OpenAI lures private equity firms with guaranteed returns in race against Anthropic

THE DECODER / 3/24/2026

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Key Points

  • OpenAI is offering private equity firms a guaranteed minimum 17.5% return to encourage them to participate in enterprise joint ventures.
  • The move is framed as part of an ongoing competitive push against Anthropic in the enterprise AI deployment and partnership race.
  • By reducing downside risk for investors, OpenAI aims to speed up capital and partnership alignment for commercialization efforts.
  • The deal structure signals a more finance-led approach to scaling enterprise AI projects, beyond purely technical partnerships.
  • Private equity involvement could influence how enterprise AI initiatives are funded, contracted, and governed going forward.

OpenAI is sweetening the deal for private equity firms with a guaranteed 17.5 percent minimum return to win them over for enterprise joint ventures.

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