What impact will OpenAI and Anthropic's new partnerships have on private equity? OpenAI and Anthropic have recently entered into joint ventures with four leading private equity firms, including TPG, Blackstone, Goldman Sachs, and Bain Capital. These partnerships amount to a remarkable $5.5 billion commitment, aiming to integrate artificial intelligence directly into thousands of portfolio companies within the mid-market sector.
The concept is reminiscent of Palantir's innovative approach of utilizing forward-deployed engineers. This strategy involves sending engineers into client organizations to develop customized software solutions built around Palantir's platform. OpenAI and Anthropic are now setting out to replicate this model but on a much larger scale. Instead of pursuing individual enterprise contracts, they are collaborating with private equity firms that collectively oversee an extensive network of companies, thus facilitating a more efficient AI integration process.
The involvement of Goldman Sachs is particularly noteworthy for Anthropic, as it may provide them with access to various financial technology sectors such as wealth management, lending, and insurance.
In examining the structure of the deals, there is a noticeable difference in the risk profiles. One of the ventures, presumably tied to OpenAI, guarantees a substantial 17.5% annual return for investors. This is a bold assurance from a company facing projected losses of $14 billion. In contrast, Anthropic’s agreement does not offer similar guarantees, presenting a riskier proposition for its investors.
This strategy fosters direct engagement with companies by embedding AI engineers into their existing frameworks, thus allowing OpenAI and Anthropic to generate revenue from both technology and services. This model poses a significant threat to traditional consulting firms like Accenture, Deloitte, and Bain's consulting division, further intensified by the fact that Bain is also a partner in these initiatives.
As a point of context, OpenAI’s market share in the enterprise LLM API sector has declined from approximately 50% to around 25% between late 2023 and mid-2025. However, embedding engineers within a company creates deeper relationships, leading to higher switching costs for clients. Once these engineers are integrated into a company’s operations, the barriers for making a change become substantial, producing a sticky customer dynamic that is advantageous for OpenAI and Anthropic.
In conclusion, the joint ventures between OpenAI, Anthropic, and major private equity firms signify a transformative shift in how AI will be implemented in various industries. As these companies continue to develop their strategies, the implications for both investors and traditional consulting entities could be profound and lasting.