Morgan Stanley just rolled out a new research arm focused entirely on private companies. They're not alone in this move—competitors like JPMorgan and Citigroup have already staked their claims in this space. Why the sudden rush? Investor appetite for unlisted startups is heating up. Makes sense when you think about it: public markets are crowded, and the next big opportunities might be hiding in companies that haven't gone public yet. Traditional finance is clearly betting on this shift.

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If delivery is unavailable, th