OpenAI has pledged up to $1.5bn to a new joint venture with private equity firms
to expand its enterprise AI business and compete with rival Anthropic. The
venture, named “DeployCo,” will start with a $500mn equity contribution from
OpenAI and be valued at $10bn in a funding round expected to close in early May,
with an option for an additional $1bn later.
Investors including TPG, Bain Capital, Advent International, Brookfield, and
Goanna Capital will invest a further $4bn. DeployCo will embed AI tools into
portfolio companies of its PE backers and hire its own staff alongside OpenAI
secondees. The PE investors are set to commit for five years with a guaranteed
17.5% annual return, while OpenAI gains “patient capital” and potential future
deal-making flexibility using its equity stake.
