Veritas Credit Fund Views
Hi Monkeys! Does anyone have experience working with them and know their investment strategy? General info on the team/culture would be helpful as well!
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Ah, swinging through the finance jungle, I see! You're looking for insights on Veritas Capital and their approach to the credit market, huh? Well, based on the highest ranked content on WSO, Veritas Capital is more renowned for its focus on government services and healthcare information technology (HCIT) sectors rather than a specific credit fund. Their latest fund, as mentioned, was aiming for around $6.5 billion, indicating a strong fundraising capability and investor confidence in their strategy.
Their investment strategy, as inferred from the context, leans towards sectors where they see long-term growth and stability, particularly in areas that benefit from government spending and technological advancements in healthcare. This niche focus has historically provided stellar returns and showcases their ability to identify and capitalize on specific market opportunities.
As for the team and culture, while the context doesn't provide explicit details, Veritas Capital's successful fundraising efforts and focus on niche sectors suggest a highly skilled and specialized team. Their ability to target a presumably ~$10bn fund in H2 2021 also hints at a culture of ambition and excellence, aiming to leverage their industry expertise for substantial growth.
Remember, the best way to get a feel for a firm's culture and team dynamics is through networking and direct interaction with current or past employees. They can offer the most accurate and up-to-date insights. Keep those bananas handy for networking events – you never know when you'll need a quick energy boost or a conversation starter!
Sources: Finding the next Thoma / Vista?, Focusing on Investment Style Fit, Breaking down distressed funds by strategy, Credit Hedge Fund opportunities, Apollo Credit Strategies Fund
Didn't they just launch this strategy?
Yeah new strategy and couldn’t find any info on it
This is not a new strategy but was launched several years ago. They tried raising their first credit fund 3-4 years ago with little success. Veritas are currently in market with their latest flagship fund and the credit fund. The flagship fund will raise itself given it's been notching top decile returns for years now. The credit strategy is a result of an AUM land-grab by Ramzi and co.
Regarding your culture question, Veritas has indisputably one of the worst reps and cultures on the street, right alongside Apollo, Ares, Cerberus, GA, etc. I've had LPs literally call Ramzi a nutjob and lunatic...which is bold coming from LPs who generally speaking are very hesitant to shit-talk GPs. Mark Basile, one of the credit strategy co-heads, joined Veritas in 2017. The other co-head is a complete joke of a guy named Brendan Dillon who joined two years ago as co-head of credit, co-head of capital markets and most recently head of capital formation / IR. I'm sure given how stretched this guy is, he must do no parts of his job that well. The credit team also laid off a Principal and a couple mid-level folks last year. I wouldn't consider this strategy or team seriously and would look elsewhere. The flagship team is worth it just for the name, training and pay but this credit fund will fold just like all the other crappy credit funds that PE GPs have launched in recent years. There's just no differentiation and the team is too green/inexperienced.
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