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AI | OpenAI Plans to Partner with TPG and Other Private Equity Funds, Valuation at $78 Billion
Artificial intelligence (AI) company OpenAI is reportedly in talks with several private equity funds to establish a joint venture focused on promoting AI software applications. The pre-investment valuation of the joint venture is approximately $10 billion (about HKD 78 billion).
Bloomberg reports that several private equity firms, including Bain Capital, TPG, Advent International, and Canada’s Brookfield Asset Management, will invest $4 billion (about HKD 3.12 billion) into the joint venture. The four firms will appoint representatives to the board of directors, with TPG serving as the anchor investor, contributing the largest amount.
Reducing Non-Core Business to Focus on Programming and Enterprise Users
Additionally, according to The Wall Street Journal, Fidji Simo, Chief Executive Officer of OpenAI’s application business, stated that the group is implementing a major strategic transformation plan, including reducing non-core operations and focusing on programming and enterprise customers. She previewed at an all-hands meeting that leadership, including CEO Sam Altman and Chief Research Officer Mark Chen, is actively exploring which businesses do not need to be prioritized, with the results to be officially communicated to employees in the coming weeks. Fidji Simo said, “We cannot afford to be distracted by side missions.”