Anthropic, the AI lab behind Claude, has agreed with London-based private equity firm Hg to launch an independent AI consultancy for European businesses, the Financial Times reported on October 23, 2026. The venture will embed AI consultants and engineers inside client companies to build new AI-powered products and integrate the technology into existing operations, marking Anthropic’s first standalone consultancy venture in Europe. The new Anthropic Hg consultancy is expected to begin operations by the end of 2026, with hubs in London and Berlin.

What Was Announced

According to the FT’s Alexandra Heal and George Hammond, citing people familiar with the matter, Anthropic and Hg have agreed to set up a separate company that advises businesses on AI deployment. The consultants and engineers will work inside European businesses, leading the design of new products or supporting existing AI efforts, SQ Magazine reports.

The firm will target software companies selling to business clients and other white-collar groups, and will also serve companies in Hg’s own portfolio, which includes businesses such as accountancy group Azets and IoT provider AMDT. The FT reports the venture is targeting a value of more than $10 billion within five years. Both companies declined to comment on the report.

Anthropic Hg consultancy deal facts: end of 2026 launch, London and Berlin hubs, over $10bn target value

Graphic: GPTOnline, using Anthropic and Hg assets

How the Venture Will Be Funded

Anthropic will contribute capital from its own balance sheet, while Hg will invest through the funds it manages, including the London-listed HgCapital Trust, according to TipRanks. The arrangement pairs Anthropic’s AI technology and engineering capabilities with Hg’s track record investing in software and services businesses.

Hg already has 150 AI experts deploying technology across its portfolio companies; the new business will not replace that work but will sit alongside it. The two firms have been working together since 2024, when Anthropic began collaborating with Hg’s portfolio companies, Dealroom reports.

The Ode Precedent in the United States

The European move follows a similar services bet in the United States. On July 15, 2026, Anthropic teamed up with Blackstone and Hellman & Friedman to create Ode, a standalone AI services company with $1.5 billion in planned investment. Ode combines Anthropic’s models with a team of AI engineers and operators, backed by a consortium that also includes Goldman Sachs, General Atlantic, Leonard Green & Partners, Apollo Global Management, GIC and Sequoia Capital, according to Invezz.

The European venture extends that playbook across the Atlantic, where European investors and policymakers are racing to catch up with the US on enterprise AI adoption.

Context for the Anthropic Hg European consultancy: Ode $1.5bn, Hg 150 AI experts, partnership since 2024

Graphic: GPTOnline, using Anthropic and Hg assets

Why It Matters

The venture is Anthropic’s latest attempt to turn its models into recurring services revenue as it spends heavily on data center infrastructure ahead of its planned stock market debut, which reports have targeted for mid-November. The FT reported last week that Anthropic’s revenue growth slowed in the third quarter, raising the stakes for new revenue channels.

A consultancy also positions Anthropic against incumbents such as Accenture, Deloitte, EY, KPMG and PwC, which have built large AI practices selling to the same enterprise buyers. For Hg, the venture creates a channel to deploy AI across its portfolio while selling AI expertise to the broader European market.

Sources