News (w/e 4/10/26)

OpenAI pitching PE firms on preferred equity with 17.5% guaranteed minimum returns. Reuters reported the offer, which is designed to get PE firms to increase AI adoption across their portfolio companies. The guaranteed return is significantly higher than typical preferred instruments. If you're a GP and someone offers you 17.5% to make your portcos use their product, the question isn't whether to take the money. It's what happens to the guarantee when the next model cycle arrives. REUTERS via CEPR