Veritas Capital Fund Management has successfully closed its largest technology-focused fund, Veritas Capital Fund IX, raising a total of $14.4 billion. This exceeds its initial $13 billion target and surpasses the previous fund’s $10.7 billion. The firm focuses on acquiring and investing in companies operating in highly regulated sectors, including defense, healthcare, energy infrastructure, education, and financial services. Fund IX reflects Veritas’s continued commitment to identifying and supporting technology-driven businesses with strong growth potential and strategic importance. (WSJ)

Investor Profile and Global Participation

Veritas Capital Fund IX attracted a broad range of domestic and international investors. Major U.S. public pension funds, including the Arkansas Teacher Retirement System, California Public Employees’ Retirement System, and New York State Common Retirement Fund, were among the largest contributors. Investors from Europe, Asia, and the Middle East also participated, reflecting global confidence in Veritas’s investment strategy.

Veritas itself committed approximately $400 million, representing 2.8 percent of the fund as a general partner. This stake aligns the firm’s interests with its investors and demonstrates confidence in the fund’s potential to deliver strong returns. The diverse investor base underscores Veritas’s reputation as a trusted partner in technology-focused private equity.

Strategic Focus and Investment Approach

Veritas Capital primarily targets companies with valuations exceeding $1 billion, often engaging in complex mergers, acquisitions, and carve-out transactions. The firm is recognized for its carve-out strategy, where it acquires divisions from larger companies and transforms them into independent, high-performing operations. This approach allows Veritas to unlock hidden value and optimize operational efficiency.

To date, Veritas has completed around 40 successful carve-out transactions, positioning the firm as an expert in navigating complex regulatory environments and restructuring processes. The firm’s strategic focus on sectors with high regulatory oversight ensures that its portfolio companies maintain strong compliance while pursuing growth. (WSJ)

Past Successes and Case Studies

Veritas Capital has a proven track record in technology-driven investments. In 2023, the firm sold Guidehouse, a public-sector consulting firm, to Bain Capital for $5.3 billion. The company also sold a stake in Cotiviti, a healthcare technology provider, to KKR & Co., with the transaction valuing the company at $11 billion.

These successes highlight Veritas’s ability to identify and execute profitable transactions while maintaining focus on operational improvements and long-term value creation. By consistently delivering strong returns, the firm reinforces investor confidence and sets the stage for future growth. (WSJ)

Sectoral Priorities of Fund IX

Veritas Capital Fund IX is particularly focused on technology companies operating in sectors that require high levels of regulatory compliance. Key areas of investment include:

• Defense: Supporting technology solutions that enhance national security and government efficiency.

• Healthcare: Investing in digital health, software solutions, and services that improve patient outcomes and operational efficiency.

• Energy Infrastructure: Backing companies that develop innovative solutions for sustainable energy and utility management.

• Education Technology: Funding platforms that enhance learning outcomes and digital learning experiences.

• Financial Services: Supporting fintech and technology-enabled financial solutions that transform traditional banking and investment processes.

By concentrating on these sectors, Veritas aims to generate both financial returns and strategic impact, enhancing technology adoption and innovation in critical industries.

Navigating Challenges in a Complex Market

The private equity environment is challenging, particularly for funds focusing on regulated sectors. Veritas Capital has successfully navigated market volatility, regulatory changes, and investor expectations. Its experience in carve-outs, operational restructuring, and complex mergers allows the firm to mitigate risks while maximizing value for investors.

Additionally, portfolio companies often operate in fast-evolving sectors where technology adoption, cybersecurity, and compliance standards are constantly changing. Veritas’s hands-on management approach and industry expertise help portfolio companies adapt, innovate, and thrive under these conditions.

Current Portfolio Overview

Veritas Capital currently manages a portfolio of approximately 18 companies, collectively generating $25 billion in annual revenue and employing over 110,000 people. This portfolio reflects Veritas’s commitment to supporting companies that play a pivotal role in regulated technology sectors.

The portfolio demonstrates a balance of growth, stability, and strategic importance, with companies ranging from defense technology providers to healthcare software innovators. By diversifying across sectors and geographies, Veritas reduces risk while positioning its portfolio for long-term success.

Global Impact and Expansion

Veritas Capital Fund IX underscores the growing role of private equity in shaping global technology sectors. By investing in companies with strategic significance, the firm not only delivers financial returns but also influences technological innovation and industry development worldwide.

International participation in Fund IX indicates that investors see significant potential in regulated technology sectors. As these industries expand and adopt new technologies, Veritas’s strategic investments could have a lasting impact on innovation, operational efficiency, and global competitiveness.

Future Outlook and Opportunities

Looking ahead, Veritas Capital aims to continue leveraging its expertise in technology and regulated sectors to identify high-value investment opportunities. The firm’s strategy combines operational improvement, digital transformation, and regulatory compliance to drive value creation.

As technology becomes increasingly central to defense, healthcare, education, and financial services, Veritas’s investments are well-positioned to capture growth opportunities. The firm’s disciplined approach, combined with strong industry relationships and operational know-how, provides a competitive advantage in a complex market. (WSJ)

Conclusion

The successful closing of Veritas Capital Fund IX demonstrates the firm’s ability to attract global investors and deliver strategic investments in highly regulated technology sectors. By raising $14.4 billion, Veritas not only exceeded expectations but also solidified its reputation as a leader in private equity for technology-driven businesses.

The fund’s investments are expected to support digital transformation, enhance operational efficiency, and drive innovation across critical industries. As Veritas continues to expand its portfolio and influence, Fund IX positions the firm for sustained growth and long-term success in global technology investments.

The number of family offices in India has experienced a remarkable increase, growing from just 45 in 2018 to nearly 300 by 2024. This rapid growth reflects the increasing desire among ultra-high-net-worth individuals to manage family wealth more strategically and professionally. Family offices are private wealth management entities dedicated to serving the financial and investment needs of a single family or a small group of wealthy families. Beyond mere financial management, these offices also engage in strategic ventures, philanthropic projects, and long-term investment planning. (Entrepreneur India)

Evolution of Family Offices: From Preservation to Strategy

Historically, family offices primarily focused on preserving family wealth and managing family businesses. Over the years, however, their role has evolved to include professional investment management, risk diversification, and global market participation. Modern family offices prioritize intergenerational wealth transfer, ensuring that financial assets are preserved and grown across multiple generations.

These offices now integrate advanced financial analytics, professional portfolio management, and risk assessment strategies, ensuring that families are equipped to navigate volatile markets and capitalize on new investment opportunities. This professionalization marks a significant shift from traditional approaches to wealth management, highlighting the growing sophistication of India’s ultra-rich.

Case Study: Sharrp Ventures and Strategic Investment

Sharrp Ventures, the investment office of the Harsh Mariwala family, has been operating since 2014. The firm primarily invests in startups and businesses in India, providing them with capital and strategic guidance to support their growth. Sharrp Ventures focuses on companies with strong governance, robust management structures, and high growth potential, particularly in the consumer sector.

This approach demonstrates the evolution of family offices from passive wealth custodians to active investors, fostering entrepreneurship and contributing to India’s economic development. Such strategic involvement also allows families to influence industries they are passionate about, aligning investments with long-term values and objectives. (Entrepreneur India)

Challenges Faced by Family Offices in India

Despite their rapid growth, family offices in India face several challenges. Regulatory changes, fluctuating tax laws, and international compliance requirements can complicate operations. Additionally, intergenerational differences, family disputes, and succession planning issues may affect the effectiveness of family offices.

Many family offices are now adopting structured governance frameworks, hiring professional advisors, and integrating legal and financial compliance tools to overcome these obstacles. By addressing these challenges proactively, family offices can ensure sustainability and continuity over generations.

GIFT City: A Hub for International Finance

The Gujarat International Finance Tec-City is emerging as a significant financial hub for family offices in India. Offering tax incentives, regulatory flexibility, and access to international markets, GIFT City is attracting family offices looking to expand globally.

However, adoption of GIFT City remains limited due to infrastructure constraints and awareness gaps. As more family offices recognize its potential, GIFT City could become a central hub for wealth management and cross-border investment in India, providing an ecosystem for global financial transactions and advisory services.

Technology Integration in Modern Family Offices

Modern family offices are increasingly leveraging technology to optimize operations. Data analytics, artificial intelligence, and advanced portfolio management software allow these offices to make informed investment decisions, monitor risk exposure, and identify emerging market trends.

This technological integration enables family offices to operate more efficiently, enhance transparency, and offer customized solutions to individual family members. Furthermore, digital tools facilitate seamless intergenerational communication, ensuring that investment strategies and family values are consistently upheld.

Corporate Governance and Succession Planning

Strong corporate governance practices are critical to the sustainability of family offices. Implementing clear decision-making processes, accountability frameworks, and succession plans helps prevent conflicts among family members.

Family offices increasingly emphasize governance boards, advisory committees, and formalized investment policies. These measures not only preserve wealth but also support responsible leadership transitions, ensuring that family offices remain effective across generations. Succession planning has become a central aspect of family office strategy, reducing the risk of operational disruption and fostering long-term stability.

Economic and Social Impact

The proliferation of family offices in India has broad economic implications. By investing in startups, SMEs, and emerging industries, these offices stimulate entrepreneurship, innovation, and job creation.

Family offices also play a crucial role in philanthropy, directing resources to social initiatives, education programs, and healthcare projects. This combination of strategic investment and social responsibility helps bridge economic gaps and contributes to India’s broader development agenda. (Entrepreneur India)

Globalization and International Investment Opportunities

As Indian family offices become more sophisticated, they are increasingly exploring international markets. Investing abroad allows families to diversify risk, access new asset classes, and participate in global growth opportunities.

Family offices are also collaborating with global financial institutions and international advisors to ensure regulatory compliance and optimize returns. This trend not only strengthens the families’ portfolios but also enhances India’s presence in global wealth management networks. (Entrepreneur India)

The Future of Family Offices in India

The future of family offices in India looks promising, with continued growth expected in both number and influence. Modernization, technology adoption, governance, and strategic investment planning will define the next era of family offices.

As these offices expand, they are likely to play a significant role in shaping India’s financial landscape, supporting entrepreneurship, driving innovation, and contributing to social development. The increasing professionalization of family offices indicates that India’s wealth management sector is evolving rapidly, aligning with global best practices while addressing domestic economic opportunities.

Conclusion

The rise of family offices in India represents a shift from traditional wealth management to professionalized, strategic, and sustainable financial governance. These offices are redefining how ultra-high-net-worth families manage wealth, plan for succession, and invest in both domestic and international opportunities.

By combining technology, governance, strategic investment, and philanthropy, family offices are not only preserving wealth but also contributing to India’s economic growth and social development. As the sector continues to mature, family offices are poised to become a critical component of India’s financial ecosystem.

PFZW, one of the largest pension funds in the Netherlands, has severed its ties with BlackRock, the world’s largest asset management firm, over differences in sustainability policies. The decision comes as part of the pension fund’s ongoing efforts to align its investment strategy with its environmental, social, and governance (ESG) objectives. PFZW, which manages over $300 billion in assets, will no longer invest in BlackRock’s funds, citing concerns over BlackRock’s handling of climate-related issues and the firm’s approach to sustainable investments.

A Shift in Focus: ESG at the Forefront

The Dutch pension fund’s move highlights a growing trend among institutional investors towards aligning portfolios with sustainability goals. PFZW has long emphasized its commitment to responsible investment practices, particularly in the context of combating climate change. In 2020, the pension fund took significant steps by divesting from companies involved in fossil fuels, and more recently, it has been actively pushing for corporate engagement on climate issues. By severing its connection with BlackRock, PFZW is taking a stand on ensuring that its investments reflect its green and sustainable values.

This decision also mirrors the broader trend in the financial sector where investors are becoming more vocal about demanding that asset managers take concrete actions on climate change. The climate crisis has rapidly become a key issue for many investors, particularly those managing large pension funds, who are under increasing pressure to prioritize long-term environmental sustainability over short-term profits.

Read more on Reuters

Why Did PFZW End its Partnership with BlackRock?

The clash between PFZW and BlackRock centers around the asset manager’s stance on climate change and its engagement with fossil fuel companies. PFZW had become increasingly frustrated with BlackRock’s approach, which it viewed as insufficient in addressing the pressing need for companies to reduce their carbon footprints. Despite public commitments to integrating ESG criteria, PFZW’s decision suggests that the world’s largest asset manager has not done enough to push companies in its portfolio to implement stricter climate policies.

BlackRock has faced significant backlash in recent years for its handling of climate-related issues. While the firm has committed to achieving net-zero emissions by 2050, critics argue that it continues to invest in carbon-heavy sectors, such as fossil fuels. In contrast, PFZW is adopting a more proactive approach by targeting companies that align with its climate goals, reducing exposure to those that do not meet its standards for sustainable investing.

As part of its commitment to sustainability, PFZW aims to ensure that all of its investments are aligned with the Paris Agreement and the target of limiting global warming to 1.5 degrees Celsius. This means taking a more aggressive stance against companies and asset managers who do not meet the criteria set by leading international climate organizations.

Growing Pressure on Asset Managers to Prioritize Sustainability

PFZW’s decision is not an isolated case. Over the past several years, there has been mounting pressure on asset managers to prioritize sustainability, especially as climate-related risks become more pronounced. Investors are increasingly demanding that asset managers not only integrate ESG factors into their portfolios but also actively engage with companies to reduce their carbon footprint and contribute to the global fight against climate change.

In a recent study, Sustainable Investment Forum found that nearly 60% of institutional investors believe that companies should be held accountable for their climate-related actions. As large institutional investors like PFZW take a firmer stance, asset managers are recognizing the need to rethink their approach to sustainable investing. Many firms are now reviewing their ESG strategies and are expected to make more stringent commitments to achieving net-zero emissions.

Despite this, BlackRock remains one of the largest players in sustainable investing, managing over $200 billion in ESG assets. The firm has committed to using its influence to encourage companies to adopt better climate policies, but critics argue that BlackRock’s actions don’t go far enough to combat the urgency of the climate crisis.

The Financial Implications of PFZW’s Decision

The decision to end its relationship with BlackRock will likely have broader financial implications. BlackRock manages a vast range of investment funds, including many that are crucial to PFZW’s portfolio. This severing of ties may lead to a reallocation of investments as PFZW seeks new fund managers who share its commitment to sustainability. While this may cause short-term volatility, the pension fund’s move is a clear signal that it prioritizes long-term climate goals over short-term returns.

Furthermore, the decision to cut ties with BlackRock could put additional pressure on other large asset managers to reassess their sustainability practices. As institutional investors like PFZW lead the charge in pushing for more responsible investing, other firms may follow suit, either through increased engagement with companies on climate issues or by adopting more ambitious net-zero commitments. (Financial Times)

Sustainability Goals and the Future of Investment

PFZW’s actions underline the growing importance of sustainable finance in the global investment landscape. As climate change continues to dominate headlines and government agendas, the demand for responsible investments is set to rise. PFZW’s move may pave the way for other large pension funds and institutional investors to take more direct action on climate-related investments.

In the coming years, we can expect further scrutiny on asset managers’ ESG practices. Investors will continue to demand more transparency around climate commitments and the impact of their investments. For BlackRock, the pressure will continue to mount, forcing the firm to take a harder stance on its commitment to climate action if it hopes to maintain trust with both investors and the broader public.

Conclusion

PFZW’s decision to end its relationship with BlackRock over sustainability concerns marks a significant moment in the evolving landscape of sustainable investing. As institutional investors like PFZW continue to take bold steps towards a more sustainable financial future, asset managers will need to reassess their strategies to ensure they align with global climate goals. The pressure is on for companies and financial institutions to show that they are committed to a green future, or risk losing the trust of investors who are increasingly focused on long-term environmental sustainability.

Across the Middle East, a quiet transformation is underway in how companies approach workforce engagement and productivity. In a bid to stay competitive in a rapidly evolving global market, many organizations are adopting the economic partnership model a system that redefines employees as active contributors to profitability, rather than passive task executors.

This shift is rooted in both economic necessity and strategic foresight. As businesses face rising operational costs, low engagement levels, and talent retention challenges, they are looking inward to their people as the key to unlocking untapped value and long-term growth.

A Global Issue: The High Cost of Disengagement

According to Gallup’s State of the Global Workplace 2023 report, low employee engagement costs the global economy approximately 8.8 trillion dollars every year. This figure represents nearly 9 percent of global GDP and highlights the urgent need for companies worldwide to rethink their approach to human capital.

In the Middle East, the impact is similarly felt across industries such as retail, energy, technology, and logistics. Companies are recognizing that employee disengagement is not just a cultural issue it is a financial risk. The economic partnership model is emerging as a potential solution, one that aligns employee motivation with organizational performance.

Understanding the Economic Partnership Model

The economic partnership model encourages employees to take ownership of results by contributing ideas, identifying efficiencies, and supporting continuous improvement efforts. Employees are empowered to participate in the company’s value creation process whether through reducing costs, improving customer experience, or increasing operational speed.

For instance, a customer service employee at a tech firm proposed changes to the company’s website that resulted in a 40 percent decrease in support calls and a 15 percent increase in customer satisfaction. In another example, a warehouse employee streamlined inventory processes, saving the company 50,000 dollars annually. These are not isolated success stories; they are indicators of what is possible when employees are treated as partners in success.

(Bizpreneur Middle East, 2024)

Shifting Leadership and Organizational Culture

Adopting this model requires more than operational tweaks. It involves a mindset shift across the organization. Traditional hierarchies often limit innovation to top-level management, while the economic partnership model promotes distributed responsibility and collaborative problem-solving.

Managers must transition from supervisors to facilitators. Their role becomes one of enabling, mentoring, and recognizing employee contributions. This shift improves trust, boosts morale, and often leads to stronger team cohesion.

Gallup’s research supports this, showing that companies with high employee engagement have 43 percent lower turnover rates compared to those with low engagement levels. Employee retention improves when individuals feel their ideas matter and that they are making a meaningful impact.

Demographics Driving Adoption in the Middle East

One of the reasons the Middle East is well-positioned to adopt the economic partnership model is its demographic makeup. The International Labour Organization reports that more than 60 percent of the region’s workforce is under the age of 35. This younger generation tends to seek purpose, flexibility, and autonomy in their careers, making them more receptive to participative business models.

This shift is further supported by large-scale regional initiatives that promote economic reform, private sector growth, and innovation. Programs such as Saudi Arabia’s Vision 2030 and the UAE’s Centennial 2071 encourage investment in human capital and the adoption of future-oriented business models.

The India–Middle East–Europe Economic Corridor (IMEC), a strategic trade route linking Asia, the Middle East, and Europe, is also pushing companies in the region to become more agile and globally competitive. As regional infrastructure improves and market access expands, businesses are being urged to optimize internal operations and workforce engagement.

(ILO, Wikipedia)

Financial Benefits of the Model

The benefits of the economic partnership model are not limited to culture or morale. There is strong financial evidence supporting its implementation. According to PwC’s Workforce of the Future report, companies with highly engaged employees are, on average, 21 percent more profitable than those with disengaged workforces.

Companies that embrace this model report faster innovation cycles, reduced operational waste, and improved customer loyalty. These outcomes not only enhance competitiveness but also contribute directly to financial performance.

Retention, in particular, becomes a key advantage. Recruiting and training new staff can be costly, particularly in sectors experiencing skill shortages. By creating a work environment where employees feel valued and heard, companies reduce turnover and preserve institutional knowledge.

Challenges and Implementation Strategy

Despite its advantages, the transition to an economic partnership model comes with challenges. Businesses must develop new performance metrics that go beyond traditional KPIs. Managers may require training to adopt more supportive leadership styles. Feedback systems, incentive structures, and internal communications must all be realigned to support the model.

Experts recommend piloting the approach in select departments to test outcomes and build internal support. Early success stories can help reinforce the business case for wider adoption.

Cultural sensitivity is also important. While younger employees may embrace the model quickly, older or more traditionally-minded staff may need more time and support to adapt.

A Vision for the Future of Work

The economic partnership model is gaining traction because it aligns with broader global trends flexible work, purpose-driven employment, and decentralized leadership. In the Middle East, where modernization, economic diversification, and youth empowerment are national priorities, the model offers a promising path forward.

By treating employees as strategic partners, companies can unlock higher levels of performance, foster innovation, and build a resilient organizational culture that is ready for the future.

As the region continues to open itself to global investment and talent, businesses that embrace this model may not only improve internally, but also stand out as regional and international leaders in workplace transformation.