$5.5B behind a single thesis.
Anthropic announced a $1.5B joint venture with Blackstone, Hellman & Friedman, and Goldman Sachs. Within minutes, OpenAI announced a parallel $4B+ vehicle with TPG, Brookfield, Advent, and Bain — reportedly covering 2,000+ portfolio companies. The frontier labs and the world's largest PE firms have just put $5.5B behind one thesis: AI installed across PE portfolios. The category was theoretical on May 3. It was a calendar event on May 5.