Season 1

Apple 

Spotify

YouTube

Each episode unpacks timely market topics and their impact on investors and consumers.&nbsp;&nbsp;Listen on Spotify, Apple or wherever you get your podcasts.

Research @ Citi Podcast

GPS Report 

Invest USA - The Reshaping of Global Capital Flows 

This Citi GPS report focuses on Foreign Direct Investment (FDI) into the U.S. and how the rapidly shifting dynamics of global capital movements might affect it.Whereas most other regions saw declines in 2024 vs 2023, the U.S. enjoyed a double-digit growth of 13%, while also recording the highest growth in greenfield projects. It is also worth noting that while the U.S. was the largest recipient country of the global FDI inflows, it was also the biggest giver by far in terms of investments abroad in 2023.The report looks at what led the U.S. to capture a larger share of global FDI flows in recent years as well as the prospects for U.S. FDI going forward, particularly considering the Trump administration's America First policies.&nbsp;We'll look at what the data tells us about how the dynamics of global trade have been shifting in recent years. What are some of the limiting factors for FDI?&nbsp;How should companies thinking about FDI into the U.S. think about it? What do they need to know?&nbsp;Citi clients are always looking at their supply chains, often moving them from one part of the world to another, seeking resilience first and foremost. The pandemic drove greater awareness that having a dependence on only one part of the world for supply chains represented a risk. That trend has continued, more recently, most obviously due to geopolitical shifts.&nbsp;Given the prominent role of the U.S. in global FDI flows, we also look at sectoral and state-level data. And we explore how U.S. FDI is broken down by country of origin.&nbsp;Some of the key findings of this GPS report include:&nbsp;<figure class="table"><table><tbody><tr><td style="background-color:hsl(0, 0%, 100%);"><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:100%;"><img style="aspect-ratio:60/60;" src="/rcs/citigpa/storage/public/coin_icon.png" alt="icon of coin in hand " width="60" height="60"></figure></td><td style="background-color:hsl(0, 0%, 100%);">The U.S. was the largest recipient country of global FDI inflows in 2023, attracting $311 billion inward investments.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/chart_icon.png" alt="icon of chart " width="60" height="50"></figure></td><td>&nbsp;International trade in goods and services deficit was $122.7 billion in February, down from $130.7 billion in January, but still above $98.1 billion in December 2024.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/scale_icon.png" alt="icon of money scale with dollar coins " width="50" height="50"></figure></td><td>China, Mexico and Vietnam were the top three countries that the U.S. had the highest deficits with. At the opposite end of the spectrum, the U.S. achieved the most trade surpluses with Netherlands, Australia and Singapore.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/industrial_icon.png" alt="icons of industrial buildings" width="50" height="50"></figure></td><td>The Rust Belt states have enjoyed outsized capital injections benefiting several industrial sectors, especially the manufacturing sector over the past decade.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/breifecase_icon.png" alt="icon of briefcase " width="50" height="50"></figure></td><td>Among countries which contributed the most towards job creation, Canada and the UK lead the way with aggregated FDI-induced employment from the two nations totalling over 2 million since 2014.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/graph_icon.png" alt="icon of graph " width="50" height="50"></figure></td><td>In the years before the pandemic, FDI to the EU regularly exceeded that to the U.S. However, in the years since the pandemic, the U.S. has moved well ahead. The U.S. share of global FDI flows has stepped up from roughly 15% to 25%.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:100%;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/construction_icon.png" alt="icon of construction tool " width="50" height="50"></figure></td><td>The manufacturing sector stands out as the largest recipient, with $380 billion in FDI flows since 2022, or roughly 42% of total flows.</td></tr><tr><td><figure class="image image_resized" style="border-radius:10px;display:flex;overflow:hidden;width:fit-content;"><img style="aspect-ratio:50/50;" src="/rcs/citigpa/storage/public/Calfornia_State_icon.png" alt="icon of California state " width="50" height="50"></figure></td><td>The individual state that received the largest flows is California – also the largest state by both U.S. population and output. California received just over 8.5% of total U.S. FDI flows.&nbsp;</td></tr><tr><td style="vertical-align:top;"><img class="image_resized" style="aspect-ratio:100/100;width:90%;" src="/rcs/v1/media/citigpa/akpublic/storage/retrieveMediaFile/6821bd7ac551a52fec009c81.png" alt="Whitebox.png" width="100" height="100"> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;</td><td style="vertical-align:top;">&nbsp;</td></tr></tbody></table></figure>

The Reshaping of Global Capital Flows 

This Citi GPS report focuses on Foreign Direct Investment (FDI) into the U.S. and how the rapidly shifting dynamics of global capital movements might affect it.

Invest USA

Citi’s 2025 Private Company Growth Conference – 14th Edition features this year’s class of the most innovative, global, late-stage, high-growth private companies across software, internet, fintech, healthcare, consumer, industrial tech and more.&nbsp;Our program centers on thought-leadership and networking with trailblazers and other investors in the private company ecosystem. Additionally, conference attendees are offered an opportunity to meet with featured companies’ CEOs/CFOs in 1x1 and small group meetings, as well as networking sessions where they can connect with other attendees more broadly.&nbsp;Throughout the day, CEOs and thought leaders will share business updates and outlooks via select panels and fireside chats.Outside of the management teams, attendees will include institutional investors (mutual funds, crossover and growth investors, VC, SWF, PE, Strategics, etc.), as well as other growth companies, entrepreneurs, thought-leaders, strategic partners and more.For more information and to register: <a href="https://urldefense.com/v3/__https:/reg.citiglobalevents.com/Mb8kLa?rt=1XUtHlxA90amMHsAEWN_0Q&amp;RefId=Institutional*Investor__;Kw!!Jkho33Y!mWHBkhJPX1Cs2ikVnKhNl5jQbI3nqn4gdJuTjWSCZkDoibSJkxSj8qWG4EUz-IyuhDSR2D_qfcTrI1YsuhnWMXo$">click here</a>

<ul style="list-style-type:disc;" type="disc"><li>John Collmer, Global Head of Private Placements, Citi</li><li>Cully Davis, Head of Growth Equity, Citi</li></ul>

8:00: Welcome & Opening Remarks

<ul style="list-style-type:disc;" type="disc"><li>Michael Kushner, CFO, iCapital</li><li>Andy Volz, CCO, Clear Street</li><li>Host: Rick Diamond, Global Head of Financial Technology Investment Banking, Citi &nbsp;</li></ul>&nbsp;&nbsp;

8:15: Disruption in Capital Markets Infrastructure

<ul><li>&nbsp;Lane Kasselman, President, Blockchain.com </li><li>Arjun Sethi, Co-CEO; Dave Ripley, Co-CEO, Kraken</li><li>Host: Mark Gracia, Head of Digital Assets Investment Banking, Citi &nbsp;</li></ul>

8:40: The New Era of Crypto

<ul><li>Kelly Huang, CEO, Elucid</li><li>Carolyn Starrett, CEO, Flatiron&nbsp;</li><li>Host: Heath Terry, Head of Technology &amp; Communications Super Sector, Citi Research &nbsp;</li></ul>

10:55: AI-Driven Precision Medicine

<ul><li>Brad Hill, CEO, P.F. Chang’s</li><li>Nick Kenner, Founder &amp; CEO; Jared Garber, CFO, Just Salad</li><li>Barry McGowan, CEO, Fogo de Chao</li><li>Host: Matt Daniel, Senior Banker, Citi &nbsp;</li></ul>

11:20: The Future of Hospitality with Restaurant Innovators

<ul><li>Joe Sannicandro, Investment Analyst, Fidelity</li><li>Sarah Solum, Managing Partner, Freshfields</li><li>Jimmy Yun, Principal, 8VC</li><li>Host: John Collmer, Global Head of Private Placements, Citi &nbsp;</li></ul>

12:10: Lunch Keynote

<ul><li>Dan Jablonsky, CEO, Ursa Major</li><li>Robert Rose, CEO, Reliable</li><li>Josh Li, Senior Banker, Citi &nbsp;</li></ul>

14:50: Penetrating Highly Regulated, Mission-Critical A&D Markets

<ul><li>Sean Henry, Co-Founder &amp; CEO, Stord</li><li>Remington Tonar, Co-Founder, Cart.com</li><li>Neeraj Vasudev, Head of Transportation &amp; Logistics, IB, Citi &nbsp;</li></ul>

15:20: The Logistics of Modern Commerce

Citi’s 2025 Private Company Growth Conference – 14th Edition features this year’s class of the most innovative, global, late-stage, high-growth private companies across software, internet, fintech, healthcare, consumer, industrial tech and more. 



Citi Private Company Growth Conference – 14th Edition

Transcript

In this episode of the Citi Institute podcast, host Alex Miller is joined by Kelly Ahuja, CEO, Versa Networks and John Collmer, Global Head of ECM Private Placements, Citi to discuss fundraising, exploring the critical journey for companies at various stages of growth, from venture funding to IPOs and sharing insights on the strategies, considerations, and key decisions that shape a company's financial trajectory.Kelly Ahuja, CEO, Versa Networks highlights the importance of building relationships with potential investors even when not actively fundraising, to have that network established.John Collmer, Global Head of ECM Private Placements, Citi emphasizes how the market has shifted from a "fear of missing out" mentality to more caution, with investors focusing more on companies that can demonstrate clear paths to profitability.&nbsp;Citigroup (“Citi”), and Versa Networks are not affiliated and are independent from each other. Though Versa Networks has a client relationship with Citi through Citi's banking and international business. The speakers’ views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided, nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.

Kelly Ahuja is a seasoned industry veteran with more than 20 years of experience in networking and telecommunications. He currently serves on the board of directors for two startups in Silicon Valley.Kelly spent 18 years at Cisco rooted in the design and deployment of telecommunications networks. He was most recently SVP of Service Provider Business, Products and Solutions at Cisco where he was responsible for developing and managing the service provider segment strategy and portfolio. Kelly held several other senior executive roles at Cisco, including SVP and GM of the Mobility Business Group, Chief Architect for the Service Provider business, and SVP and GM of the Service Provider Routing Technology Group.Earlier in his career, Kelly served as VP of Marketing at optical networking startup BlueLeaf Networks and product management leader at Stratacom. He also managed the design and deployment of data and voice networks for AT&amp;T Canada, Bank of Canada and Telesat Canada.Kelly holds a Bachelor of Science in Electrical Engineering from the University of Calgary. &nbsp;

Kelly Ahuja, CEO, Versa Networks

John Collmer is the Global Head of Citi’s Equity Capital Markets Private Placement team and is involved in all phases of private finance including origination, structuring, pricing and distributionOver John’s career he’s sold +1000 IPOs, raised over $10bn in private capital and built an extensive network of private and public investors, along with a deep understanding of the equity markets and equity capital formationPrior to Citi, John held senior leadership positions at Bank of America and JPMorgan for over 15 years. Most recently he was Global Head of Private Capital Markets at Bank of America based in Boston. John was a founding member of JP Morgan PCM team and ran their West Coast PCM team based in San Francisco. During his tenure he originated and executed financing across all sectors and all capital structures•

John Collmer, Global Head of ECM Private Placements, Citi

In this episode of the Citi Institute podcast, host Alex Miller is joined by Kelly Ahuja, CEO, Versa Networks and John Collmer, Global Head of ECM Private Placements, Citi to discuss Fundraising, exploring the critical journey for companies at various stages of growth, from venture funding to IPOs and sharing insights on the strategies, considerations, and key decisions that shape a company's financial trajectory.

/rcs/citigpa/storage/public/Fundraising_Journey_Navigating_Private_Placements_and_Strategic_Partnerships_TRANSCRIPT.pdf

The Fundraising Journey: Navigating Private Placements and Strategic Partnerships

Column 1

Column 2

About Us

Programs

Knowledge Center

Apply for Funding

Column 3

Column 4

Column 5

Links

Footer

Citi Foundation

Businesses

Our Impact

News

Insights

Investors

Careers

My Account

Emergency

Disclosures

Privacy Notices

Hidden

Citi Gpa

Banking, Capital Markets & Advisory

Securities Services

Commercial Bank

Citi Global Perspectives & Solutions

Leadership

Private Bank

Treasury & Trade Solutions

Markets

Issuer Services

Citi Digital Assets

Research

Wealth

Services

Citi Institute

Newsletter

Global Markets and Economy

Business Strategies

Sustainability

Technology & Innovation

Community Impact

Wealth Management

Retail Banking

Public Event Detail Template

Sign up to receive the latest insights from Citi.

gpa-footer

gpa-menu

Citi, the leading global bank, serves more than 200 million customer accounts and does business in more than 160 countries and jurisdictions. Learn more today.