Veritas Capital
Veritas Capital invests primarily in critical products, services, and software, especially technology and technology-enabled solutions serving government and commercial customers worldwide. Its platform includes private equity, Vantage middle-market investing, and credit strategies.
What stands out about Veritas Capital
Veritas Capital publicly describes an active private equity strategy, a Vantage strategy for large, fragmented middle-market companies, and an opportunistic credit strategy. Its stated industries include aerospace and defense/national security, healthcare, education, infrastructure, energy, and financial technology.[1][2][3][4][5][7]
What does Veritas Capital invest in?
Veritas Capital is a technology investor founded in 1998. It invests primarily in critical products, services, and software, especially technology and technology-enabled solutions serving government and commercial customers worldwide.
Veritas reports $50B+ of assets under management across its private equity and credit platforms, 140+ employees, and 25+ years in business as of June 30, 2026.[1]
Veritas states that its private equity strategy uses an active approach to ownership and value creation. It partners with experienced management teams and pursues larger addressable markets, high-growth niches, and greater technological sophistication in portfolio-company offerings.
Its Vantage Fund closed with $1.8 billion in 2021 and invests in middle-market companies using Veritas’s integrated technology-investing platform and intellectual property. Separately, Veritas describes its credit strategy as opportunistic and flexible across senior secured, unitranche, mezzanine debt, preferred equity, and non-control common equity.[2]
Owners evaluating a financial buyer can compare the offer with independent valuation analysis, understand how acquirers approach transactions through Auxo’s buy-side M&A process guide, and consider whether a full or partial sale best fits their objectives.
What should a business owner evaluate before considering a transaction with Veritas Capital?
Owners evaluating a transaction with Veritas can clarify which strategy and fund would invest, whether the proposed structure would involve a majority, minority, platform, or add-on investment, and what role management would have. The recent Steampunk, MetroStar, and Saber announcements show that Veritas has publicly described both a combination with an existing portfolio company and continuing minority ownership by key management in specific transactions.
Owners should also request transaction-specific detail on valuation methodology, financing structure, rollover or continuing ownership, expected ownership duration, exit objectives, operating support, add-on-acquisition capital, and applicable transaction expenses. The official Capital Markets page identifies affiliated entities involved in capital-markets activities, including a broker-dealer registered with the SEC and a member of FINRA and SIPC, and an investment adviser registered with the SEC; owners can ask which entities would participate in a proposed transaction and what fees or conflicts should be considered.[2][4][6][7][8]
Which Veritas strategy and fund would invest in the company
Would the proposed transaction be structured as a majority investment, minority investment, platform transaction, or add-on transaction
What companies does Veritas Capital target?
Veritas states that its private equity strategy targets larger addressable markets and high-growth market niches and partners with experienced management teams. Its Vantage strategy invests in the large, fragmented middle-market and is designed for investments requiring less equity capital than the larger investments targeted by its flagship funds.[2][3]
Veritas identifies aerospace and defense/national security, healthcare, education, infrastructure, energy, and financial technology as target industries. Its broader description emphasizes technology and technology-enabled solutions serving government and commercial customers.[1]
Veritas states that it invests in companies serving government and commercial customers worldwide and lists a New York office.[1]
Veritas describes Vantage as a strategy for investing in large, fragmented middle-market companies. In an August 4, 2026 announcement, affiliates of the Vantage Fund agreed to acquire Steampunk and merge it with existing portfolio company MetroStar following closing.
The announcement establishes that transaction structure for Steampunk and MetroStar; owners should confirm how Veritas would classify and structure a specific opportunity.[3][6]
MetroStar is identified in Veritas’s August 4, 2026 announcement as an existing portfolio company involved in the agreed combination with Steampunk.[6]
- Global Healthcare Exchange: On January 8, 2026, Veritas announced that an affiliate agreed to acquire a majority stake in GHX, joining existing shareholders Temasek and Warburg Pincus.
- BGIS: On July 15, 2026, Veritas announced that it entered into a definitive agreement to acquire BGIS from CCMP Capital Advisors and Alberta Investment Management Corporation and would partner with CEO Gord Hicks and the existing management team.
- Steampunk and MetroStar: On August 4, 2026, affiliates of the Vantage Fund agreed to acquire Steampunk and merge it with existing portfolio company MetroStar following closing.
- Saber Power Services: On August 6, 2026, Veritas announced that it agreed to acquire Saber Power Services from Greenbelt Capital Management, with key members of Saber management retaining a significant minority stake.
What is not clear from Veritas Capital's public investment criteria?
The GHX transaction announcement states that financial terms were not disclosed. The BGIS transaction announcement also states that financial terms were not disclosed, as does the Saber Power Services transaction announcement. These statements apply to those identified announcements and do not establish a broader disclosure position for all Veritas transactions.[4][5][7]
Questions to ask when evaluating Veritas Capital as a buyer or investment partner
Which Veritas strategy and fund would invest in the company?
Would the proposed transaction be structured as a majority investment, minority investment, platform transaction, or add-on transaction?
What management participation or continuing ownership would be expected?
What valuation methodology, financing structure, rollover treatment, and transaction expenses would apply?
Which affiliated entities would provide financing, capital-markets, or advisory services, and what fees or conflicts should be considered?
Sources & research notes
- Official website / firm overview
- Investment strategy
- Transaction size / criteria
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Transaction / portfolio evidence
- Structure / regulatory context
- SEC investment adviser record
How this profile was researched
Auxo profiles are prepared from publicly available primary and authoritative sources and reviewed for entity identity, factual support and disclosure consistency. When a fact cannot be supported by the reviewed public record, the profile identifies it as something to confirm directly rather than inferring it.
Independent research profile
This profile was prepared by Auxo Capital Advisors from publicly available information believed to be reliable and is provided solely for informational and educational purposes. It is not an endorsement, recommendation, ranking, solicitation, or representation regarding the profiled firm, its services, qualifications, transaction experience, regulatory status, financial condition, or suitability for any particular person, company, transaction, or investment.
Information obtained from third-party and public sources may be incomplete, inaccurate, outdated, or subject to change, and Auxo Capital Advisors makes no representation or warranty, express or implied, as to its accuracy, completeness, or timeliness. Readers should conduct their own independent diligence and consult appropriate professional advisers before engaging any advisor, intermediary, investor, lender, acquirer, or other transaction counterparty.
Broker-dealer and securities disclosure
Auxo Capital Advisors is an affiliate of Weild & Co., Member FINRA | SIPC. Securities-related activities and securities transactions are conducted through Weild & Co.
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