Goldman Sachs to buy Industry Ventures to diversify alternatives investment platform

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Goldman Sachs (NYSE:GS [https://seekingalpha.com/symbol/GS]) agreed to buy Industry Ventures, a venture capital platform, for an upfront payment of $665M in cash and equity plus up to $300M more, based on the performance of the acquired business, the company said on Monday.

The transaction diversifies and is expected to accelerate growth of Goldman's $540B alternatives investment platform, which invests across growth, buyout, real estate, infrastructure, life sciences, sustainability, and private credit. The deal is expected to close in Q1 2026.

Industry Ventures currently manages $7B of assets under supervision ("AUS") and has more than 1,000 secondary and primary investments since its founding in 2000. The company calculates its realized performance across its platform at a net internal rate of return of 18% and net realized MOIC (multiple on invested capital) of 2.2x since inception.

"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 [https://www.goldmansachs.com/pressroom/press-releases/2025/goldman-sachs-announces-acquisition-of-industry-ventures] Goldman Chairman and CEO David Solomon. "Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world."

The agreement deepens the two companies' years-long relationship. For more than two decades, Goldman Sachs (NYSE:GS [https://seekingalpha.com/symbol/GS]) Asset Management has been a limited partner in Industry Ventures' funds, and it has offered strategies from Industry Ventures to the firm's clients for a decade. Petershill Partners, which is operated by Goldman Sachs Asset Management, has owned a minority stake in Industry Ventures on behalf of fund investors since 2019. Under the transaction, Goldman will acquire 100% of the equity of Industry Ventures.

Industry Venture will be part of Goldman Sachs's (NYSE:GS [https://seekingalpha.com/symbol/GS]) external manager platform, External Investing Group, which has more than $450M in AUS across traditional and alternative strategies. All 45 of Industry Ventures' employees are expected to join Goldman. Hans Swildens, Industry Ventures founder and CEO, Justin Burden, Industry Ventures senior managing director; and Roland Reynolds, Industry Ventures senior managing director, will be appointed partners within Goldman Sachs Asset Management.

Goldman Sachs (NYSE:GS [https://seekingalpha.com/symbol/GS]) stock edged up 0.2% in after-hours trading.

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