Goldman Sachs Acquires Industry Ventures for Up to $965 Million
Goldman SachsDealroom has a profile for this one. Try Dealroom → has agreed to acquire Industry Ventures, a San Francisco-based venture capital and secondary investment firm, in a deal valued at up to $965 million. The acquisition, announced in October 2025, is expected to close in the first quarter of 2026.
Under the terms, Goldman will pay $665 million at closing, with an additional $300 million contingent on Industry Ventures’ performance through 2030. The move aims to expand Goldman’s asset management business and strengthen its ability to serve technology entrepreneurs and investors.
Founded in 2000 by Hans SwildensDealroom has a profile for this one. Try Dealroom →, Industry Ventures has become one of the leading platforms in the venture capital secondary market, with $7 billion in assets under management. The firm specialises in secondary investments, acquiring existing stakes in venture-backed companies and funds, alongside direct co-investments and primary fund commitments. It has completed more than 1,000 transactions across the global technology and venture ecosystem.
Following the acquisition, all 45 employees of Industry Ventures will join Goldman Sachs. Swildens and senior managing directors Justin BurdenDealroom has a profile for this one. Try Dealroom → and Roland ReynoldsDealroom has a profile for this one. Try Dealroom → will become partners within Goldman’s Asset and Wealth Management division, under the External Investing Group, which oversees partnerships with external fund managers.
Goldman Sachs said the integration of Industry Ventures will enhance its access to late-stage private markets and broaden its offering for institutional and private wealth clients seeking exposure to venture and growth equity. The acquisition reflects the bank’s continued push to diversify its asset management arm and capture long-term opportunities in the private capital space.
Sources:
Goldman Sachs
The Wall Street Journal
Bloomberg
CNBC
Tech Funding News
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