Goldman Sachs Announces Acquisition of Industry Ventures

• Leading venture capital solutions provider broadens client access to innovation and opens global resources to next generation of high-growth technology companies
• Accelerates growth of $540 billion alternatives business¹ and expands more durable revenue

NEW YORK - OCTOBER 13, 2025 - The Goldman Sachs Group, Inc. "Goldman Sachs" (NYSE: GS) today announced it has entered into an agreement to acquire Industry Ventures, a leading venture capital platform which invests across all stages of the venture capital lifecycle. Industry Ventures currently manages $7 billion of assets under supervision (AUS)² and has made more than 1,000 secondary and primary investments since the company's founding in 2000. Industry Ventures calculates its realized performance across its platform as an attractive net IRR of 18% and net realized MOIC of 2.2X since its inception³.

"Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity," said David Solomon, Chairman and Chief Executive Officer of Goldman Sachs. "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."

"We believe the venture capital market is at a pivotal inflection point as technology and artificial intelligence reshape the world. By combining the global resources of Goldman Sachs with the venture capital expertise of Industry Ventures, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers-while fueling the continued growth of this critical economic engine," said Hans Swildens, Founder and Chief Executive Officer of Industry Ventures.

Industry Ventures has pioneered various segments of the venture capital market including offering secondary liquidity solutions, seeding emerging venture capital funds, coinvesting directly in early-stage high growth businesses using pro-rata rights and also investing at the intersection of venture capital and tech buyout. The firm has one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the United States, representing investments in over 800 venture capital and technology focused funds, and works with over 325 venture capital firms as a value-added limited partner, liquidity solutions provider and co-investment partner.

Industry Ventures will sit inside Goldman Sachs' external manager platform, the External Investing Group (XIG), which has over $450 billion in AUS across traditional and alternative strategies. In private markets, XIG is a market leader, investing in co-investments, alternative manager strategies, its Vintage Strategies secondaries platform, and its Petershill GP stakes business. This acquisition adds a highly attractive technology investment capability to the platform for the benefit of Goldman Sachs' global client base.

The addition of Industry Ventures further diversifies the firm's $540 billion alternatives investment platform, which also invests directly across growth, buyout, real estate, infrastructure, life sciences, sustainability and private credit.

Goldman Sachs Asset Management has been a Limited Partner in Industry Ventures' funds for over two decades and has offered strategies from Industry Ventures to the firm's clients for a decade. Furthermore, Petershill Partners has owned a minority stake in Industry Ventures on behalf of fund investors since 2019. Goldman Sachs will acquire 100% of the equity of Industry Ventures.

The acquisition will expand Goldman Sachs' ability to be a better solutions provider to technology entrepreneurs. Goldman Sachs has had a premier global wealth management business and a market leading franchise in technology, media and telecommunications (TMT) investment banking for decades. The firm delivers scaled investment capabilities across asset classes, access to private banking and lending services, access to attractive co-investment opportunities, and innovative capital solutions and advisory services to clients globally.

As part of the acquisition, it's expected that all 45 employees will join Goldman Sachs. Hans Swildens, Industry Ventures Founder and CEO, Justin Burden, Industry Ventures Senior Managing Director, and Roland Reynolds, Industry Ventures Senior Managing Director, will be appointed partners within Goldman Sachs Asset Management.

The transaction consideration will consist of $665 million in cash and equity payable at closing; and additional contingent consideration of up to $300 million, payable in both cash and equity, based on Industry Ventures' future performance through 2030. The transaction is expected to close in the first quarter of 2026, subject to regulatory approval and conditions.

Goldman Sachs was advised by Goldman Sachs Global Banking and Markets as financial advisor and Wachtell, Lipton, Rosen & Katz and Weil, Gotshal & Manges LLP as legal counsel. Industry Ventures was advised by Oppenheimer & Co, Inc. as financial advisor and Dechert LLP and Cooley LLP as legal counsel.

About Goldman Sachs
Goldman Sachs is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Goldman Sachs Asset Management
Goldman Sachs Asset Management is the primary investing area within Goldman Sachs, delivering investment and advisory services across public and private markets for the world's leading institutions, financial advisors, and individuals. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. Goldman Sachs Asset Management is a leading investor across fixed income, liquidity, equity, alternatives, and multi-asset solutions. Goldman Sachs oversees approximately $3.3 trillion in assets under supervision as of June 30, 2025. Follow us on LinkedIn.

About Goldman Sachs Alternatives
Goldman Sachs Alternatives is one of the leading investors globally, with approximately $540 billion in assets as of June 30, 2025 and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets.

About Petershill at Goldman Sachs Alternatives
Established in 2007, Petershill at Goldman Sachs Asset Management partners with leading alternative asset managers and helps to accelerate their strategic development. Petershill's minority investments seek to support the creation of long-term value by providing strategic capital to enhance employee retention, facilitate business development, buy out legacy equity holders and generate strategic options - while preserving the autonomy and entrepreneurial spirit of these organizations.

About Industry Ventures
Founded in 2000, Industry Ventures is a leading venture capital platform with $7 billion of assets under supervision. Industry Ventures invests across all stages of the venture capital and private technology lifecycle through complementary fund strategies. The firm is headquartered in San Francisco, with offices in Boston, Washington, DC, and London.

Goldman Sachs Media Relations
Mary Athridge
+1 212 902 5400
[email protected]

Goldman Sachs Investor Relations
Jehan Ilahi
+1 212 902 0300
[email protected]

Industry Ventures Media Contact:
Meredith Hayes
+1 715 781 5656
[email protected]

¹Total alternative assets includes AUS and non-fee-paying assets.

²Industry Ventures AUS reflects fee paying client assets managed on a discretionary basis.

³Net Realized IRR represents gross unlevered realized returns adjusted to reflect a discount factor for the fees and expenses that would be calculated and deducted at the fund level using the fund's gross unlevered and net levered return figures. Net Realized Multiple represents gross unlevered realized gains adjusted to reflect a discount factor for the fees and expenses that would be calculated and deducted at the fund level using the fund's gross unlevered and net levered gain figures. The discount factor for Net Realized IRR and Net Realized Multiple across all Industry Ventures funds and direct co-investment vehicles is determined by dividing net levered IRR or net levered multiple by gross unlevered IRR or gross unlevered multiple at the fund level, and it is applied consistently to the realized investments across the funds. Realized investments are those where >50% of the cost of an investment has been realized. Returns calculated by Industry Ventures as of 3/31/25.