Inside Goldman Sachs’ latest push into venture liquidity with Industry Ventures deal

In a move that signals a deeper commitment to venture capital secondaries and private tech liquidity solutions, The Goldman Sachs Group, Inc. (NYSE: GS) has agreed to acquire Industry Ventures, a San Francisco-based venture capital platform managing $7 billion in assets. Valued at up to $965 million, the deal marks Goldman Sachs’ most significant entry yet into the specialized world of venture secondaries—where investors seek liquidity in an era when startups are staying private longer and traditional exits are being delayed. The acquisition is structured with an upfront payment of $665 million in cash and equity, with an additional $300 million in contingent consideration linked to performance through 2030. By absorbing Industry Ventures into its alternatives platform, Goldman Sachs is positioning itself as a key liquidity provider across the tech innovation lifecycle, from early-stage fund seeding to late-stage secondary transactions.

The transaction reflects Goldman Sachs’ strategic ambition to expand its $540 billion alternatives platform and gain stronger traction in the venture secondaries and liquidity solutions space—an increasingly critical part of the private markets ecosystem. Industry Ventures will join Goldman Sachs’ External Investing Group (XIG), which oversees more than $450 billion in assets across traditional and alternative strategies. The acquisition is expected to close in the first quarter of 2026, pending regulatory approvals and customary conditions.

This deal comes at a time when institutional allocators are looking for more nuanced access to the venture asset class, particularly through secondaries, early-stage co-investments, and fund stakes. Goldman Sachs’ integration of Industry Ventures appears designed to meet those shifting client demands while opening up scalable channels into tech-centric venture opportunities.

What makes Industry Ventures a strategically attractive target for Goldman Sachs’ alternatives business?

Founded in 2000, Industry Ventures has built a distinct platform that specializes in secondary liquidity, emerging fund seeding, and hybrid investment models across the venture capital lifecycle. The firm has deployed capital into more than 1,000 primary and secondary deals, spanning early to late-stage technology companies and fund commitments. Its performance metrics include a net IRR of 18% and a net realized multiple on invested capital (MOIC) of 2.2x—numbers that underscore its consistent value creation across market cycles.

What makes Industry Ventures particularly valuable to Goldman Sachs is its deep fund-of-funds footprint, with stakes in over 800 venture capital and technology-focused funds, and active partnerships with more than 325 venture firms. These include relationships formed not only as a limited partner but also as a co-investor and secondary liquidity provider. This granular network opens up differentiated access across the U.S. startup ecosystem, particularly in sectors like artificial intelligence, SaaS, fintech, and deep tech.

Institutional sentiment surrounding the acquisition reflects optimism over Goldman Sachs’ ability to offer its global client base a more integrated alternatives stack. While the firm has historically excelled in real estate, infrastructure, private credit, and buyout investing, it has not had a venture-focused secondary engine of this scale within its alternatives framework—until now.

How does this deal align with Goldman Sachs’ goal of expanding durable, fee-based revenue from alternatives?

The acquisition represents another chapter in Goldman Sachs Asset Management’s broader strategic pivot towards stable, fee-generating alternatives. The bank currently manages over $3.3 trillion in assets under supervision, with alternatives accounting for roughly $540 billion of that total. By bringing Industry Ventures under its roof, Goldman Sachs diversifies its alternatives lineup with a highly scalable, tech-forward investment model, tapping into the growing institutional appetite for secondary and hybrid venture strategies.

For more than two decades, Goldman Sachs has had exposure to Industry Ventures through limited partner commitments, and since 2019, through a minority stake held by its Petershill platform. Petershill, which specializes in acquiring stakes in alternative asset managers, has helped support Industry Ventures’ growth over the last several years. The acquisition of the remaining equity further signals confidence in the platform’s scalability and long-term contribution to Goldman Sachs’ durable revenue growth.

Chairman and CEO David Solomon emphasized that the deal aligns with client demand for access to “the fastest growing companies and sectors in the world,” particularly in an era defined by technology disruption, long IPO timelines, and the rising complexity of venture capital liquidity dynamics.

What specific capabilities does Industry Ventures bring to Goldman Sachs’ external investing platform?

Industry Ventures will integrate into the External Investing Group (XIG) at Goldman Sachs, which already includes the Vintage Strategies secondaries platform, the Petershill GP stakes business, and various co-investment programs. The inclusion of Industry Ventures adds a differentiated capability focused on early-stage and growth-stage technology exposure, especially via secondary market participation.

Industry Ventures deploys a multifaceted strategy that allows it to play a critical role across the venture capital lifecycle. One of its key approaches involves acquiring limited partner interests in existing venture funds, offering structured liquidity solutions for early backers and long-term investors seeking exits. The firm also co-invests directly in high-growth startups, using its pro-rata rights to gain early access to promising private companies without bearing the full risk of primary fund exposure.

Additionally, Industry Ventures is known for its support of emerging managers, often seeding first-time venture capital funds and helping them scale with institutional-grade backing. Perhaps most uniquely, the firm operates at the intersection of venture capital and technology-focused buyout strategies, allowing investors to benefit from hybrid access vehicles that combine startup upside with mid-stage value creation and de-risked exits.

These strategies are complementary to Goldman Sachs’ strengths in institutional advisory, private wealth management, and structured investment solutions. Importantly, they also provide exposure to areas typically harder to access through traditional GP-led or primary venture structures.

Going forward, all 45 employees from Industry Ventures are expected to join Goldman Sachs, with Hans Swildens, Justin Burden, and Roland Reynolds joining as partners within Goldman Sachs Asset Management. This ensures continuity of strategy, operations, and external relationships post-acquisition.

How is the venture secondaries landscape evolving, and why is this deal well-timed for Goldman Sachs?

Analysts and institutional investors view Goldman Sachs’ timing as opportunistic and forward-looking. The venture capital ecosystem is at an inflection point: companies are staying private longer, primary venture fundraising has slowed in a higher-rate environment, and GPs are increasingly turning to secondaries to create liquidity for LPs.

This shift has turned venture secondaries into a high-growth niche, with multiple institutional allocators increasing their exposure to the space. The market for secondary interests in VC funds—once seen as a niche backwater—has now matured into a robust $100B+ global opportunity, offering attractive pricing, risk-adjusted returns, and less blind pool exposure.

By acquiring a specialist platform like Industry Ventures, Goldman Sachs avoids building from scratch and instead secures immediate scale, relationships, and proven alpha generation capabilities. Analysts also believe this could give Goldman Sachs an edge in next-gen private client solutions, especially for UHNW individuals and family offices that want curated access to venture growth without long lock-ins.

What are the financial terms, closing expectations, and impact on Goldman Sachs shareholders?

The transaction consideration includes $665 million upfront, comprising both cash and equity. A further $300 million in performance-based contingent payments is tied to Industry Ventures achieving certain operational milestones through 2030. The total consideration value of up to $965 million is considered competitive given Industry Ventures’ historical performance and market position.

The transaction is expected to close in the first quarter of 2026, subject to regulatory approvals and closing conditions. Goldman Sachs Global Banking and Markets acted as financial advisor, with legal counsel from Wachtell, Lipton, Rosen & Katz and Weil, Gotshal & Manges LLP. Industry Ventures was advised by Oppenheimer & Co., Inc., with legal support from Dechert LLP and Cooley LLP.

From a shareholder lens, the deal is not expected to materially impact near-term earnings. However, over time, it could support stronger margins and resilient fee income as part of Goldman Sachs’ asset management business. Venture secondaries also come with capital-light characteristics, which aligns well with Goldman Sachs’ effort to scale its platform without excessive balance sheet usage.

What’s next for Goldman Sachs and its strategy across private markets and venture ecosystems?

This acquisition reinforces Goldman Sachs’ positioning as a comprehensive private markets solutions provider, spanning equity, credit, infrastructure, real estate, and now—a deep, institutional-grade venture capital platform.

It also sets up potential synergies with its TMT investment banking franchise, one of the most active globally. Clients backed by Industry Ventures could become advisory targets, while private wealth management clients may benefit from enhanced co-investment opportunities and customized portfolio access to tech disruptors.

Over the long term, Goldman Sachs’ integration of Industry Ventures signals a belief that venture liquidity, secondaries, and hybrid models are not just trend-based, but a structural shift in how capital flows into innovation. Institutional investors looking to navigate the blurred lines between private and public tech markets may now view Goldman Sachs as a more holistic partner.