NEW YORK, March 23 - OpenAI is offering private-equity firms a guaranteed 17.5% minimum return and early access to its newest AI models as it courts TPG, Advent International, and others for an enterprise-focused joint venture.
Anthropic, by contrast, offers no guaranteed return in its competing enterprise partnership-though it has historically led in corporate AI adoption.
Both companies aim to embed their AI tools across hundreds of portfolio companies owned by buyout firms-locking in long-term usage ahead of potential public listings this year.
The joint venture structure helps absorb high customization costs and enables clearer financial segmentation for IPO readiness.
Thoma Bravo opted out after questioning the long-term profit profile; other PE firms remain cautious, citing limited upside without board seats or equity stakes.
Reuters previously reported OpenAI’s $4 billion raise at a $10 billion pre-money valuation-and Anthropic’s outreach to Blackstone, Hellman & Friedman, and Permira.