FUNDRAISING NEWS | January 02, 2025
Veritas Capital has secured $270M in commitments from Israeli investors for its ninth flagship fund, which has a $10B target, CTech by Calcalist reported December 23, citing sources close to the fundraising.
The unnamed sources said local institutional investors Clal Insurance, Migdal Insurance and Menora Mivtachim pledged $100M, $60M and $50M, respectively, for the defense-tech fund. Some of Israel's wealthiest individuals also reportedly participated in the fundraising.
In the US, at least six public pension funds have committed to investing in Veritas Capital Fund IX, according to Dakota data. Oregon Public Employees Retirement Fund and Virginia Retirement System each pledged $250M, while Indiana Public Retirement and the State of Michigan Investment Board each committed $150M. The New Mexico State Investment Council and Arkansas Teacher Retirement System allocated $100M and $35M, respectively, to the fund.
The technology and government investment firm filed for Veritas Capital Fund IX in May. In the document submitted with the SEC, Veritas Capital indicated that it opted to market the fund in 48 states and the District of Colombia in the US but sought the assistance of PJT Partners, J.P. Morgan Securities and Leader Private Capital for marketing of the fund abroad.
Fund IX's predecessor, Veritas Capital Fund VIII, closed in October 2022 with capital commitments of $10.65B against a hard cap and initial target of $8.5B.
