Goldman Sachs Acquire Industry Ventures for $665 Million

The Goldman Sachs Group on Monday said that it has entered into an agreement to acquire Industry Ventures, a leading venture capital (VC) platform which invests across all stages of the venture capital lifecycle.

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.

Industry Ventures currently manages $7 billion of assets under supervision (AUS) and has made more than 1,000 secondary and primary investments since the company’s founding in 2000. Industry Ventures calculates its realised performance across its platform as an attractive net IRR of 18% and net realised MOIC of 2.2X since its inception.

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.

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.

Expanding Opportunities for Clients

Goldman Sachs Chairman and CEO David Solomon said that Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that were rapidly expanding as companies stay private longer and investors seek new forms of liquidity.

He said that Industry Ventures’ trusted relationships and VC expertise complement their existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world.

Industry Ventures Founder and CEO Hans Swildens said that the VC market is at a pivotal inflection point as technology and artificial intelligence reshape the world.

Swildens added: “By combining the global resources of Goldman Sachs with the VC 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 fuelling the continued growth of this critical economic engine.”

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 VC partnerships from the seed stage to late-stage growth stage in the US, 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 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.