Veritas Capital closed its eighth flagship fund, Veritas Capital Fund VIII, at $10.7 billion.
The buyout fund was "significantly oversubscribed," as demand exceeded its hard cap and initial target of $8.5 billion, Veritas said in a Wednesday release.
The fund received commitments from a "combination of new and existing investors from across the globe, including leading institutions, endowments and foundations, family offices, and pension plans," the release noted.
Investors in Fund VIII include the $7.2 billion Philadelphia Public Employees Retirement System; the $100.4 billion Oregon Public Employees Retirement Fund, Salem; the $24 billion Montana Board of Investments, Helena; the $43.1 billion Pennsylvania State Employees' Retirement System, Harrisburg; and the $365 million Adams County Retirement Plan, Brighton, Colo.
The prior fund, Veritas Capital Fund VII, closed at $6.5 billion in 2019 and was also significantly oversubscribed, with demand exceeding its hard cap and its initial target of $5 billion, according to a Veritas release dated Oct. 15, 2019.
Veritas Capital has more than $45 billion of assets under management and invests in companies "that provide critical products, software, and services, primarily technology and technology-enabled solutions, to government and commercial customers worldwide," the Wednesday release added.
