CUSIP Expands Identifier Coverage to Private Markets via MSCI…

Event summary

CUSIP Global Services (CGS) partners with MSCI to extend CUSIP identifiers to late-stage, venture-backed private companies.
MSCI provides access to its Private Company Insights database, covering 2,000+ private companies with $5T+ in estimated valuation.
CUSIP identifiers will include jurisdiction, dividend details, company name, asset type, and sector/geography classification from MSCI's PACS™.
The collaboration builds on CGS's 2025 initiative to standardize private market security identification.
Private company CUSIP information is available at CUSIP.com.

The big picture

This partnership addresses a longstanding gap in private market infrastructure, where manual and error-prone identification methods have prevailed. As private markets grow in prominence—now representing significant portions of global capital—the need for standardized identification becomes critical for efficient trading, clearing, and settlement. The collaboration between CGS and MSCI represents a foundational step in aligning private market practices with the rigor of public market standards.

What we're watching

Adoption Pace: How quickly private market participants will integrate CUSIP identifiers into their operations and systems.
Market Impact: Whether standardized identification will accelerate secondary trading of private shares and improve liquidity.
Competitive Response: How other data providers may react to this move, potentially leading to further standardization efforts in private markets.