Goldman Sachs to Acquire Industry Ventures in $965 Million Deal

Goldman Sachs 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, aims to enhance Goldman's venture capital capabilities and expand its alternatives investment platform.

The acquisition involves an initial payment of $665 million in cash and equity, with an additional $300 million contingent on Industry Ventures' performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval.

Founded in 2000, Industry Ventures has made over 1,000 secondary and primary investments and is known for pioneering venture secondary investing and early-stage hybrid funds. All 45 employees, including CEO Hans Swildens and senior managing directors Justin Burden and Roland Reynolds, will join Goldman Sachs, with the three leaders becoming partners within Goldman Sachs Asset Management.

David Solomon, Chairman and CEO of Goldman Sachs, stated, "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."

Hans Swildens, Founder and CEO of Industry Ventures, 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."

This acquisition reflects a broader trend of financial institutions expanding into venture capital to address gaps in their investment capabilities and to better serve technology entrepreneurs.

Goldman Sachs' alternatives investment platform currently oversees approximately $540 billion in assets. By integrating Industry Ventures' expertise, Goldman aims to broaden client access to innovation and provide global resources to high-growth technology companies.

The acquisition comes at a time when the venture capital market is experiencing significant growth, with companies staying private longer and investors seeking new forms of liquidity. By acquiring Industry Ventures, Goldman Sachs aims to enhance its offerings to technology entrepreneurs and compete more effectively with rivals like JPMorgan Chase and Morgan Stanley, who have also been expanding their alternatives offerings.

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.

This acquisition signifies a pivotal expansion of Goldman Sachs' alternatives investment platform, positioning the firm to better serve the needs of entrepreneurs, private technology companies, limited partners, and venture fund managers.