Goldman Sachs has agreed to acquire Industry Ventures, a prominent U.S. venture capital firm managing $7 billion in assets, as part of its strategy to strengthen relationships with technology entrepreneurs. The bank will pay $665 million in cash and equity upon closing, with up to an additional $300 million tied to the firm’s performance through 2030.
Industry Ventures manages one of the largest portfolios of venture capital partnerships across all stages of company growth — from seed to late-stage. Goldman said the acquisition would deepen its presence in the growing venture secondary market and enhance its ability to support private company investors as firms remain private longer.
All 45 employees of Industry Ventures will join Goldman Sachs, including founder and CEO Hans Swildens, who will become a partner in Goldman Sachs Asset Management alongside senior managing directors Justin Burden and Roland Reynolds.
Source: Reuters
