Goldman Sachs has agreed to acquire Industry Ventures, a San Francisco–based investment firm managing $7 billion in assets, for up to $965 million, marking one of the largest deals to date in the expanding market for alternative venture capital exits.
According to CNBC, Goldman will pay $665 million in cash and stock, with an additional $300 million contingent on performance through 2030. The deal is expected to close in Q1 2026, with all 45 employees joining Goldman’s global alternatives platform.
The move comes as secondary transactions, buyouts, and continuation funds gain prominence amid a still-muted IPO environment.
A Strategic Bet on the Rise of Alternative Liquidity
Founded in 2000 by Hans Swildens, Industry Ventures has built a reputation as one of the world’s leading secondary investment firms, specializing in VC secondaries, fund restructurings, and direct buyouts. With exits through traditional IPOs and M&A remaining sluggish, the firm’s model has become a critical source of liquidity for startups, limited partners, and venture managers alike.
“Tech buyout funds now account for roughly 25% of all venture liquidity — a massive shift in the ecosystem,” Swildens said earlier this year on TechCrunch’s StrictlyVC Download podcast. “Just investing in companies and waiting for an IPO or acquisition no longer works. VCs need to build new liquidity solutions.”
Swildens noted that an increasing number of top-tier venture funds — at least five major players as of mid-2025 — have hired full-time teams dedicated to structuring non-traditional exits, such as continuation vehicles and secondary transactions.
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Strengthening Goldman’s $540B Alternatives Platform
The acquisition aligns with Goldman Sachs’ broader push to expand its $540 billion alternatives investment business, a key growth priority for the firm.
“Industry Ventures’ trusted relationships and venture expertise complement our existing investing franchises and expand opportunities for clients to access the world’s fastest-growing private companies,” said David Solomon, CEO of Goldman Sachs.
“By combining Goldman’s global scale with Industry Ventures’ deep specialization in venture markets, we’re uniquely positioned to serve entrepreneurs, technology companies, LPs, and fund managers seeking flexible liquidity solutions.”
The acquisition gives Goldman access to Industry Ventures’ extensive portfolio — more than 1,000 investments across 700 venture firms — and its 18% internal rate of return (IRR), according to company data.
A Sign of a Structural Shift in Venture Capital
As the traditional venture playbook of “invest, wait, IPO” becomes less reliable, Industry Ventures’ integration into Goldman Sachs signals a mainstream embrace of alternative VC liquidity.
The deal highlights how institutional investors are adapting to an evolving venture landscape — one where structured liquidity, secondaries, and private buyouts are not exceptions, but central to how capital now flows through the innovation economy.
About Industry Ventures
Founded in 2000 and headquartered in San Francisco, the company is a leading global investment firm specializing in venture secondaries and direct investments. Managing more than $7 billion in assets, the firm has invested in over 1,000 companies and 700 venture funds, helping founders, LPs, and fund managers unlock liquidity and long-term value across the venture capital ecosystem.
