Veritas Capital: Buy Box & Recent Acquisitions

At a glance

Assets under management	$50B (as of Jun 2026) S1
Latest fund	The Veritas Capital Fund IX, $14.4B (Sep 2025) S5
Deal types	Platform, Add-on S2
Sectors	IT Services & MSP, Software & SaaS, Education, Industrial & Manufacturing, Construction Services, Accounting & Professional Services

What Veritas Capital buys

Veritas Capital is a New York firm, investing since 1998, that buys companies selling technology, software and technology-enabled services to government agencies and to businesses in markets shaped by government rules or spending. Its target industries are aerospace, defense and national security, healthcare, education, infrastructure, energy and financial technology. As of mid-2026 it managed more than $50 billion in its buyout and credit strategies, and its ninth flagship fund closed at its $14.4 billion hard cap in September 2025.

Its Flagship funds make large control buyouts and corporate carve-outs, such as its January 2026 deal for a majority stake in healthcare supply chain software company GHX. Its $1.8 billion Vantage Fund, closed in 2021, buys middle market companies, including defense AI and digital services provider MetroStar in 2025. Veritas does not publish revenue or EBITDA ranges, and most of its deals are very large. A smaller government IT or technology services company is most likely to meet Veritas as an add-on, as Steampunk did when Veritas agreed to merge it into MetroStar in August 2026.

Recent deals

Announced in the 24 months before October 22, 2026.

Date	Company	Type	Sector	Source
Aug 2026	Epiq SolutionsAgreement to sell the software-defined radio maker, a Vantage company, to TTM Technologies for $1.1 billion	Exit	Industrial & Manufacturing	Source
Aug 2026	Saber Power ServicesHouston power infrastructure services company bought from Greenbelt Capital; key managers keep a significant minority stake	Platform	Construction Services	Source
Aug 2026	Trinity ConsultantsEnvironmental, engineering and compliance consulting firm bought from Oak Hill Capital, which reinvests as a minority holder	Platform	Accounting & Professional Services	Source
Aug 2026	SteampunkFederal contractor to be merged with MetroStar through the Vantage Fund	Add-on	IT Services & MSP	Source
Jul 2026	BGISTechnical integrated facilities management provider bought from CCMP Capital and AIMCo	Platform		Source
Feb 2026	Fund IX strategy$15.3 billion raised across Fund IX and related co-investment vehicles	Fund close		Source
Jan 2026	Global Healthcare Exchange (GHX)Majority stake in a healthcare supply chain software platform, alongside Temasek and Warburg Pincus	Platform	Software & SaaS	Source
Nov 2025	MetroStarReston, Virginia AI and digital transformation services provider for defense and national security, bought through the Vantage Fund	Platform	IT Services & MSP	Source
Sep 2025	The Veritas Capital Fund IXNinth flagship fund closed at its $14.4 billion hard cap	Fund close		Source
Feb 2025	EdifecsHealthcare data interoperability company to be added to Cotiviti	Add-on	Software & SaaS	Source

Portfolio by sector

From the firm's portfolio page S4.

Aerospace & Defense / National Security

Arcfield
Chromalloy
Frontgrade Technologies
MetroStar
Peraton

Education

Cambium Learning Group
Finalsite
HMH

Energy

Wood Mackenzie

Financial Technology

Candescent

Healthcare

Cotiviti
Gainwell Technologies
Global Healthcare Exchange (GHX)
Syneos Health

Infrastructure

APTIM
Cubic

Past investments: Epiq Solutions

Greymont’s take

How Veritas Capital fits a seller

Veritas fits owners of government IT, defense technology, healthcare technology and education technology businesses, especially those with federal, state or local government customers. Its Flagship deals are large, often carve-outs from public companies or purchases from other big investors, so a typical owner-operated business is more likely to fit its Vantage strategy, which targets the middle market, or to join an existing platform as an add-on. MetroStar, a Vantage company, is now combining with Steampunk, and Peraton, Gainwell and Cotiviti are large platforms in its core markets.

Sellers do not always cash out fully: Saber Power's managers kept a significant minority stake in August 2026, and Trinity Consultants' management and employees kept a meaningful stake. An owner should ask whether a deal would sit in Flagship or Vantage, and what role the founder would have after a merger with a larger platform.

Questions owners ask

Does Veritas Capital buy government IT services companies?

Yes. Government technology is its core market. It owns Peraton, a technology services provider to federal agencies, and MetroStar, an AI and digital transformation provider for defense, and in August 2026 it agreed to buy federal contractor Steampunk and merge it with MetroStar.

Does Veritas invest in mid-sized companies?

Yes, through its Vantage strategy. Veritas closed the $1.8 billion Vantage Fund in 2021 to invest in middle market companies, used it to buy MetroStar in 2025, and agreed in August 2026 to sell Vantage company Epiq Solutions for $1.1 billion.

Does management keep a stake when Veritas buys a company?

Often. In the August 2026 Saber Power Services deal, key members of management kept a significant minority stake, and in the Trinity Consultants deal the management team and employees kept a meaningful ownership stake alongside seller Oak Hill Capital.

How large is Veritas Capital?

As of June 30, 2026 it managed more than $50 billion in its buyout and credit strategies. Its ninth flagship fund closed at a $14.4 billion hard cap in September 2025, and it raised $15.3 billion across the Fund IX strategy including co-investment vehicles.

Sources

S1Veritas Capital home page (AUM as of June 30, 2026) Accessed October 22, 2026
S2Veritas Capital: Strategies (Flagship, Vantage and Credit) Accessed October 22, 2026
S3Veritas Capital: About (target industries) Accessed October 22, 2026
S4Veritas Capital: Portfolio (sector, status and strategy for each company) Accessed October 22, 2026
S5Veritas Capital Closes Ninth Flagship Fund at Hard Cap of $14.4 Billion (September 10, 2025) Accessed October 22, 2026
S6Veritas Capital Raises $15.3 Billion Across Fund IX Strategy (February 18, 2026) Accessed October 22, 2026
S7Veritas Capital: Contact (New York office) Accessed October 22, 2026
S8Veritas Capital Media Accessed October 22, 2026
S9Veritas Capital Unites Steampunk and MetroStar (August 4, 2026) Accessed October 22, 2026
S10Veritas Capital to Acquire Saber Power Services (August 6, 2026) Accessed October 22, 2026

Compiled by Greymont Advisors from public sources, including the firm’s own website and press releases. Greymont is not affiliated with Veritas Capital. Figures are as reported on the dates shown and may have changed. Request a correction