Private Equity’s AI Bet: Strategic Hedge or Structural Conflict?

Short summary

Private equity firms are launching major AI joint ventures with OpenAI and Anthropic to access frontier models, but these deals create structural conflicts with their legacy SaaS portfolio holdings. Delaware's new SB 21 law offers legal safe harbor if firms implement independent director approvals and documented conflict management. DOJ and revised HSR rules are intensifying antitrust scrutiny of overlapping board seats and PE cross-holdings in AI.

• •PE-backed AI joint ventures (DeployCo $10B, Anthropic $1.5B) directly threaten SaaS portfolio valuations held by same sponsors
• •Delaware SB 21 provides statutory safe harbor against damages if conflicted transactions get independent director or majority-of-minority approval
• •DOJ/FTC unwinding interlocks; revised HSR rules now flag minority AI holdings and management-rights holders in cross-portfolio deals

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