JPMorgan Chase and Citigroup are extending formal equity research coverage to large private companies for the first time.

JPMorgan moved first with its 24-page initiation on OpenAI released last week. In an external note, head of global research Hussein Malik wrote, “Private companies are increasingly pivotal in shaping the growth and outlook of industries,” adding that “Understanding their impact is and will remain crucial for both public and private market investors to make informed investment decisions.”

A separate internal memo noted that coverage will exclude ratings, targets, and earnings estimates, focusing instead on “structured information and tracking.”

Citigroup followed days later, hiring former Goldman Sachs and Third Point analyst Heath Terry to lead coverage of the heavily private artificial-intelligence sector and to embed private-company work across existing teams.

“This is one of, if not the single biggest, structural changes in our markets over the last 10, 15 years,” Terry said. “This is just table stakes of being a research analyst in 2025.” Research chief Lucy Baldwin added, “The number of VC- and PE-backed companies is up massively compared to what’s in the public arena.”

Terry framed Citi’s approach as a return to fundamentals: “This is really going to be covering those companies at a granular level — when they have product launches, winning customers, adding a new product line,” he said. “We’re going to be reacting to it in the same way we would with public companies we cover, because it’s going to have an impact on the public companies.” The same logic applies to access; as Terry noted, “For private companies that actually need to raise money, having a bigger profile with investors is pretty important, too.”

Citigroup has identified about 100 priority names, largely in AI and aerospace, with consumer platforms such as Shein and Stripe also on the list. Notes will be event-driven, mirroring private fund-raising and product cycles.

Over time, analysts expect management calls and teach-ins, effectively stretching the pre-IPO marketing rhythm across a longer private life.

Most of the early research is limited to the large VC-backed startups that are staying private for longer, rather than mature private equity-backed platforms. That may change as such deals become more accessible through avenues like retail-focused funds and individual 401(k) plans.

This seems likely to happen sooner rather than later — news broke last week that the Trump administration is finalizing an executive order to allow alternative asset investments in retirement plans, the latest win for sponsors who have placed heavy emphasis on individual investor fundraising in recent years.

One possible outcome is an increase in selective portfolio company disclosures or access to management for research analysts. Sponsors value status quo privacy for a host of reasons, but in a world where private capital is increasingly accessible to retail, it's not a stretch to think that firms with more robust research coverage across the portfolio might have an easier time attracting capital.

• Elliott Investment Management has built a stake in Global Payments (NYSE: GPN), which agreed in April to acquire Worldpay from Fidelity National Information Services and GTCR for $24.25 billion.

• Apollo is in talks to acquire a stake in Atlético Madrid, Spain's third-largest football club.

• Bridgepoint agreed to sell Vermaat, a food service provider, to Compass Group for $1.8 billion.

• Électricité de France, the state-owned utilities company, is exploring options including the sale of its French district heating and cooling business, which could be valued at €3-4 billion, per Bloomberg.

• EQT, Omers, and Phoenix Tower International are considering final bids for Cellnex Telecom SA's (BME: CLNX) majority stake in its Swiss telecommunications infrastructure business, which could fetch as much as €2 billion.

• Stonepeak invested in Princeton Digital Group, an Asia Pacific data center operator with over 1.1 gigawatts of capacity across six countries, for $1.3 billion in preferred equity to support its expansion across the region.

• Bain Capital agreed to acquire Namirial, a provider of paperless business and SaaS solutions, from Ambienta for €1.1 billion.

• Coats Group (LON: COA) agreed to acquire OrthoLite Holdings, a provider of open-cell foam insoles, from Trilantic North America for $770 million.

• KKR is considering a potential buyout of GPI SpA (Milan: GPI), an Italian provider of digital infrastructure to hospitals and health systems, in a deal that would value the company at around €377 million.

• KKR made a minority investment in SupplyHouse, a Melville, NY-based e-commerce platform for HVAC, plumbing and electrical products.

• Mitchell Capital acquired a controlling interest in Optelos, a provider of digital twin platforms and intelligent asset assurance solutions.

• Limerston Capital acquired DigitalXRAID, a Doncaster-based cyber security specialist providing vulnerability management, threat intelligence, penetration testing, and managed security services through its Security Operations Centre.

• Northleaf Capital Partners and AVALT agreed to acquire WASH Multifamily Holdings, a North American route-based laundry infrastructure company serving multifamily apartments and universities, from EQT.

• Frontier Growth invested in EPR Fireworks, a Jacksonville, Florida-based provider of cloud software for fire and emergency medical services agencies.

• US Dock & Door, a portfolio company of Soundcore Capital Partners, acquired Garage Headquarters, a provider of residential and commercial garage door products in Massachusetts and Rhode Island.

• West Edge Partners formed Citadel Access Solutions as a new platform through the acquisition of three commercial access solutions providers: C.G. Systems, Western Door and Gate, and Elite Access, all based in Southern California and Nevada.

• Watchtower Capital acquired Fence Builders of Winston-Salem, North Carolina, and Green Hill Fence Company of upstate South Carolina.

• Unity Partners acquired The Byng Group, a Toronto-based provider of turnover services to multifamily properties and senior living facilities.

• NexPhase Capital acquired Empower Community Care, a provider of behavioral care services for at-risk youth, from Northlane Capital Partners.

• Case, a portfolio company of AE Industrial Partners, acquired Ragnarok Technologies, a Reston, Virginia-based IT services provider for federal and commercial clients.

• Warburg Pincus acquired a majority stake in Keystone Agency Partners, a Pennsylvania-based insurance broker and agency network, with Bain Capital retaining a minority position.

• Sellers Dorsey, a portfolio company of Consonance Capital, acquired DignifiHealth, a West Virginia-based population health data analytics firm.

• The Sterling Group agreed to acquire Precision Concepts International, a provider of specialty rigid packaging solutions, from ONCAP.

• KKR acquired a minority stake in ghSmart, a C-suite leadership and advisory firm.

• Lightview Capital made a majority investment in Vermana, a newly formed commercial pool services platform combining three affiliated companies offering maintenance, renovation, and construction services across the Southeastern U.S.

Tech, Vertical SaaS, & Misc. Enterprise

• Lovable, a Swedish AI startup enabling non-technical users to build software through natural language, raised $200 million in Series A funding led by Accel at a $1.8 billion valuation, with participation from 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club.

• QuNorth, a Nordic quantum computing initiative, raised €80 million in Series A funding co-led by EIFO and the Novo Nordisk Foundation to acquire and operate a commercial quantum computer, with technology provided by Microsoft and Atom Computing.

• Boulevard, a Los Angeles-based platform for appointment-based self-care businesses, raised $80 million in Series D funding led by JMI Equity, with participation from Index Ventures and VMG Partners.

• PetScreening, a pet policy management software platform for rental housing providers, raised $80 million in Series B funding co-led by Volition Capital and Guidepost Growth Equity.

• Q.ANT, a German startup developing photonic processors for AI and high-performance computing, raised €62 million in Series A funding co-led by Cherry Ventures, UVC Partners, and imec.xpand, with participation from L-Bank, Verve Ventures, Grazia Equity, EXF Alpha, LEA Partners, Onsight Ventures, and TRUMPF.

• GigaIO, offering scalable infrastructure for AI inferencing, raised $21 million in Series B funding led by Impact Venture Capital, with participation from CerraCap Ventures, G Vision Capital, Mark IV Capital, and SourceCode Cerberus.

• Ephemera, a developer of decentralized messaging protocol XMTP, raised $20 million in Series B funding co-led by Union Square Ventures, Andreessen Horowitz's crypto arm, and Lightspeed Faction, with participation from Coinbase Ventures, Sound Ventures, and Distributed Global.

• Datavations, a New York-based analytics platform for the building materials industry, raised $17 million in Series A funding led by Forestay Capital, with participation from Morpheus Ventures, Sage Venture Partners, and Nevcaut Ventures.

• Vultron, an AI-powered proposal development software for federal contractors, raised $17 million in Series A funding led by Greycroft, with participation from Craft Ventures, Long Journey Ventures, and South Park Commons.

• Blockskye, a blockchain platform for corporate travel management, raised $15.8 million in Series A funding led by Blockchange, with participation from United Airlines Ventures, Lightspeed Faction, Lasagna, Litquidity Ventures, Longbrook Ventures, KSV Global, and TFJ Capital.

• Tavrn, a legal tech platform automating workflows for personal injury law firms, raised $15 million in Series A funding led by Left Lane Capital, with participation from A*, Hummingbird Ventures, and Box Group.

• SuperAnnotate, an AI data annotation and evaluation platform, raised $13.5 million in Series B extension funding led by Dell Technologies Capital, bringing its total Series B to $50 million.

• Empirical Security, a Chicago-based cybersecurity company that uses AI for threat prioritization, raised $12 million in seed funding led by Costanoa Ventures, with participation from DNX Ventures, Sixty Degree Capital, and HPA.

• Quandri, an AI platform for insurance brokerage and agency servicing, raised $12 million in Series A funding led by Framework Venture Partners, with participation from Intact Ventures, FUSE, and Defined Capital.

• Collate, a Menlo Park-based data intelligence platform using OpenMetadata, raised $10 million in Series A funding led by Venrock, with participation from Unusual Ventures and Karman Ventures.

• IntuigenceAI, a Berkeley-based AI platform for industrial operations, raised $10 million in seed funding led by Innovation Endeavors, with participation from Recursive Ventures and Think+.

• Billee Technologies, a Dallas-based utility management platform for multifamily properties, raised $9.15 million in seed funding led by RET Ventures.

• Duranta, a Seattle-based software platform for lawn care professionals, raised $7 million in seed funding led by Base10 Partners, with participation from Pear, Coalition Operators, and Sunshine Lake.

• StrongestLayer, a San Francisco-based email security platform, raised $5.2 million in seed funding led by Sorenson Capital, with participation from Recall Capital.

• BQP, a quantum simulation software company, raised $4.9 million in seed funding led by Monta Vista Capital, with participation from Empire State Development's New York Ventures, Arc Ventures, Armory Square Ventures, Emergent Ventures, Alumni Ventures, Arka Venture Labs, Transpose Platform, Gainangels, Pranatech Venture Capital, Paradigm Shift Capital, and Griffiss Institute.

• Kiku, a Copenhagen-based recruitment platform for frontline hiring, raised €4 million in seed funding led by Cherry Ventures, with participation from Yellow.

• Covenant, an AI-powered law firm for private market investors, raised $4 million in Seed funding led by Flybridge Capital Partners, with participation from Neil Barsky.

• Juno, a corporate travel and expense management platform, raised $4 million in seed funding led by Avid Ventures, with participation from Matchstick Ventures, Madrona Venture Group, and Bungalow Capital.

Fintech

• Zerohash, a crypto and stablecoin infrastructure provider, raised $100 million in new funding led by Interactive Brokers at a nearly $1 billion valuation.

• CertifID, a wire fraud protection platform for real estate transactions, raised $47.5 million in Series C funding led by Centana Growth Partners, with participation from Arthur Ventures.

• Spiko, a fintech offering tokenized cash management solutions for European businesses, raised $22 million in Series A funding led by Index Ventures, with participation from White Star Capital, Frst, Rerail, Blockwall, and Bpifrance's Digital Venture Fund.

• Folio, a financial operations platform for hospitality procurement, raised $14 million in Series A funding co-led by Thrive Capital and Construct Capital, with participation from Redseed VC and SciFi VC.

• Heka Global, a provider of fraud prevention tools for financial institutions, raised $14 million in Series A funding led by Windare Ventures, with participation from Barclays, Cornèr Banca, and other institutional investors.

• Dakota, a crypto business banking platform, raised $12.5 million in Series A funding led by CoinFund, with participation from 6th Man Ventures and Triton Ventures.

• Retirable, a retirement planning platform, raised $10 million in Series A funding led by IA Capital Group, with participation from Nationwide Ventures, Western & Southern Financial Group, Clocktower Ventures, Primary Venture Partners, Portage Ventures, Vestigo Ventures, and SilverCircle.

Consumer & Media

• Substack, a publishing platform that enables creator subscriptions, raised $100 million in Series C funding co-led by BOND and The Chernin Group, with participation from Andreessen Horowitz, at a $1.1 billion valuation.

• Kaleidoscope, a New York-based science and technology podcasting company, raised $5 million in Series A funding co-led by Burda Principal Investments and North Base Media, with participation from The Raine Group and Nimble Ventures.

Healthcare

• Baraya Extended Care, a Saudi Arabian long-term care and rehabilitation provider, raised $124 million in Series B funding led by TVM Healthcare Afiyah Fund, with participation from Olayan Financing Company, Saudi Economic and Development Holding Company, ANB Capital, and Saudi Venture Capital Company.

• One Biosciences, a Paris-based company developing single-cell tumor analysis technology for precision oncology, raised €15 million in Series A funding co-led by Redmile Group and Blast, with participation from Galion.exe, Invus, Adamed Technology, Sofinnova Partners, Polytechnique Ventures, and Kima Ventures.

Industrials, Greentech, & Other

• 38 Degrees North, a community solar and renewables platform, raised $230 million in growth equity funding from Climate Adaptive Infrastructure, Kimmeridge Energy Management Company, and S2G Investments.

• Exodigo, an underground mapping platform for infrastructure projects, raised $96 million in Series B funding co-led by Zeev Ventures and Greenfield Partners, with participation from 10D VC, Square Peg, JIBE, Vintage Investment Partners, and Leblon Capital.

• GeologicAI, a mining tech company using AI and sensors for critical minerals discovery, raised $44 million in Series B funding led by Blue Earth Capital, with participation from BHP Ventures, Rio Tinto, and Breakthrough Energy Ventures.

• Amogy, a company that converts ammonia to power, raised $23 million in Series B funding co-led by Korea Development Bank and KDB Silicon Valley, with participation from BonAngels Venture Partners, Pathway Investment, and JB Investment.

• Gen Phoenix, a recycled leather fiber manufacturer, raised $15 million in Series funding led by Material Impact, with participation from Tapestry.

• Monumental Labs, a robotics company using AI for stone architectural facades and sculptures, raised $7 million in seed funding led by Seven Seven Six.

• Eurazeo raised €650 million for the first close of its Growth Fund IV, targeting €1 billion to invest in high-growth European technology businesses with a focus on AI-native companies.

• Verified Capital, launched by former Coatue Management partner Kris Fredrickson, raised an oversubscribed $175 million debut fund to make eight to ten AI-focused investments.

• Mantis VC raised $100 million for its third fund.

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