Goldman Sachs Group Announces Agreement to Acquire Industry Ventures, a Leading Venture Capital Platform Investing Across All Stages of the VC Lifecycle
Goldman Sachs Group has announced an agreement to acquire Industry Ventures, a leading venture capital platform that invests across all stages of the venture capital lifecycle. Currently, Industry Ventures manages $7 billion in assets under supervision and, since its founding in 2000, has made more than 1,000 primary and secondary investments.
According to David Solomon, Chairman and CEO of Goldman Sachs, Industry Ventures was a pioneer in secondary venture capital investments and early-stage hybrid funds—areas that, in his view, are growing rapidly as companies remain private longer and investors seek new forms of liquidity.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investment franchises and expand opportunities for our clients to access the world’s fastest-growing companies and sectors,” stated Solomon.
For his part, Hans Swildens, founder and CEO of Industry Ventures, added:
“We believe the venture capital market is at a key inflection point, as technology and artificial intelligence transform the world. By combining Goldman Sachs’ global resources with Industry Ventures’ venture capital expertise, we are uniquely positioned to meet the growing needs of entrepreneurs, private tech companies, limited partners, and fund managers, while driving the growth of this essential economic engine.”
As part of the agreement, all 45 employees of Industry Ventures are expected to join Goldman Sachs. Hans Swildens, along with senior executives Justin Burden and Roland Reynolds, will be named partners of Goldman Sachs Asset Management. The transaction will include an initial payment of $665 million in cash and stock at closing, as well as additional contingent compensation of up to $300 million, also in cash and stock, subject to Industry Ventures’ future performance through 2030. The deal is expected to close in the first quarter of 2026, pending regulatory approval and customary conditions.
Key Details of the Transaction
According to both companies, Industry Ventures will be integrated into Goldman Sachs’ external manager platform, the External Investing Group (XIG), which manages more than $450 billion in AUS across traditional and alternative strategies. In private markets, XIG is a leading player in co-investments, alternative manager strategies, its secondaries platform Vintage Strategies, and its GP stakes business Petershill GP Stakes.
This acquisition brings attractive technology investment capabilities to benefit Goldman Sachs’ global client base and diversifies its $540 billion alternatives investment platform, which spans growth equity, buyouts, real estate, infrastructure, life sciences, sustainability, and private credit.
To understand this transaction, it is worth noting that Goldman Sachs AM has been a limited partner in Industry Ventures’ funds for over two decades, offering its strategies to clients for more than ten years. In addition, Petershill Partners has held a minority stake in the firm since 2019. With this deal, Goldman Sachs will acquire 100% ownership of Industry Ventures. As highlighted, the acquisition will strengthen the bank’s ability to offer comprehensive solutions to entrepreneurs in the tech sector, supported by its leading position in TMT (technology, media, and telecommunications) investment banking and its strong global wealth management platform.
Industry Ventures Profile
Industry Ventures has been a pioneer in various segments of venture capital, from offering secondary liquidity solutions and seeding emerging VC funds to co-investing in high-growth early-stage companies and participating at the intersection of venture capital and tech buyouts.
The firm holds one of the broadest portfolios of venture capital partnerships in the U.S., with investments in over 800 venture capital and technology funds and collaborations with more than 325 managers as a limited partner, liquidity provider, and strategic co-investor.
