The ethics of AI: a strategic topic in private equity and venture capital for sustainable value creation – an article by Alexandre Rispal, Partner at Hekzé, for Private Equity Magazine

Value creation at a pivotal moment with AI
We are witnessing an unavoidable media phenomenon for several years: a vertiginous acceleration in the adoption of artificial intelligence in companies. In 2023, global AI spending reached 154 billion dollars (OECD, 2025). According to McKinsey, 65% of global companies now use generative AI, proof that these technologies have moved beyond experimentation to become operational levers and full-fledged revenue generators (McKinsey, 2024).

The prospects are colossal: by 2030, AI could inject nearly 15,700 billion dollars into the global economy (PwC, 2023). This paradigm shift is not homogeneous: only 28% of companies in the ICT sector (digital, IT infrastructure, start-ups) had deployed some form of AI in 2023 (OECD, 2025), highlighting the enormous room for growth in other sectors. From a microeconomic point of view, the gains are tangible: AI can improve productivity by 20 to 40%, or even more in some cases (BCG, 2024).

All these elements were notably emphasized in the contribution of Theodoros Evgeniou (INSEAD), who highlights how public policies, when relying on technology diffusion institutions, can create leverage in AI adoption, provided governance, strategic management, and operational support are articulated (OECD, 2025).

PE and VC: the sprint to dominate via future AI leaders
Venture capital and private equity funds have massively redirected their flows toward AI: 131.5 billion dollars invested in 2024 (+52% in one year), representing more than 50% of global venture capital activity (Pitchbook, 2025).

This figure clearly indicates AI’s strategic weight for investors. It is now explicit that the race is on to identify the future champions of AI, in a winner-takes-all logic. OpenAI, Anthropic, Mistral, Cohere… the valuation of top players is exploding, fueled by corporate strategics as much as growth funds. The message is clear: positioning must happen today, before valuations become prohibitive or the window of opportunity closes.

Creating value in portfolio companies: concrete cases
Beyond lofty, sometimes overly theoretical speeches, on the ground, AI gains are already measurable. Predictive maintenance, supply chain optimization, augmented customer service: use cases are multiplying. The common point? Double-digit productivity gains.

Take two French examples: Ailton, founded by Olivier Nachba, improves companies’ operational efficiency by deploying AI agents in short-term projects with visible ROI in under nine months. Another case: Hexagone, which analyzes vocal emotions to adjust commercial discourse or improve customer relations (Les Échos, 2024). These tools change the game, not due to technical sophistication, but because they solve very concrete irritants. For funds, the role is clear: identify operational use cases with rapid impact and, of course, strong ROI. The goal is also to help industrialize proofs of concept and accelerate execution. AI becomes an operational improvement lever, just as lean or digitalization were yesterday.

AI ethics: from posture to obligation
The debate on ethics shifted in 2023, with the open letter from the Future of Life Institute, co-signed by Yoshua Bengio (Turing Prize, equivalent to the AI Nobel), myself, and other AI leaders, calling for a pause in generative AI development (Future of Life Institute, 2023). Since then, Bengio co-led the scientific report presented at the Paris AI summit in 2025. The finding is clear: risks linked to AI range from algorithmic biases to opinion manipulation, as well as loss of control and data breaches (Bengio et al., 2025).

Moreover, the European AI Act, effective in 2024, sets a strict legal framework. Some applications will be prohibited as of 2025. Others, deemed “high risk,” will require rigorous conformity assessment processes by 2026 (European Commission, 2024). Ignoring these frameworks would expose one to reputational, regulatory, and long-term value destruction risks. It is therefore necessary for funds aiming to succeed in AI sustainably to integrate them.

Investing in ethical AI: creating value differently with expert operating partners
Fund managers have several levers: integrating hybrid compliance/tech/policy profiles on boards, assigning hybrid ethical AI and tech operating partner boutiques (mixing policy/regulation profiles with top-level tech experts), conducting quick ethical diagnostics across the portfolio… The challenge: combining technological acceleration with compliance from the build-up phase.

By integrating these skills, funds can position themselves as demanding yet enlightened partners. This reassures LPs, increases portfolio value, and attracts top talent. Already, some LPs are questioning GPs about their AI practices during ESG due diligence. In a few months, this will be a prerequisite.

Conclusion
AI ethics is no longer a think-tank gadget or an influencer topic seeking recognition on X. It is a strategic topic for private equity. Those who can combine technological excellence with responsible governance will create a sustainable differentiating edge. For others, the risk is simple: miss the turn or, worse, approach it too quickly and risk a crash. Ultimately, value will reside in portfolio companies capable of producing or using ethical and operational AI. And funds able to secure these aspects will dominate the market.