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Veritas wraps up sixth fund at $3.55 bln

New York City-based private equity firm Veritas Capital has closed its oversubscribed sixth fund at a hard cap $3.55 billion, beating its $3 billion.

Veritas Capital Fund VI will invest in tech-focused middle-market companies in a number of sectors that include aerospace and defense, national security, energy and government services and education.

The firm closed its previous fund at $1.875 billion in August 2014. Fund V generated a net IRR of -2.55 percent as of March 31, 2016, according to the Public Employee Retirement System of Idaho. However, Fund IV, which raised $1.2 billion in 2010, was generating a 16.9 percent net IRR as of the same date, reported Idaho PERS data.

So far, Veritas has been having a busy 2017. In addition to the closing of Fund VI, last month Veritas announced it agreed to acquire Herndon, Virginia-based Harris Corp’s government IT services business for $690 million in cash.

Photo: A man poses with dollars, after buying them at a money exchange in Caracas, February 24, 2015. Reuters/Carlos Garcia Rawlins