In a statement, the New York-based firm announced the final close of The Veritas Capital Fund IX, which had a target of $13 billion.
The previous fund, Fund VIII, closed in 2022 with $10.7 billion, meaning that the newest fund is about 35 percent higher.
Veritas says it has a total of $54 billion under management, including via such companies as transportation technology supplier Cubic — which is expanding the L.A. metro system as one of its clients — and education technology firm HMH and Anthology.
The news offers the latest signals about the health of the gov tech market — especially in a summer that brought major deals — and continued interest in the space by private equity.
“In one of the most challenging fundraising environments in recent memory, strong demand for Fund IX is a clear endorsement of our strategy and platform,” said Ramzi Musallam, CEO and managing partner of Veritas, in the statement. “This fund empowers us to expand our impact, seize new opportunities and continue fueling innovation where it matters most.”
With Fund IX, Veritas said, the investment firm continues to focus on businesses and sectors that are “experiencing secular growth” via artificial intelligence, the increased reliance on data and other engines.
Evidence of how those factors are attracting capital to government technology have abounded in recent months.
For instance, a $100 million fund raising in July by emergency communications tech firm Carbyne underscored the belief of investors that artificial intelligence is changing public safety in significant — and potentially profitable — ways.
