TPG is expected to act as the anchor investor with the largest commitment. Advent, Bain, and Brookfield would participate as co-founding investors and secure board seats in the venture.

The initiative is designed to distribute OpenAI’s enterprise AI tools across the portfolio companies of the participating private equity firms and potentially beyond.

The partnership could accelerate corporate adoption of OpenAI’s technology while offering private equity firms a way to support portfolio companies navigating rapid technological change.

Private equity ownership of enterprise businesses gives firms significant influence over technology procurement and software budgets. That dynamic has encouraged artificial intelligence companies to seek partnerships with buyout groups.

Anthropic is reportedly pursuing a similar strategy. The AI company is in talks with private equity firms including Blackstone, Permira, and Hellman & Friedman to establish a venture focused on deploying its Claude AI technology.

In OpenAI’s proposed structure, private equity investors would receive preferred equity in the venture. This senior class of ownership gives investors priority returns and limits downside risk.

The discussions come as artificial intelligence continues to reshape technology markets and investment strategies across private equity portfolios.

OpenAI’s enterprise business has already generated $10bn in annualised revenue out of a total annualised revenue base of about $25bn.

The potential venture would also support the rollout of OpenAI’s enterprise platform Frontier, which aims to help companies integrate AI agents into core business operations through partnerships with consulting firms.

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