Goldman Sachs has agreed to acquire Industry Ventures, a San Francisco-based investment firm managing $7 billion in assets. The deal is valued at $665 million in cash and equity with up to $300 million in performance incentives through 2030. Set to close in early 2026, the acquisition brings all 45 Industry Ventures employees under Goldman’s umbrella.
This acquisition is designed to strengthen Goldman’s $540 billion alternatives investment platform, which the bank views as a major growth engine. As IPO markets remain sluggish, secondary transactions and continuation funds have become essential exit routes for investors. Industry Ventures, long known for its dominance in these areas, fits neatly into this strategy. Its proven expertise offers Goldman a way to deepen relationships with venture-backed startups while offering liquidity solutions to investors stuck in long exit cycles.
Goldman’s CEO, David Solomon, called the deal a perfect complement to the firm’s investing franchises, adding that Industry Ventures’ deep venture relationships would give clients exposure to some of the world’s fastest-growing sectors.
A pioneer in venture secondaries
Founded 25 years ago, Industry Ventures helped shape the secondary market in the U.S. venture ecosystem. The firm has backed over 1,000 investments and holds stakes in more than 700 venture firms, delivering an impressive 18% internal rate of return. Its focus on liquidity solutions, through direct secondaries, fund restructurings, and buyouts, has made it a trusted partner to leading VCs.
As traditional IPO exits slowed, the firm adapted early, capitalising on the surge in private secondary trading and continuation funds. This foresight positioned it as a market leader precisely when large institutions like Goldman started seeking exposure to alternative exit pathways.
Inside the Industry Ventures portfolio
Industry Ventures’ portfolio spans a wide range of standout technology and innovation-driven companies. It holds interests in Databricks, Discord, Robinhood, Uber, and DoorDash, among others firms that have reshaped modern digital infrastructure. Its portfolio also includes stakes in emerging venture funds investing across software, fintech, AI, and enterprise solutions. This rich network gives Goldman access to both established unicorns and the next generation of breakout startups.
Our thoughts
By acquiring Industry Ventures, Goldman Sachs isn’t just expanding its venture footprint, but also positioning itself at the centre of the next wave of liquidity innovation in private markets. The deal bridges Wall Street’s scale with Silicon Valley’s agility, marking a pivotal shift in how capital and opportunity converge in today’s evolving investment landscape.
