The venture, internally dubbed 'DeployCo', will be valued at $10bn as part of a funding round expected to close in early May. OpenAI will contribute an initial $500m of equity, with an option to deploy a further $1bn at a later date, bringing its total potential commitment to $1.5bn. DeployCo, a Delaware-listed LLC majority owned and controlled by OpenAI through super-voting shares, is currently managed by Brad Lightcap, until recently the company's chief operating officer. Its primary clients will be portfolio companies of the private equity firms involved, with the venture charging businesses to embed AI into their operations. Lightcap has overseen the hiring of dozens of so-called 'forward deployed engineers', a model pioneered by US software group Palantir, whereby developers are embedded directly within client companies. The structure offers OpenAI what one person described as 'patient capital, locked up for five years', while the guaranteed return floor reduces the risk for the private equity investors relative to a typical fund investment. The OpenAI equity held by the vehicle could also be deployed to acquire technology and intellectual property in the future....

Dave Brett, Partner and Head of Co-Investments at Adams Street Partners, pointed to shifting investor priorities as a key driver of demand. 'Investors are continuing to prioritise strategies that have the potential to offer greater visibility, alignment, and cost efficiency,' he said. The result is consistent with findings from Adams Street's own Global Investor Survey, which identified enhanced returns, reduced fee drag, and more direct exposure to high-conviction opportunities as the principal reasons limited partners are increasing their co-investment allocations. Jeffrey Diehl, Managing Partner and Head of Investments, said the close signals broader confidence in the strategy despite a tougher fundraising backdrop. 'We believe co-investments remain a compelling solution in today's market, where access and selectivity are critical,' he added. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

Teleflex, which manufactures breathing tubes, catheters, and vascular access products for hospital intensive care units, carries a market value of roughly $5.5bn based on its most recent closing price of $124.75. Its shares surged 13.4% in after-hours trading following news of the approach. The company has been undergoing a significant strategic overhaul, having sold three business units for $2.03bn in December, and has faced pressure from activist investor Irenic Capital Management, which criticised its board in March for its reluctance to engage with potential buyers. CVC, Amsterdam-listed and managing approximately $241bn in assets, brings global private markets scale to the consortium. GTCR, the Chicago-based buyout firm, adds deep sector expertise, with a well-established track record in healthcare services and medical technology. Together, the two firms represent a formidable partnership for a deal of this complexity. Subscribe to our Newsletter to increase your edge. Don't worry about the news anymore, through our newsletter you'll receive weekly access to what is happening. Join 120,000 other PE professionals today....

Founded in 2015 with exactly this democratisation goal in mind, Azalea is now developing the product in parallel with potential regulatory changes in Singapore that could eventually open private markets to retail participants. Singapore's central bank proposed a new long-term investment fund framework in March 2025 that may, in time, allow retail investors to access certain private market funds. The rules remain pending, with no implementation date yet announced. On strategy, Chue said secondaries are among the most suitable underlying private equity approaches for such a vehicle, given their cash-generative characteristics. Co-investments, with their comparatively shorter holding periods, are also under consideration for capital gains exposure. The fund could offer both a compounding share class and a distributing share class, depending on investor needs. Chue also noted that the current market volatility could prove advantageous, particularly in secondaries, as some investors seek liquidity and look to exit positions. 'The worst time to fundraise can be the best time to invest, usually,' he told Reuters. 'If asset owners have urgency to sell out, you can find bargains, you can find higher quality assets at a good price.'...