Goldman to Acquire Industry Ventures for $965M, Expanding Secondaries Reach
Goldman Sachs announced it will acquire Industry Ventures for $965 million, including $665 million upfront and potential performance-based payments of $300 million through 2030. The acquisition is expected to close in the first quarter of 2026.
Founded in 2000 by Hans Swildens, Industry Ventures manages approximately $7 billion in assets across secondary, primary, and hybrid venture strategies. The firm has generated an 18% net internal rate of return (IRR) and a 2.2x multiple on invested capital (MOIC) over its 25-year history. Since inception, the firm has completed over 1,000 investments across 800 venture funds, partnering with 325 venture capital firms.
The firm most recently closed Industry Ventures Partnership Holdings VII in July 2024 with $900 million in committed capital, continuing its track record of bridging early-stage venture capital and secondary liquidity. Industry Ventures’ core strategy focuses on providing liquidity to early investors, founders, and employees through secondary market transactions, enabling stakeholders to monetize positions in private companies that are delaying IPOs.
“Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity,” said David Solomon, Chairman and CEO of Goldman Sachs.
Upon completion, Industry Ventures will operate within Goldman’s External Investing Group (XIG), which oversees $450 billion in assets across traditional and alternative strategies. Swildens will become a partner at Goldman Sachs, joined by senior managing directors Justin Burden and Roland Reynolds, along with all 45 Industry Ventures employees.
Goldman has been a long-standing partner of Industry Ventures, both as an investor in its funds for two decades and as a distribution partner offering its strategies to Goldman clients for the past 10 years. Additionally, Petershill Partners, Goldman’s GP-stakes investment platform, has owned a minority interest in Industry Ventures since 2019.
Advisors on the deal include Goldman Sachs Global Banking and Markets serving as financial advisor and Wachtell, Lipton, Rosen & Katz along with Weil, Gotshal & Manges LLP as legal counsel to Goldman Sachs. Industry Ventures was advised by Oppenheimer & Co., Inc. as financial advisor and by Dechert LLP and Cooley LLP as legal counsel.