OpenAI, Anthropic Compete for PE AI Ventures

OpenAI and Anthropic, two leading artificial intelligence companies, are actively courting private equity firms to form joint ventures. These ventures aim to raise fresh capital and accelerate the adoption of their enterprise AI products by deploying customized AI tools to hundreds of private companies owned by buyout firms. OpenAI is offering a more attractive deal, including a guaranteed minimum return of 17.5% and early access to its newest AI models, to firms like TPG Inc. and Advent International. In contrast, Anthropic's deal offers no such guaranteed returns. Some private equity firms, such as Thoma Bravo, have expressed skepticism and declined to participate, citing concerns about the economics and long-term profit profiles of these partnerships. This race for enterprise market share is also influenced by recent events, including Anthropic's dispute with the United States — United States Department of Defense, which labeled it a 'supply chain risk', and OpenAI's subsequent agreement to supply AI tools to the Pentagon.