Goldman Sachs to acquire venture capital platform Industry Ventures

Goldman Sachs (GS) announced it has entered into an agreement to acquire Industry Ventures, a venture capital platform which invests across all stages of the venture capital lifecycle. Industry Ventures currently manages $7B of assets under supervision and has made more than 1,000 secondary and primary investments since the company’s founding in 2000, Goldman noted. Industry Ventures calculates its realized performance across its platform as an attractive net IRR of 18% and net realized MOIC of 2.2X since its inception, Goldman stated. The transaction consideration will consist of $665M in cash and equity payable at closing; and additional contingent consideration of up to $300M, payable in both cash and equity, based on Industry Ventures’ future performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions. “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. 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,” said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs.