Goldman Sachs to acquire Industry Ventures for up to $965m

By InstinctBusiness Oct 14, 20250

Goldman Sachs, a landmark agreement to acquire Industry Ventures, a leading venture capital platform, for up to $965 million in cash and equity. The deal, set to close in the first quarter of 2026 pending regulatory approval, marks a strategic expansion of Goldman’s $540 billion alternatives business.

The acquisition includes an upfront payment of $665 million at closing, with an additional potential payout of up to $300 million contingent on Industry Ventures’ performance through 2030. Both payments will be made in a combination of cash and equity.

Industry Ventures, founded in 2000, manages $7 billion in assets and has executed over 1,000 secondary and primary investments. The firm specializes in venture secondary investing and early-stage hybrid funds, capitalizing on the trend of companies remaining private longer and investors seeking innovative liquidity solutions. Following the acquisition, Industry Ventures will integrate into Goldman’s External Investing Group within its asset management division.

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All 45 of Industry Ventures’ employees will transition to Goldman Sachs. Notably, Industry Ventures’ CEO Hans Swildens, along with Senior Managing Directors Justin Burden and Roland Reynolds, will be appointed as partners in Goldman’s asset management group, strengthening the firm’s leadership in alternative investments.

Goldman Sachs CEO David Solomon emphasized the strategic fit, stating, “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.” The acquisition enhances Goldman’s ability to connect clients with high-growth companies and sectors while offering tailored solutions for technology entrepreneurs.

The deal diversifies Goldman’s alternatives portfolio, which spans growth, buyout, real estate, infrastructure, life sciences, sustainability, and private credit.