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Citi announces expansion into private company research

Invest Global 11:02 04/08/2025

Citi has announced it is expanding its research service to include private companies.

Citi has announced it is expanding its research service to include private companies.

“This investment and commitment underlines Citi's focus on complimenting our existing market leading public company research with access and commentary on private companies,” said Lucy Baldwin, Citi’s head of research.

Heath Terry, formerly working at Goldman Sachs and other prominent firms, has joined Citi as head of technology and communications research to lead coverage of the AI sector and guide private firm research across industries.

The increasing prevalence of private companies, especially in key sectors like AI, necessitates greater financial transparency and focus on venture capital and private equity.

Citi announces expansion into private company research

Citi recognises the shift towards private markets as a significant structural change in the financial landscape over the past 10-15 years.

Citi aims to identify how different profit pools will be disrupted and which companies, private or public, may emerge as winners or losers.

The bank will concentrate on roughly 100 large and influential private firms, primarily in the tech sector, publishing research when these firms undertake actions relevant to broader markets.

Research will cover product launches, customer acquisitions, and new product lines, similar to the coverage of public companies. Covering private companies will leverage fundamental research methods, including direct engagement with customers, vendors, and partners.

Citi will continue to access management teams at private firms, emphasising the incentive for these companies to build a profile with investors for future fundraising. The bank does not plan to release price targets, buy/sell recommendations, or earnings expectations for private company coverage.

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