OpenAI courts private equity to outpace Anthropic in enterprise AI

NEW YORK, UNITED STATES — ChatGPT maker OpenAI is offering private-equity firms an unusually attractive deal as it vies with Anthropic to expand its enterprise AI footprint, according to a report from Reuters.

The move signals a growing push by artificial intelligence (AI) companies to secure funding and enterprise adoption ahead of potential public listings.

OpenAI sweetens the deal for investors

OpenAI is reportedly offering private-equity firms preferred equity stakes with a guaranteed minimum return of 17.5%, far above typical preferred instruments, sources told Reuters. 

Investors would also gain early access to OpenAI’s newest AI models, a strategy designed to entice firms such as TPG and Advent International to participate in joint ventures.

By contrast, Anthropic, which has historically focused on enterprise AI, “offered no such returns,” the sources added. 

Both companies are competing to partner with buyout firms to roll out AI tools across hundreds of private companies, boosting adoption and creating long-term customer stickiness.

“There’s a big race to lock in as much enterprise, as many desks as possible. I can see that there’s a huge amount of scalability there,” said Matt Kropp of Boston Consulting Group’s AI unit. 

Private equity’s cautious approach

Not all investors are jumping in. At least two private-equity firms opted out of either joint venture, citing concerns about economics, flexibility, and profit profiles, according to sources cited in the report. 

Thoma Bravo, a software-focused buyout firm, decided against participation after internal discussions, raising questions about the long-term profit potential and noting that many portfolio companies are already deploying AI tools.

Some investors also questioned whether the partnerships would materially enhance access to AI or generate revenue. They said “any meaningful upside… would likely depend on securing board seats, equity stakes or other economic terms only available to lead partners.” 

Other firms are in talks but expected to take smaller stakes without board influence.

Despite this caution, OpenAI anticipates its joint venture will become profitable, generating revenue through implementation services, revenue-sharing from deployed products, and co-ownership of newly developed AI tools, a source familiar with the plans said. 

OpenAI is in advanced discussions with firms including TPG, Bain Capital, Advent International, and Brookfield Asset Management to raise around $4 billion at a pre-money valuation of roughly $10 billion.

OpenAI-Anthropic rivalry highlights strategic AI partnerships in outsourcing

The competition between OpenAI and Anthropic underscores a broader shift in the outsourcing and enterprise AI landscape. AI firms are increasingly partnering with private-equity-backed companies to accelerate adoption while sharing deployment costs. 

This approach helps providers expand into high-value enterprise markets and offers buyout firms a structured way to integrate advanced AI into their portfolios. 

By leveraging joint ventures, AI companies can cut upfront expenses, scale more efficiently, and strengthen their positioning ahead of potential initial public offerings (IPOs)—illustrating the growing intersection of technological innovation and strategic outsourcing investment.