Goldman Sachs has announced plans to acquire Industry Ventures, a San Francisco-based investment firm managing around $7 billion in assets, in a deal valued at up to $965 million. The acquisition highlights a growing emphasis on secondary markets and alternative exit strategies as traditional venture capital exits remain constrained.
According to CNBC, which first reported the news, Goldman Sachs will pay $665 million in cash and equity, with an additional $300 million contingent upon Industry Ventures meeting certain performance milestones by 2030. The transaction is expected to close in the first quarter of next year, pending regulatory approvals.
Once completed, all 45 employees of Industry Ventures will join Goldman Sachs, further strengthening the bank’s presence in the venture secondary and liquidity solutions market.
A Strategic Step to Strengthen Goldman’s Alternatives Platform
Goldman Sachs currently manages approximately $540 billion in alternative investments, spanning private equity, infrastructure, credit, and real estate. The acquisition of Industry Ventures aligns with the firm’s broader strategy to expand its alternatives platform, which Goldman has identified as a key driver of future growth and profitability.
“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, CEO of Goldman Sachs, in a prepared statement.
“By combining Goldman Sachs’ global resources with Industry Ventures’ deep venture capital experience, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers,” Solomon added.
Industry Ventures and the Rise of Non-Traditional Liquidity
Founded in 1999, Industry Ventures is one of the oldest and most respected players in the secondary venture market. The firm has made more than 1,000 investments, holds stakes in over 700 venture-backed companies, and reports an internal rate of return (IRR) of 18%.
Its focus on secondary transactions, acquiring interests in existing venture funds or portfolios, has positioned Industry Ventures at the center of a major shift in the venture ecosystem toward alternative liquidity solutions.
Earlier this year, Hans Swildens, founder and CEO of Industry Ventures, discussed this evolution on TechCrunch’s StrictlyVC Download podcast. He noted that tech buyout funds now account for 25% of all liquidity in the venture ecosystem, calling it “a huge chunk of liquidity.”
Swildens added that venture managers can no longer rely solely on IPOs or strategic M&A exits to generate returns. “Just going out and seeing companies, putting them in your fund, and then waiting for an IPO or M&A exit probably won’t work anymore,” he said. “VCs need to start working on alternative liquidity solutions.”
The Decline of Traditional Venture Exits
The deal comes amid a sluggish IPO market and a sharp slowdown in venture-backed exits, forcing many venture funds to explore new ways to return capital to investors. Firms are increasingly turning to continuation funds, secondary sales, and structured liquidity programs to meet limited partners’ expectations.
Swildens observed that at least five major venture firms have hired full-time teams to focus exclusively on secondary deals, continuation funds, and buyouts, describing it as a “necessary evolution” of the venture landscape.
Implications for the Venture Capital Industry
Goldman Sachs’ acquisition of Industry Ventures underscores a broader transformation in how institutional investors approach venture exposure. With traditional exit channels limited, secondary markets are emerging as a critical mechanism for generating liquidity and maintaining investor confidence.
The move also signals Goldman’s intent to become a dominant player in private market liquidity, aligning with its long-term vision of expanding client offerings in alternative investments.
By combining Industry Ventures’ extensive network across the venture ecosystem with Goldman’s global capital base, the acquisition could reshape how liquidity is managed and distributed across the private technology sector in the coming years.
