Citigroup created a new team of dealmakers to target fundraising for private companies in Europe, the latest large investment bank to do so as initial public offerings in the region have dried up and demand for alternative sources of funding has exploded. 

The US bank has launched a unit in London with a team of five investment bankers, covering equity raising for private companies and so-called special purpose acquisition companies, or Spacs, which have surged globally during the coronavirus pandemic.