09:32 AM EDT, 07/23/2025 (MT Newswires) -- Citigroup ( C ) is broadening its research on private companies amid a surge in firms backed by venture capital and private equity firms, Bloomberg reported Wednesday.

Former Goldman Sachs ( GS ) business unit leader Heath Terry is slated to lead coverage of the artificial intelligence sector, as well as guide other analysts on private firms in their respective industries, according to the report.

Citigroup ( C ) joins JPMorgan Chase ( JPM ) in covering private firms, the report said.

Nearly 1,500 startups worldwide have a valuation of $1 billion or more, Bloomberg reported, citing data on private companies compiled by PitchBook.

Citigroup ( C ) did not immediately reply to a request for comment from MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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