October 13, 2025
Goldman Sachs Announces Acquisition of Industry Ventures

 

Today, Goldman Sachs announced it has entered into an agreement to acquire Industry Ventures, an alternative asset manager focused on the venture capital ecosystem with diverse investment strategies, including secondary, direct, hybrid funds of funds, and co-investments.  The firm’s acquisition of Industry Ventures’ investment platform accelerates the growth of our $540 billion alternatives business. 
 
Industry Ventures currently manages $7 billion of assets under supervision (AUS) and has made more than 1,000 secondary, primary and direct investments since the company’s founding in 2000.  The company’s realized performance since inception across its platform is an attractive net IRR of 18% and net realized Multiple on Invested Capital (MOIC) of 2.2X, as calculated by Industry Ventures.  The company has a 25-year track record as a collaborative and trusted partner, and its capabilities and investment strategies, particularly in secondary and direct investments, are highly relevant to our Asset & Wealth Management clients.
 
Today’s announcement also further solidifies our longstanding and productive relationship with Industry Ventures, which includes more than a decade of collaboration as a limited partner (LP) and co-investor.  Additionally, Goldman Sachs Alternatives-operated Petershill Partners has owned a minority stake in Industry Ventures on behalf of fund investors since 2019.
 
Industry Ventures will become part of Goldman Sachs Asset Management’s External Investing Group (XIG) franchise, complementing the group’s existing primaries, secondaries, and co-investment strategies for institutions and high net worth investors seeking access to innovation at the venture capital stages.  Industry Ventures’ relationships with entrepreneurs, venture capital firms, and LPs further enable Goldman Sachs to bring the capabilities of the entire firm to the fastest growing companies and sectors in the world.
 
In conjunction with the acquisition, we will welcome Industry Ventures colleagues to the firm, including Hans Swildens, the company’s founder and CEO, and Justin Burden and Roland Reynolds, Industry Ventures senior managing directors.  Hans, Justin, and Roland will join Asset & Wealth Management as partners.   
  
The transaction is expected to close by early 2026, subject to regulatory approval and conditions.  For more information about Goldman Sachs’ alternatives business and Industry Ventures’ AUS and investment performance, see the press release.
 
Please join us in welcoming the Industry Ventures team to Goldman Sachs.