OpenAI Lures Private-Equity Firms With 17.5% Guaranteed Returns As AI Rivals Race For Enterprise Deals
OpenAI, the maker of ChatGPT, is offering private-equity firms a more generous financial package than rival Anthropic as the two artificial-intelligence companies court buyout shops to create joint ventures aimed at raising fresh capital and accelerating the rollout of enterprise AI products.
To lure PE firms, OpenAI is promising investors a guaranteed minimum return of 17.5%, a figure significantly above what is typical for preferred equity instruments, according to people familiar with the discussions who spoke with Reuters. The company is also providing early access to its latest AI models as it seeks commitments from firms including TPG Inc. and Advent International Corp., the people said. OpenAI has recently intensified its focus on corporate customers, an area where Anthropic has long held an edge.
Anthropic’s parallel effort offered no such guaranteed returns, the people said.
The timing of these overtures is notable. Just weeks ago, both companies became embroiled in a high-profile dispute with the Pentagon - with Anthropic walking away from a potential $200 million Defense Department contract after insisting on being the final arbiter over safeguards preventing its Claude AI from being used in fully autonomous weapons systems or mass surveillance of American citizens. The Pentagon responded by labeling Anthropic a “supply chain risk” - an unprecedented move against a U.S. technology company - blacklisting it from federal agencies and posing a risk to industry partners who also work with the Pentagon. President Trump directed all government entities to cease using Anthropic’s tools. The company has sued over this.
Hours after the deal fell apart on Feb 28, OpenAI announced its own agreement to supply AI tools for the Pentagon’s classified systems. The deal, initially criticized as opportunistic, triggered internal dissent at OpenAI, including the resignation of a senior robotics executive, and a consumer backlash that caused a surge in ChatGPT uninstalls among 'I bought this Tesla before Elon went crazy' types. OpenAI later amended the terms to strengthen guardrails.
And apparently there's no such thing as bad news, as Anthropic’s stance earned it a surge in popularity: Its Claude app climbed to the top of U.S. download charts, with sign-ups hitting record levels.
The Race Is On
The joint ventures would enable both companies to rapidly deploy customized AI across hundreds of established companies owned by private-equity firms, creating deep integration that boosts customer retention at scale.
“There’s a big race to lock in as much enterprise, as many desks as possible,” said Matt Kropp at Boston Consulting Group’s AI unit. “Once a customized AI model is integrated into a company’s systems, switching becomes much harder.”
That said, some buyout firms have passed on the deals - citing concerns about economics, flexibility, and profit. Thoma Bravo LP opted out after internal reviews, with Managing Partner Orlando Bravo questioning the long-term profit profile, people familiar said.
Skeptics argue large PE firms already have direct access to the AI providers and question whether the ventures deliver enough incremental value. Others see pressure on buyout shops to showcase AI strategies to their own investors.
Still, discussions continue with several firms expected to take smaller stakes. OpenAI is in advanced talks to raise about $4 billion for its venture at a roughly $10 billion pre-money valuation, with participants including TBG, Bain Capital and Brookfield Asset Management. Anthropic has approached Blackstone, Hellman & Friedman and Permira for its enterprise-focused push.
