The New York-headquartered firm has added a venture capital business, paying $665 million to acquire the organization, with an added consideration of up to $300 million depending on performance through the end of the decade.

Goldman Sachs has agreed to buy Industry Ventures, a venture capital platform with $7 billion of assets under supervision. 

Under terms of the deal, Goldman Sachs will acquire all of Industry Ventures’ equity, obtaining a minority stake from Petershill Partners, which had had the ownership stake on behalf of funds since 2019. Goldman Sachs Asset Management has been a limited partner (LP) in Industry Ventures’ funds for more than 20 years.

Goldman Sachs will pay $665 million in cash and equity payable at closing; and an additional contingent consideration of up to $300 million, payable in both cash and equity, based on Industry Ventures’ future performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions, a statement from the firms about the deal said.  

The acquired firm will sit inside Goldman Sachs’ external manager platform, the External Investing Group (XIG), which has more than $450 billion in assets under supervision (AuS) across traditional and alternative strategies.

As part of the acquisition, it is expected that all 45 employees will join Goldman Sachs, the statement said. Hans Swildens, Industry Ventures founder and CEO, Justin Burden, senior managing director, and Roland Reynolds, senior managing director, will be appointed partners within Goldman Sachs Asset Management.

Industry Ventures has made more than 1,000 secondary and primary investments since it was founded in 2000. It calculates its realized performance across its platform as an internal rate of return of 18 per cent since its inception.

“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,” David Solomon, chairman and CEO of Goldman Sachs, said. “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."

The VC firm has, it says, one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the US, representing investments in more than 800 VC and technology-focused funds. It works with more than 325 VC firms as a limited partner, liquidity solutions provider and co-investment partner. 

Goldman Sachs was advised by Goldman Sachs Global Banking and Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and Weil, Gotshal & Manges as legal counsel. Industry Ventures was advised by Oppenheimer & Co, as financial advisor and Dechert and Cooley as legal counsel.