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Goldman Sachs Buys Venture Capital Firm Industry Ventures

Goldman Sachs will pay $665 million upfront and up to $300 million more based on Industry Ventures’ performance to enhance its $540 billion alternatives platform.

  • On Monday, Goldman Sachs agreed to acquire Industry Ventures, a 25-year-old San Francisco-based investment firm with $7 billion in assets under management, paying $665 million plus up to $300 million tied to performance through 2030.
  • Amid a prolonged IPO drought, venture funds are shifting to non-traditional exits, with at least five major venture funds hiring staff to manufacture secondary transactions, continuation funds and buyouts.
  • Industry Ventures says it has made more than 1,000 investments, holds stakes in more than 700 venture firms, and reports an 18% internal rate of return, while founder Hans Swildens said brand-name funds are rethinking liquidity structures.
  • The deal is expected to close in the first quarter of next year and all 45 Industry Ventures employees are expected to join Goldman, expanding client access to fast-growing sectors, David Solomon said.
  • The acquisition bolsters Goldman’s $540 billion alternatives investment platform, and with tech buyout funds now accounting for 25% of all liquidity, it may increase demand for alternatives strategies.
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CNBC broke the news in United States on Monday, October 13, 2025.
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