Goldman Sachs to Acquire Innovator Capital Management in $2B Deal 

Goldman Sachs has agreed to acquire Innovator Capital Management, a leading sponsor of defined-outcome exchange-traded funds, for approximately $2 billion. The consideration will be paid through a mix of cash and equity and is contingent on Innovator meeting certain performance milestones, the firms announced. 

The acquisition is designed to accelerate the growth of Goldman Sachs Asset Management’s ETF business by adding Innovator’s 159 defined-outcome ETFs and $28 billion in assets under supervision as of September 30, 2025. All of Innovator’s more than 60 employees are expected to join Goldman’s Third-Party Wealth and ETF teams, with the transaction slated to close in the second quarter of 2026. 

“Active ETFs are dynamic, transformative, and one of the fastest-growing segments in public markets,” said David Solomon, Chair and CEO of Goldman Sachs. “With Innovator, we will broaden access to modern, world-class investment products for our clients.” 

Innovator executives—including CEO and Co-Founder Bruce Bond, Co-Founder and President John Southard, EVP & CIO Graham Day, and SVP & Head of Distribution Trevor Terrell—will join Goldman Sachs Asset Management following the close. 

“This transaction is a pivotal milestone for our business,” Bond said. “We’re excited to bring sophisticated investment solutions to clients within an ETF wrapper and scale our impact in this rapidly expanding category.” 

Goldman Sachs Global Banking & Markets served as financial advisor to Goldman, with legal counsel from Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher LLP. Innovator was advised by Oppenheimer & Co. and represented by Vedder Price.