Key Takeaways
- • Goldman Sachs agreed to acquire Industry Ventures for up to $965 million ($665 million at closing plus up to $300 million in contingent consideration through 2030), expanding its $540 billion alternatives business and venture capital capabilities.
- • Industry Ventures manages $7 billion in assets under supervision and has completed more than 1,000 secondary and primary investments since its 2000 founding, with an 18% net IRR and 2.2X net realized MOIC since inception.
- • The acquisition positions Goldman Sachs to capitalize on structural shifts in venture capital, including extended private company lifecycles, increased demand for secondary liquidity, and the role of artificial intelligence in technology investing.
- • All 45 Industry Ventures employees are expected to join Goldman Sachs as part of the transaction, preserving the platform's leadership under founder and CEO Hans Swilders and retaining relationships with entrepreneurs, limited partners, and venture fund managers.
- • The transaction is expected to close in the first quarter of 2026, with Goldman Sachs gaining access to Industry Ventures' expertise in venture secondary investing and early-stage hybrid funds—areas the firm identifies as rapidly expanding market segments.
Summary
Goldman Sachs announced on October 13, 2025, that it has entered into an agreement to acquire Industry Ventures, a leading venture capital platform, for up to $965 million in combined cash and equity consideration. The deal structure comprises $665 million payable at closing and additional contingent consideration of up to $300 million based on Industry Ventures' performance through 2030. The transaction is expected to close in the first quarter of 2026.
Industry Ventures currently manages $7 billion in assets under supervision and has established a track record spanning 25 years since its 2000 founding. The firm has executed more than 1,000 secondary and primary venture investments across all stages of the venture capital lifecycle, achieving a net IRR of 18% and net realized MOIC of 2.2X since inception. The acquisition expands Goldman Sachs' $540 billion alternatives business and strengthens its position in venture capital solutions, which the firm views as increasingly critical to client investment strategies.
David Solomon, Goldman Sachs' Chairman and Chief Executive Officer, stated that 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 CEO emphasized that the platform's trusted relationships and venture capital expertise complement Goldman Sachs' existing investing franchises and will expand client opportunities to access fast-growing technology companies and sectors.
Hans Swilders, Founder and CEO of Industry Ventures, characterized the venture capital market as being "at a pivotal inflection point as technology and artificial intelligence reshape the world." He noted that combining Goldman Sachs' global resources with Industry Ventures' venture capital expertise positions the combined entity to serve entrepreneurs, private technology companies, limited partners, and venture fund managers. All 45 Industry Ventures employees are expected to join Goldman Sachs upon closing, ensuring continuity of management and operational expertise.
The acquisition reflects Goldman Sachs' strategic shift to expand durable, alternative investment revenue streams. By integrating Industry Ventures' secondary investing capabilities and hybrid fund structures, Goldman Sachs gains specialized expertise in addressing liquidity needs for shareholders and fund investors in companies that remain private for extended periods—a structural trend reshaping venture capital markets.
Industry Ventures currently manages $7 billion in assets under supervision and has established a track record spanning 25 years since its 2000 founding. The firm has executed more than 1,000 secondary and primary venture investments across all stages of the venture capital lifecycle, achieving a net IRR of 18% and net realized MOIC of 2.2X since inception. The acquisition expands Goldman Sachs' $540 billion alternatives business and strengthens its position in venture capital solutions, which the firm views as increasingly critical to client investment strategies.
David Solomon, Goldman Sachs' Chairman and Chief Executive Officer, stated that 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 CEO emphasized that the platform's trusted relationships and venture capital expertise complement Goldman Sachs' existing investing franchises and will expand client opportunities to access fast-growing technology companies and sectors.
Hans Swilders, Founder and CEO of Industry Ventures, characterized the venture capital market as being "at a pivotal inflection point as technology and artificial intelligence reshape the world." He noted that combining Goldman Sachs' global resources with Industry Ventures' venture capital expertise positions the combined entity to serve entrepreneurs, private technology companies, limited partners, and venture fund managers. All 45 Industry Ventures employees are expected to join Goldman Sachs upon closing, ensuring continuity of management and operational expertise.
The acquisition reflects Goldman Sachs' strategic shift to expand durable, alternative investment revenue streams. By integrating Industry Ventures' secondary investing capabilities and hybrid fund structures, Goldman Sachs gains specialized expertise in addressing liquidity needs for shareholders and fund investors in companies that remain private for extended periods—a structural trend reshaping venture capital markets.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.