• Leading venture capital solutions provider broadens client access to innovation and opens global resources to next generation of high-growth technology companies
• Accelerates growth of $540 billion alternatives business¹ and expands more durable revenue

The Goldman Sachs Group, Inc., announced it has entered into an agreement to acquire Industry Ventures, a leading venture capital platform which invests across all stages of the venture capital lifecycle. Industry Ventures currently manages $7 billion of assets under supervision (AUS)² and has made more than 1,000 secondary and primary investments since the company’s founding in 2000. Industry Ventures calculates its realized performance across its platform as an attractive net IRR of 18% and net realized MOIC of 2.2X since its inception³.

“Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. “Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world.”

“We believe the venture capital market is at a pivotal inflection point as technology and artificial intelligence reshape the world. By combining the global resources of Goldman Sachs with the venture capital expertise of Industry Ventures, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers—while fueling the continued growth of this critical economic engine,” said Hans Swildens, Founder and Chief Executive Officer of Industry Ventures.

Industry Ventures has pioneered various segments of the venture capital market including offering secondary liquidity solutions, seeding emerging venture capital funds, coinvesting directly in early-stage high growth businesses using pro-rata rights and also investing at the intersection of venture capital and tech buyout. The firm has one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the United States, representing investments in over 800 venture capital and technology focused funds, and works with over 325 venture capital firms as a value-added limited partner, liquidity solutions provider and co-investment partner. 

Industry Ventures will sit inside Goldman Sachs’ external manager platform, the External Investing Group (XIG), which has over $450 billion in AUS across traditional and alternative strategies. In private markets, XIG is a market leader, investing in co-investments, alternative manager strategies, its Vintage Strategies secondaries platform, and its Petershill GP stakes business. This acquisition adds a highly attractive technology investment capability to the platform for the benefit of Goldman Sachs’ global client base.

The addition of Industry Ventures further diversifies the firm’s $540 billion alternatives investment platform, which also invests directly across growth, buyout, real estate, infrastructure, life sciences, sustainability and private credit.

Goldman Sachs Asset Management has been a Limited Partner in Industry Ventures’ funds for over two decades and has offered strategies from Industry Ventures to the firm’s clients for a decade. Furthermore, Petershill Partners has owned a minority stake in Industry Ventures on behalf of fund investors since 2019. Goldman Sachs will acquire 100% of the equity of Industry Ventures.

The acquisition will expand Goldman Sachs’ ability to be a better solutions provider to technology entrepreneurs. Goldman Sachs has had a premier global wealth management business and a market leading franchise in technology, media and telecommunications (TMT) investment banking for decades. The firm delivers scaled investment capabilities across asset classes, access to private banking and lending services, access to attractive co-investment opportunities, and innovative capital solutions and advisory services to clients globally.

As part of the acquisition, it’s expected that all 45 employees will join Goldman Sachs. Hans Swildens, Industry Ventures Founder and CEO, Justin Burden, Industry Ventures Senior Managing Director, and Roland Reynolds, Industry Ventures Senior Managing Director, will be appointed partners within Goldman Sachs Asset Management.

The transaction consideration will consist of $665 million in cash and equity payable at closing; and additional contingent consideration of up to $300 million, payable in both cash and equity, based on Industry Ventures’ future performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions. 

Goldman Sachs was advised by Goldman Sachs Global Banking and Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and Weil, Gotshal & Manges LLP as legal counsel. Industry Ventures was advised by Oppenheimer & Co, Inc. as financial advisor and Dechert LLP and Cooley LLP as legal counsel.

Source: Goldman Sachs