Deal Overview
Goldman Sachs announced on October 13, 2025, that it will acquire Industry Ventures in a deal valued at up to $965 million. The transaction includes $665 million in cash and equity payable at closing and up to $300 million in contingent payments tied to performance through 2030. The acquisition is expected to close in Q1 2026, pending regulatory approval.
All 45 Industry Ventures employees, including founder Hans Swildens, will join Goldman Sachs, with Swildens and senior managing directors Justin Burden and Roland Reynolds becoming partners in its asset management division. The firm will be integrated into Goldman’s External Investing Group (XIG), which oversees $450 billion in assets.
Strategic Fit
The acquisition strengthens Goldman Sachs’ $540 billion alternatives investment platform, expanding its reach in venture secondaries, early-stage funds, and liquidity solutions. CEO David Solomon described the deal as “a natural extension of our long-term partnership,” citing Industry Ventures’ pioneering role in venture secondaries and hybrid fund models.
According to Swildens, the VC landscape is at “a pivotal inflection point,” driven by prolonged private-company lifecycles, macroeconomic pressures, and AI-led growth. Through Goldman’s global resources, the combined platform aims to deliver enhanced liquidity and capital access to entrepreneurs, LPs, and venture managers.
About the Companies
Goldman Sachs, founded in 1869, manages $3.3 trillion in assets (as of June 2025), including substantial exposure to private equity, credit, and real estate. The firm has been an LP in Industry Ventures funds for over two decades and holds a minority stake through its Petershill business since 2019.
Industry Ventures, founded in 2000 and headquartered in San Francisco, manages $7 billion in assets across secondary and primary VC funds. It has invested in more than 1,000 deals across 800+ funds and 325 VC partners, with a net IRR of 18% and MOIC of 2.2x since inception. Notable portfolio companies include SpaceX and Stripe.
Market Context
The acquisition comes amid a boom in alternative VC exits, such as secondaries and continuation funds, as IPOs and M&A remain sluggish.
- Secondary VC volumes hit $152 billion in 2024 and are projected to exceed $180 billion in 2025, representing over 35% of global VC activity.
- AI-related deals accounted for 40% of exit value in 2025, according to PitchBook.
- Global VC exits rose to $111.1 billion in Q2 2025, up from $88.9 billion in Q1, while fundraising lagged at $48.8 billion year-to-date.
This shift underscores a growing reliance on liquidity solutions, a market where Industry Ventures has long been a key player.
Also Read: Salesforce Acquires Informatica in $8 Billion AI-Powered Data Push
Market Reactions and Implications
The deal has received positive reactions across the venture ecosystem.
VC investor Sheel Mohnot called Industry Ventures “pioneers of the venture secondary market,” while Goldman Sachs’ official announcement on X highlighted its intent to “expand access to innovation.”
Analysts expect the merger to:
- Accelerate liquidity options for LPs.
- Introduce AI-enhanced financial tools through Goldman’s tech capabilities.
- Increase Wall Street’s presence in Silicon Valley’s private market ecosystem.
However, some experts warn of potential consolidation risks, as the VC secondaries market, projected to reach $300 billion by 2030, becomes increasingly institutionalized.
Key Data: Global VC Exit Trends (2025)
| Metric | Q1 2025 | Q2 2025 | Notes |
|---|---|---|---|
| Global Exit Value | $88.9B | $111.1B | Driven by AI and fintech IPOs (e.g., Circle, Chime) |
| U.S. Exit Value | $52.4B | $67.8B | 40% tied to AI exits |
| Asia Exit Value | $19.2B | $29.7B | Recovery in selective markets |
| Europe Exit Value | $13.6B | $11.6B | Decline amid efficiency-driven rounds |
| Key Drivers | – | – | AI surge, sluggish IPOs, rise of secondaries |
Industry Perspective
Experts from PitchBook, Deloitte, and Bain note that this deal signals a maturing VC landscape, where liquidity innovation is critical amid slower fundraising and higher rate environments. As Bain reports, global VC funding dropped to $109 billion in Q2 2025, yet AI continues to drive selective rebounds.
