OpenAI in talks to commit up to $1.5 billion to private equity JV, FT reports

April 22 (Reuters) – Artificial intelligence firm OpenAI is set to commit up to $1.5 billion to a new joint ​venture with private equity firms, Financial Times reported on ‌Wednesday, citing people familiar with the matter.

The ChatGPT maker will initially invest $500 million of equity into the joint venture, known internally as ​DeployCo, which is expected to be valued at $10 billion ​in a funding round set to close in early ⁠May, the report said.

DeployCo, a Delaware-listed LLC, is reportedly ​designed to speed up the adoption of OpenAI’s workplace tools ​and is a central part of the company’s push into the enterprise market, according to FT.

OpenAI will have super-voting shares in DeployCo, FT added.

DeployCo’s ​private equity backers will invest for five years, with ​OpenAI guaranteeing them an annual return of 17.5%, the report said.

OpenAI also ‌has ⁠the option to add a further $1 billion at a later date, FT said, with investors including TPG, Bain Capital, Advent International, Brookfield and Goanna Capital investing another $4 billion.

Reuters could not ​immediately verify the ​report. OpenAI, ⁠TPG, Bain, Advent, Brookfield and Goanna did not immediately respond to a Reuters request for comment.

Reuters reported ​in March that both OpenAI and rival ​Anthropic have ⁠been aggressively courting PE firms, which control many enterprise companies and sway corporate spending on software and AI.

OpenAI has recently ⁠doubled down ​on enterprise AI, a market where ​Anthropic is widely seen as having stronger traction, with broader adoption among corporate ​clients.