Investment Banking
Exclusive Financial Advisor to Industry Ventures on its Announced Sale to Goldman Sachs
October 21, 2025
On October 13, 2025, The Goldman Sachs Group, Inc. “Goldman Sachs” (NYSE: GS) announced it has entered into an agreement to acquire Industry Ventures, a leading venture capital platform which invests across all stages of the venture capital lifecycle. Industry Ventures currently manages $7 billion of assets under supervision (AUS) and has made more than 1,000 secondary and primary investments since the company’s founding in 2000. 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.
The transaction consideration will consist of $665 million in cash and equity payable at closing; and additional contingent consideration of up to $300 million, 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 will sit inside Goldman Sachs’ external manager platform, the External Investing Group (XIG), which has over $450 billion in AUS across traditional and alternative strategies. This acquisition adds a highly attractive technology investment capability to the platform for the benefit of Goldman Sachs’ global client base. The addition of Industry Ventures further diversifies the firm’s $540 billion alternatives investment platform, which also invests directly across growth, buyout, real estate, infrastructure, life sciences, sustainability and private credit.
Goldman Sachs Asset Management has been a Limited Partner in Industry Ventures’ funds for over two decades and has offered strategies from Industry Ventures to the firm’s clients for a decade. Furthermore, Petershill Partners has owned a minority stake in Industry Ventures on behalf of fund investors since 2019. Goldman Sachs will acquire 100% of the equity of Industry Ventures.
As part of the acquisition, it’s expected that all 45 employees will join Goldman Sachs. 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.
Read the full press release here.
Managing Director, Head of Asset & Wealth Management
Director
Analyst
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