Goldman Sachs has announced its intention to acquire venture capital investment firm Industry Ventures for just under $1 billion, a move that aims to expand the bank’s money management platform. This acquisition reflects a strategic shift under the leadership of CEO David Solomon, whose goal is to enhance the company’s asset and wealth management capabilities as a means to reduce its dependence on the often unpredictable revenue generated from investment banking and trading.
Based in San Francisco, Industry Ventures oversees approximately $7 billion in assets and will be integrated into Goldman’s alternatives division, which already manages around $540 billion. Notably, Goldman Sachs held a minority stake in Industry Ventures prior to the agreement, having invested in the firm back in 2019.
Industry Ventures is known for its innovative approach to venture secondary investing as well as early-stage hybrid funds—strategies that have grown in importance as companies delay going public and investors seek alternative liquidity options. Solomon emphasized the adaptability of Industry Ventures, stating, “They pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding.”
The concept of secondary investing—where institutional investors can sell off portions of their stakes in portfolio companies or funds—has surged in popularity due to the declining number of initial public offerings (IPOs). Marc Nachmann, head of asset and wealth management at Goldman, highlighted that acquiring Industry Ventures fills a crucial gap in Goldman’s offerings, allowing the firm to better serve technological entrepreneurs by leveraging synergies between its banking services and tech-oriented initiatives.
Financial terms of the deal include an upfront payment of $665 million in cash and equity, along with an additional $300 million contingent on Industry Ventures’ performance up until 2030. The transaction is anticipated to close in the first quarter of 2026.
Hans Swildens, founder and CEO of Industry Ventures, described the acquisition as an opportunistic evolution of their existing relationship with Goldman Sachs, rather than a traditional sale process. He expressed enthusiasm about exploring new opportunities in collaboration with the bank.
Goldman’s recent acquisition history has been cautious, reflecting a mixed record. While the firm’s asset management business acquired the investment management unit of Dutch insurer NN Group for approximately €1.6 billion in 2022, it also divested specialty lender GreenSky just two years after acquiring the platform in 2024.
When questioned about potential acquisitions to expand the company’s portfolio, Solomon stated that any significant undertaking would require a “very, very high” threshold for approval, although he remained open to smaller, incremental additions to the firm’s operations.
