Goldman Sachs is acquiring Industry Ventures, a San Francisco-based venture capital firm with $7 billion in assets under management, in a deal potentially worth up to $965 million by 2030.
The bank will pay $665 million in cash and equity upfront, with an additional $300 million contingent on Industry Ventures’ future performance. The transaction is expected to close in early 2026, and all 45 Industry Ventures employees will join Goldman Sachs.
Industry Ventures, founded in 2000, has made over 1,000 investments and holds stakes in more than 700 venture funds, boasting an internal rate of return of about 18% annually. This acquisition aims to strengthen Goldman Sachs’ $540 billion alternatives investment platform, which the bank sees as a key growth driver.
“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,” Goldman Sachs CEO David Solomon said.
Founder and CEO Hans Swildens added, “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 deal comes at a time when venture capital firms are increasingly turning to non-traditional exit routes such as buyouts and secondary market sales amid a prolonged IPO drought.
Swildens noted that tech buyout funds now provide about 25% of liquidity in the venture ecosystem, calling it “a huge chunk of liquidity.” He emphasised that relying solely on IPOs or strategic mergers for exits “probably won’t work anymore” and that venture capitalists must develop alternative liquidity solutions.
This acquisition will enhance Goldman Sachs’ ability to support technology entrepreneurs and expand client access to high-growth sectors like artificial intelligence, cybersecurity, and deep tech.