Goldman Sachs to Acquire Industry Ventures for $665M, Expanding Alternatives Platform
Goldman Sachs (NYSE: GS) has agreed to acquire Industry Ventures, a leading secondary investment firm, for $665M in cash and equity, plus up to $300M more based on performance. The deal is expected to close in Q1 2026 and will see all 45 of Industry Ventures' employees joining Goldman Sachs, with key executives becoming partners within Goldman Sachs Asset Management.
The acquisition aims to diversify and accelerate growth of Goldman's $540B alternatives investment platform. Industry Ventures, with $7B in assets under supervision, has a strong track record, boasting a net internal rate of return of 18% and net realized MOIC of 2.2x since inception. The firm has made over 1,000 secondary and primary investments since 2000.
Goldman Sachs Chairman and CEO David Solomon expressed enthusiasm about the acquisition, stating that Industry Ventures' expertise complements existing franchises and expands client access to growing companies and sectors.
Upon closing, Industry Ventures will become part of Goldman Sachs' External Investing Group. The deal is expected to strengthen Goldman Sachs' alternatives investment platform and broaden its client offerings. The acquisition was announced after hours, with Goldman Sachs stock edging up 0.2%.
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