Blackstone, KKR, and EQT are negotiating separately with Google to grant AI model access to their portfolio companies, Bloomberg reports. These non-exclusive discussions aim to streamline AI integration across hundreds of operating businesses, avoiding individual procurement efforts at each portfolio company.

The push follows Anthropic's $1.5bn joint venture with Blackstone and other investors to deliver AI tooling to private equity-backed companies. By securing preferential access and integration support, the sponsors hope to demonstrate how AI-driven productivity gains can materially impact portfolio value, appealing to limited partners seeking better returns.

For Google, partnering with these three major private capital platforms offers scaled distribution into diverse sectors globally. The competition with OpenAI and Anthropic for this enterprise AI footprint is intensifying, with private equity sponsors emerging as critical channels to reach mid-market and large-cap businesses that might not otherwise adopt AI early.

These talks reflect how private equity is becoming a gateway for AI model providers targeting enterprise clients, potentially reshaping how frontier models reach operating companies.