Goldman Sachs has announced plans to acquire Industry Ventures, a San Francisco-based investment firm managing $7 billion in assets, in a deal valued at up to $965 million. The acquisition, first reported by CNBC, marks a major step in Goldman’s strategy to expand its footprint in alternative investments and capitalize on the growing importance of secondary markets amid a slow venture capital exit environment.
Under the agreement, Goldman will pay $665 million in cash and equity upfront, with an additional $300 million contingent on performance through 2030. The transaction is expected to close in the first quarter of next year, with all 45 Industry Ventures employees joining Goldman’s investment arm.
Secondary Markets Gain Momentum
Founded 25 years ago by Hans Swildens, Industry Ventures has long been a key player in the secondary market — where investors buy and sell stakes in existing private funds. With IPO activity lagging, secondary deals, continuation funds, and buyouts have become vital liquidity channels for venture investors.
Speaking earlier this year on TechCrunch’s StrictlyVC Download podcast, Swildens highlighted that tech buyout funds now make up 25% of all liquidity in venture capital. “Just waiting for IPOs or M&A exits no longer works,” he said. “VCs need to start developing alternative liquidity solutions.”
Strengthening Goldman’s Alternatives Portfolio
Goldman Sachs said the acquisition will enhance its $540 billion alternatives investment platform, which spans private equity, credit, and real estate. The bank views this segment as a key growth engine for future returns.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing franchises,” said Goldman CEO David Solomon. “Together, we will provide clients greater access to the fastest-growing companies and sectors globally.”
Industry Ventures reports more than 1,000 investments and stakes in over 700 venture funds, with an internal rate of return of 18%. Its acquisition gives Goldman a deeper foothold in the evolving secondary and venture ecosystem, enabling it to better serve entrepreneurs, fund managers, and institutional investors seeking flexible liquidity options.
This move also signals growing recognition that the venture capital landscape is shifting — from traditional IPOs to innovative exit strategies that redefine how investors unlock value in private markets.
