Fundraising in the private-markets business can be tough. Wining and dining big investors for each new vehicle creates an endless treadmill. Worse, the typical closed-end fund structure ignores individual investors, locking out trillions of dollars of private wealth.

OpenAI founder Sam Altman rejected Monday a reported $100 billion bid by Elon Musk and a group of investors to buy the artificial intelligence giant, ratcheting up the stakes in the war for the future of the technology.

Last March, Musk filed a lawsuit claiming OpenAI, a global leader in artificial intelligence innovation which has developed the ChatGPT chatbot, DALL-E image generator and other advanced AI-driven tools, breached promises made in its founding documents and prioritizes profit motive over serving the public good.