Goldman Sachs has struck a deal to acquire San Francisco-based Industry Ventures, one of America’s most established venture capital firms, in a move that deepens the Wall Street giant’s push into alternative investments.
The transaction, valued at $665 million in cash and equity, could rise by another $300 million depending on Industry Ventures’ performance through 2030, according to a statement released by Goldman on Monday.
The deal, expected to close in the first quarter of 2026, marks one of Goldman’s most significant expansions into private markets in years. It comes as the bank doubles down on its $540 billion alternatives investment platform, which CEO David Solomon has described as a “growth engine” for the firm. By absorbing Industry Ventures, Goldman is seeking to strengthen its venture capital pipeline and create more opportunities for its wealthy clients to invest in high-growth startups and emerging technology sectors.
Register for Tekedia Mini-MBA edition 19 (Feb 9 – May 2, 2026): big discounts for early bird.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register for Tekedia AI Lab: From Technical Design to Deployment (next edition begins Jan 24 2026).
Founded 25 years ago by Hans Swildens, Industry Ventures has been a key player in shaping the U.S. venture ecosystem. The firm has built a reputation for investing in both early- and late-stage startups, as well as acquiring secondary interests in venture funds — a strategy that gives investors access to maturing private companies without having to wait for IPOs or acquisitions.
Since its inception, Industry Ventures has made more than 1,000 investments and currently manages about $7 billion in assets. It reported an impressive internal rate of return of 18%, making it one of the more consistently profitable firms in its class.
Goldman CEO David Solomon said the acquisition would combine the “global resources of Goldman Sachs” with the “venture capital expertise of Industry Ventures,” opening the door for broader access to fast-growing companies around the world.
“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,” Solomon said in the statement.
Swildens, who will continue to lead the firm after the merger, echoed that sentiment, calling the partnership a natural fit.
“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,” he said.
All 45 employees of Industry Ventures will join Goldman Sachs as part of the agreement, bringing their deep experience in the startup ecosystem into Goldman’s asset management division.
The deal, for Goldman Sachs, marks a strategic pivot toward longer-term, fee-based businesses after years of volatility in investment banking and trading revenue. The firm has been steadily building its private markets presence through a combination of organic growth and targeted acquisitions, seeking to compete more aggressively with firms like Blackstone, KKR, and Apollo in the lucrative world of alternative assets.
Some analysts believe the move positions Goldman to play a bigger role in the intersection of technology and finance at a time when the venture market is undergoing a reset. Following a two-year slump in startup valuations and IPO activity, there is renewed interest in the secondary market — where Industry Ventures has historically excelled. Goldman is expected to leverage its balance sheet and client network to take advantage of discounted opportunities in private tech investments.
The acquisition also underlines Goldman’s ongoing effort to appeal to ultra-wealthy individuals and institutional clients seeking exposure to private markets. The bank’s alternatives platform already spans private equity, real estate, infrastructure, credit, and hedge funds. Adding Industry Ventures’ expertise in venture capital fills a critical gap — especially as AI, clean tech, and cybersecurity startups attract massive investor interest globally.
For Swildens and his team, joining Goldman represents a chance to scale their operations globally. The firm, which started with a focus on U.S.-based startups, will now have access to Goldman’s international deal flow and capital base, potentially allowing it to compete more directly with top-tier Silicon Valley players like Sequoia Capital, Andreessen Horowitz, and Tiger Global.
The acquisition comes as Goldman continues to recover from a challenging period for its consumer banking efforts, which led to the winding down of its Marcus retail unit and a renewed emphasis on its core strengths: wealth management and institutional investing. The bank is now signaling that its next phase of growth will be driven by high-value, long-horizon investments in innovation and technology.
Once completed, the Industry Ventures deal is expected to further solidify Goldman Sachs’ position as a major player in the global venture capital ecosystem — connecting Wall Street’s deep capital reserves with the entrepreneurial energy of Silicon Valley.