefense TechMobility & Transportation
Syneos Health is a contract research and commercialization services company that supports biopharmaceutical companies in drug development, regulatory affairs, and market launch across therapeutic areas.
Biotech
Co-investorsBCIPatient Square Capital
Microwave components and subsystems used in airborne radars, electronic warfare, surveillance and wireless communication
Healthcare data and analytics for governments, employers, health plans, hospitals, clinicians, and pharma companies
Data analytics, system engineering & integration, and cyber security for government and commercial customers
Aviation-related support services for the US military and various US government agencies
Wood Mackenzie provides data, analytics, and market intelligence for the energy and natural resources industry, covering the energy transition supply chain, commodities, metals and mining, and power trading.
Climate TechData & InfrastructureEnergy
Jason Liu(CEO)
Co-investorsCharterhouse Capital Partners
Fund performance · per public LP disclosures · 15
as of Jun 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| The Veritas Capital Fund IX, L.P.LPs: California Public Employees' Retirement System, Empire State Development – New York Ventures | 2024 | — | — | 0.00x | 0.00x |
| Veritas Capital Fund IXLPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System | 2024 | — | — | 0.12x | 0.00x |
| Veritas IXLPs: Teachers' Retirement System of Oklahoma | 2023 | — | — | 0.12x | 0.00x |
| The Veritas Capital Fund VIII, L.P.LPs: California Public Employees' Retirement System, Michigan Municipal Employees' Retirement System, Los Angeles County Employees Retirement Association | 2022 | — | 9.7% | 1.21x | 0.00x |
| Veritas Capital Fund VIIILPs: Oregon Public Employees Retirement System, Pennsylvania Public School Employees' Retirement System, San Diego City Employees' Retirement System | 2022 | — | 10.8% | 1.23x | 0.03x |
| Veritas VIIILPs: Teachers' Retirement System of Oklahoma | 2022 | — | 10.8% | 1.24x | 0.00x |
| VERITAS CAPITAL FUND VII LPLPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System, San Diego City Employees' Retirement System +1 more | 2020 | — | 7.9% | 1.37x | 0.01x |
| Veritas Capital Fund VILPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System, Public Employee Retirement System of Idaho +2 more | 2017 | — | 35.0% | 2.87x | 2.35x |
| Veritas VILPs: Teachers' Retirement System of Oklahoma | 2017 | — | 35.2% | 2.84x | 2.28x |
| Veritas Capital Fund VLPs: Oregon Public Employees Retirement System, Michigan Municipal Employees' Retirement System, Hawaii Employees' Retirement System +1 more | 2015 | — | 17.2% | 2.55x | 2.08x |
| Veritas VLPs: Teachers' Retirement System of Oklahoma | 2015 | — | 17.2% | 2.56x | 2.08x |
| Veritas Capital Fund IVLPs: Oregon Public Employees Retirement System, Public Employee Retirement System of Idaho | 2010 | — | 18.8% | 2.46x | 2.46x |
| Veritas IVLPs: San Diego City Employees' Retirement System | 2009 | — | 18.8% | 2.39x | 2.39x |
| Veritas Capital Fund, L.P.LPs: Connecticut Retirement Plans and Trust Funds | 1997 | — | 26.9% | 2.60x | 2.60x |
| The Veritas Capital Vantage Fund, L.P.LPs: Los Angeles County Employees Retirement Association, Michigan Municipal Employees' Retirement System, San Diego City Employees' Retirement System | — | — | 8.0% | 1.22x | 0.00x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has Veritas Capital made?
- Veritas Capital has 46 tracked investments.
- What stage does Veritas Capital invest at?
- Veritas Capital invests at the Growth, Late Stage stages.
- What sectors does Veritas Capital focus on?
- Veritas Capital focuses on AI & Machine Learning, Cybersecurity, Defense Tech, EdTech, Enterprise Software, GovTech, Healthtech, SaaS.
- Where is Veritas Capital located?
- Veritas Capital is headquartered in New York, US.
- Who does Veritas Capital co-invest with?
- Veritas Capital most often shares deals with BCI, Francisco Partners, Aspect Ventures, among 26 tracked co-investors.
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