Goldman Sachs has agreed to acquire Industry Ventures, a venture capital platform which invests across all stages of the venture capital lifecycle, for USD 665 million.
Goldman Sachs believes that Industry Ventures is key to secondary investing and early-stage hybrid funds, areas that are significantly growing as companies stay private and investors look for new forms of liquidity. The transaction consideration consists of USD 665 million in cash and equity payable at closing, with additional contingent consideration of up to USD 300 million, payable in both cash and equity, based on Industry Ventures’ future performance through 2030. The acquisition will close in Q1 2026, subject to regulatory approval.
More about the acquisition
Industry Ventures’ partnerships and expertise complement Goldman Sachs’ existing investing franchises and global resources, offering opportunities for clients to access fast-growing companies and sectors. The market shifts as technology and AI become more prevalent. By unifying the two companies’ capabilities, they can serve the ever-complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers.
Industry Ventures supports multiple segments of the venture capital market, offering secondary liquidity solutions, seeding emerging venture capital funds, co-investing directly in early-stage high-growth businesses using pro-rata rights, and investing at the intersection of venture capital and tech buyout. The firm supports over 800 venture capital and technology funds, working with 325 venture capital firms as a liquidity solutions provider and co-investment partner.
The platform will be part of Goldman Sachs’ manager platform, the External Investing Group (XIG). In private markets, XIG supports co-investments, alternative manager strategies, its Vintage Strategies secondaries platform, and its Petershill GP stakes business. The acquisition adds to this list for Goldman Sachs’ global clients, diversifying the firm’s alternatives investment platform, which also invests directly across growth, buyout, real estate, infrastructure, life sciences, sustainability and private credit.
The move strengthens Goldman Sachs’ ability to offer optimised solutions to technology entrepreneurs. It is projected that all 45 Industry Ventures employees will join Goldman Sachs, while the CEO and Senior Managing Directors will become Goldman Sachs Asset Management partners.
