OpenAI is guaranteeing private equity firms a 17.5% minimum rate of return and preferential access to its latest models, as part of an effort to outbid Anthropic for joint venture investments in enterprise-focused deals.
OpenAI is in advanced talks with TPG, Advent International, Bain Capital, and Brookfield Asset Management on a joint venture valued at approximately $10 billion. The PE firms would commit around $4 billion in exchange for preferred equity stakes — a senior class of ownership that gives investors priority returns over common shareholders and limits downside exposure.
The 17.5% guaranteed floor is unusual in the AI industry. Most AI investments are high-risk bets on future growth, but OpenAI is effectively de-risking the deal. If the joint venture generates returns below that threshold, OpenAI bears the cost of making up the difference.
For context, Anthropic is seeking roughly $1 billion in PE equity stakes in its own venture and does not include a guaranteed return — making OpenAI's offer notably more aggressive.
The venture aims to deploy OpenAI's AI tools across hundreds of portfolio companies owned by these PE firms, instantly creating a massive enterprise distribution channel. This follows OpenAI's $110 billion funding round in February 2026.
Critics note that the guaranteed floor introduces financial risk that doesn't exist in a standard equity relationship. If the venture underperforms, OpenAI is on the hook — compressing margins that are already thin. But with revenue reportedly approaching $10 billion annually, OpenAI appears confident the bet will pay off.