Goldman Sachs Bets Big on Venture Capital’s Future with Industry Ventures Acquisition

In a transaction signalling the increasing role of venture capital in defining tomorrow's economy, Goldman Sachs announced it has agreed to buy Industry Ventures, a San Francisco–based venture capital platform overseeing $7 billion in assets. The transaction, which amounts to $665 million in cash and stock with possible contingent payments totalling up to $300 million, is anticipated to close in early 2026.

This purchase is much more than a business deal—it's a strategic partnership between two giants in the investment universe. Goldman Sachs Asset Management has been an Industry Ventures' fund limited partner for more than two decades. Now, with the acquisition of the firm outright, Goldman Sachs is increasing its presence in the venture universe as technology and artificial intelligence are transforming industries worldwide.

Industry Ventures has consistently been known for innovating secondariness liquidity solutions and blended venture approaches, providing access to capital for founders and investors as businesses stay private longer. With more than 1,000 investments and a high 18% net IRR to date, the company has established strong trust among the startup and fund manager ecosystems.

For Goldman Sachs, the deal broadens its $540 billion alternatives investment platform with a focused technology and venture investing ability. The action will allow clients—ranging from institutional investors to entrepreneurs—to draw on emerging opportunities throughout the innovation life cycle.

Hans Swildens, Founder and CEO of Industry Ventures, along with senior leaders Justin Burden and Roland Reynolds, will join Goldman Sachs Asset Management as partners. Their expertise will be key in driving this next phase of growth.

As David Solomon, Chairman and CEO of Goldman Sachs, put it, “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.”

In a world where technology continues to reshape economies, this partnership positions Goldman Sachs at the intersection of capital and innovation - helping investors, founders, and the broader market unlock new pathways for growth.