Goldman Sachs to Acquire Industry Ventures for $665 Million

NEW YORK, Oct. 13, 2025 — Goldman Sachs has announced its agreement to acquire Industry Ventures, a prominent venture capital firm based in San Francisco, managing $7 billion in assets. The deal, which is valued at $665 million in cash and equity, aims to enhance Goldman Sachs’ offerings to technology entrepreneurs and firms.

The acquisition comes amid a backdrop of shifting market dynamics where traditional venture exits, such as IPOs, have become less frequent. Goldman plans to close the transaction in the first quarter of 2026, pending regulatory approvals.

“Industry Ventures has pioneered venture secondary investing and early-stage hybrid funds, vital areas for our growth,” said David Solomon, CEO of Goldman Sachs. The firm is also set to receive up to $300 million more based on Industry Ventures’ performance through 2030.

Industry Ventures has built a strong reputation in the venture capital space since its founding 25 years ago. The firm has made over 1,000 investments and boasts an internal rate of return of 18%. All 45 employees from Industry Ventures are expected to join Goldman Sachs following the acquisition.

“By merging Goldman’s global resources with our venture expertise, we can better serve the increasingly complex needs of the market,” said Hans Swildens, founder and CEO of Industry Ventures.

This acquisition reflects a broader trend in the venture capital industry, where funds are increasingly exploring non-traditional exit strategies, as highlighted by Industry Ventures in previous conversations about market adaptability and liquidity solutions.

Goldman Sachs believes that tapping into Industry Ventures’ established client relationships and investing strategy will enhance access to high-growth companies for their clients.