Goldman Sachs Announces Acquisition of Industry Ventures

Industry Ventures, a leading venture capital platform that invests across all stages of the venture capital lifecycle, led by Hans Swildens, Justin Burden, Roland Reynolds, and others, has entered into an agreement to be acquired by Goldman Sachs.

Industry Ventures manages $7 billion in assets under supervision and has completed over 1,000 secondary and primary investments since its founding in 2000. The firm reports a strong realized performance, with a net IRR of 18% and a net realized MOIC of 2.2x across its platform since inception.

Industry Ventures has pioneered segments of the venture market, from secondary liquidity and seeding emerging funds to co-investing in high-growth startups and tech buyouts. With investments in over 800 venture and tech-focused funds, it partners with more than 325 VC firms as a limited partner, liquidity provider, and co-investment partner.

Industry Ventures will become part of Goldman Sachs’ External Investing Group (XIG), which manages over $450 billion across traditional and alternative strategies. XIG is a private markets leader through its co-investments, secondaries platform, and GP stakes business. The acquisition adds a strong technology investment capability to benefit Goldman’s global clients.

The addition of Industry Ventures broadens Goldman Sachs’ $540 billion alternatives platform, which spans growth, buyout, real estate, infrastructure, life sciences, sustainability, and private credit. Goldman has been a long-time Limited Partner in Industry Ventures’ funds and has offered its strategies to clients for over a decade. Petershill Partners has held a minority stake since 2019, and Goldman Sachs will now acquire 100% of Industry Ventures’ equity.

The acquisition strengthens Goldman Sachs’ position as a key solutions provider for technology entrepreneurs, complementing its long-standing leadership in global wealth management and TMT investment banking. The firm will gain enhanced investment, lending, and advisory capabilities across asset classes. All 45 Industry Ventures employees will join Goldman Sachs, with Founder and CEO Hans Swildens, along with Senior Managing Directors Justin Burden and Roland Reynolds, becoming partners within Goldman Sachs Asset Management.

The deal includes $665 million in cash and equity at closing, plus up to $300 million in contingent consideration through 2030, tied to Industry Ventures’ future performance. The transaction is expected to close in Q1 2026, pending regulatory approval. Goldman Sachs Global Banking and Markets acted as financial advisor, with Wachtell, Lipton, Rosen & Katz and Weil, Gotshal & Manges LLP as legal counsel. Industry Ventures was advised by Oppenheimer & Co., with Dechert LLP and Cooley LLP as legal counsel.