Overview
- OpenAI is pitching buyout firms a 17.5% minimum return plus early access to its newest models, along with seniority and downside protection, according to people familiar with the talks.
- The joint venture is targeting roughly $4 billion at an implied pre‑money valuation near $10 billion, with TPG, Advent International, Bain Capital and Brookfield named in discussions.
- Anthropic is pursuing a similar enterprise vehicle with Blackstone, Hellman & Friedman and Permira, but its proposal does not include a comparable guaranteed return, sources said.
- Some private‑equity firms have questioned the economics and flexibility of the partnerships, and Thoma Bravo decided not to participate after internal deliberations.
- Many potential participants are weighing smaller, non‑lead stakes without board seats, as the JV model is pitched as a way to offload customization costs and speed AI rollouts across portfolio companies.