Industry Classification

Private Markets Classification

A unified classification across public and private markets. The same dynamic, multi-label ontology trusted by the world's leading index providers and banks, now extended to private companies.

Private markets TIIC extends Theia's dynamic, multi-label classification into the private universe. Public and private companies sit in the same taxonomy, so you can compare, screen, and analyse across both without translation.

TIIC-Aligned Taxonomy

Cross-Asset Consistency

33,000+ Companies

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Coverage

TIIC Taxonomy & Coverage

10

Sectors

23

Industries

80

Sub-industries

245

Major themes

3,200+

Micro themes

33,000+

Private companies · Coverage growing & on demand

Private companies classified with the same five-tier taxonomy across their business activities: products and services, CapEx/R&D, target markets, partnerships. Coverage is never a ceiling: we are actively expanding the universe, and new companies can be classified on demand.

50,000+

Public companies

Global coverage across all market capitalisations and regions. 13+ years of historical data, with monthly updates on company exposures and quarterly updates on taxonomy micro themes. Powering indices of leading index providers, used by leading banks, asset managers and hedge funds worldwide.

Public Markets Classification

Current Classification Gap

The economy no longer divides neatly into public and private

Companies are staying private longer. Institutional allocations to private assets keep growing. Secondaries, private credit, and direct investment platforms are making private markets more liquid every year. Yet the classification infrastructure still treats public and private as separate worlds.

01

Two Systems, No Comparability

Your public and private books speak different languages. Public holdings use one classification. Private holdings use another, or none at all beyond a self-reported sector label. Ask a basic question — what is my total portfolio exposure to AI infrastructure — and there is no clean answer. The larger your private allocation grows, the wider the blind spot.

02

Static Taxonomies

Legacy classification systems were designed decades ago. They have no native way to express battery recycling, AI inference hardware, or embedded finance as distinct activities. The economy evolves; the taxonomy does not. Private companies, often at the frontier of new industries, suffer most.

Classification in Action

TIIC quantifies business activities (products and services, R&D and CapEx, target markets and use cases, partnerships and acquisitions) across five tiers of taxonomy, from 10 sectors down to 3,200+ micro themes. The examples below show a sample of each company's top Level 4 and 5 themes (data as of June 2026).

NScale

Level 4 major theme exposure

Data Centers & High-Performance Computing
36%
Cloud Computing
25%
Data Management & Hosting Services
18%
Software Development & Solutions
12%
Artificial Intelligence
9%

Level 5 micro themes

  • Infrastructure as a Service
  • Cloud Computing Services
  • HPC Cloud Services
  • Machine Learning Platforms
  • Inference Computing & Services
  • …

Anduril

Level 4 major theme exposure

Defense Technology & Products
34%
Surveillance & Monitoring
24%
Weapons
16%
Robotics
12%
Artificial Intelligence
8%
Aerospace
6%

Level 5 micro themes

  • Robotics Software Platforms
  • Unmanned Aerial Systems
  • UAVs
  • Autonomous Weapon Systems
  • Cyber & Electronic Warfare
  • …

Use Cases

What you can do with private markets TIIC

Classification is infrastructure. What matters is what it enables.

01

Public Comparables for Private Valuation

Accurate, weighted peer sets feeding directly into your valuation workflow.

02

Deal Sourcing and Competitive Landscape Mapping

Surface private companies aligned to a live thesis and map the competitive set around them, including public incumbents.

03

Cross-Asset Indices and Portfolio Construction

Build indices and portfolios that span public and private in one coherent construction language.

04

AI-Native Search and Discovery Across Private Markets

Combine Theia’s pre-built private markets coverage with your own research and documents. One taxonomy, whether the content is ours or yours.

Who This Is For

Built for investors who operate across the capital spectrum.

Private Equity and Venture Capital

Replace manual sector tagging with a consistent, granular classification that works across your entire portfolio. Surface thematic overlaps between portfolio companies, identify white-space opportunities, and build conviction with data that goes deeper than a pitch deck.

Private Markets Data Platforms

Enrich your company database with multi-label thematic classification at five levels of depth. Offer your clients screening, peer comparison, and exposure analysis that no keyword-based system can match. TIIC integrates via flat file or API.

Multi-Asset Allocators and Pension Funds

See your public and private allocations through the same lens. Understand genuine thematic diversification across the full portfolio, and monitor how exposure shifts as private holdings grow or approach liquidity events.

Index Providers and Fund Managers

Extend thematic index methodologies into private markets with a classification system already powering public market indices at the world's largest providers. Build private markets benchmarks, thematic secondaries baskets, or cross-capital-structure products on a unified foundation.

See private markets TIIC in action

We will walk you through live examples, discuss integration, and explore how TIIC fits your private markets workflow.

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