Goldman Sachs to Acquire Industry Ventures in $965 Million Deal

Team S · 2025-10-14T09:14:23.000Z

Goldman Sachs has agreed to acquire Industry Ventures, a San Francisco–based venture capital firm with $7 billion in assets under supervision, in a transaction valued at up to $965 million. The bank will pay $665 million in cash and equity, with an additional earnout of up to $300 million tied to performance through 2030. The deal is slated to close in the first quarter of 2026. The acquisition strengthens Goldman’s $540 billion alternatives platform-its self-described growth engine—by adding a seasoned VC franchise that has made more than 1,000 investments and reported a 18% internal rate of return. Goldman aims to leverage Industry Ventures’ relationships and deal flow to expand access to high-growth private tech companies for its wealth clients and institutional partners, while offering more solutions to entrepreneurs and venture fund managers. All 45 Industry Ventures employees are expected to join Goldman upon close. CEO David Solomon said the firm’s VC expertise complements Goldman’s existing investing franchises, and Industry Ventures founder Hans Swildens highlighted the combined ability to serve the increasingly complex needs of the private technology ecosystem.

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Goldman Sachs to Acquire Industry Ventures in $965 Million Deal | Newnex