Goldman Sachs to Acquire Industry Ventures for $965 Million in Strategic Expansion

Goldman Sachs Group Inc. has announced an agreement to acquire Industry Ventures, a San Francisco-based venture capital firm managing $7 billion in assets. The deal, valued at up to $965 million, comprises an initial payment of $665 million in cash and equity, with an additional $300 million contingent on performance through 2030. The acquisition is expected to close in the first quarter of 2026, pending regulatory approval.

Industry Ventures, founded in 2000, has made over 1,000 secondary and primary investments across various stages of the venture capital lifecycle. The firm has one of the largest portfolios of venture capital partnerships in the United States, representing investments in over 800 venture capital and technology-focused funds. It collaborates with more than 325 venture capital firms as a value-added limited partner, liquidity solutions provider, and co-investment partner.

All 45 employees of Industry Ventures, including founder and CEO Hans Swildens, will join Goldman Sachs. Swildens, along with senior managing directors Justin Burden and Roland Reynolds, will become partners within Goldman Sachs Asset Management.

David Solomon, Chairman and CEO of Goldman Sachs, stated, "Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer ... ." He added that the firm's expertise complements Goldman Sachs' existing investing franchises and expands opportunities for clients to access high-growth companies and sectors.

Hans Swildens commented, "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."

The acquisition will integrate Industry Ventures into Goldman Sachs' External Investing Group (XIG), which oversees over $450 billion in assets across traditional and alternative strategies. This move is expected to enhance Goldman Sachs' ability to provide comprehensive solutions to technology entrepreneurs, including investment capabilities across asset classes, private banking and lending services, co-investment opportunities, and innovative capital solutions.

Goldman Sachs has been a limited partner in some of Industry Ventures' funds for over two decades and has held a minority stake in the firm through its Petershill Partners platform since 2019. The acquisition is anticipated to diversify Goldman Sachs' $540 billion alternatives investment platform, which includes investments in growth, buyout, real estate, infrastructure, life sciences, sustainability, and private credit.

The transaction is subject to regulatory approval and is expected to close in the first quarter of 2026.