David Solomon, CEO of Goldman Sachs Group, during an interview on an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” on Tuesday, August 6, 2024 in New York, USA.
Gina Moon | Bloomberg | Getty Images
Goldman Sachs has agreed to acquire Industry Ventures, a venture capital firm with $7 billion in assets under management, according to a release from the investment bank.
Goldman will pay $665 million in cash and stock and up to an additional $300 million depending on the company’s future performance through 2030, the bank said. The transaction is expected to close in the first quarter of 2026.
Goldman Sachs is making acquisitions to strengthen its $540 billion alternative investment platform, part of the investment bank’s self-professed “growth engine.” By identifying and betting on startups, venture capital firms can help Goldman build an investment pipeline for high-net-worth clients, as well as provide solutions for technology entrepreneurs.
Goldman CEO David Solomon said San Francisco-based Industry Ventures has helped develop the U.S. venture capital market since its founding 25 years ago.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investment franchise and expand our clients’ access to the world’s fastest-growing companies and sectors,” Solomon said in a release.
“By combining the global resources of Goldman Sachs and 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,” said Hans Swildens, founder and CEO of Industry Ventures.
The bank said all 45 employees of the venture will join Goldman.
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