Industry Ventures founder Hans Swildens discusses his firm’s transaction with Goldman Sachs and its decision to join Goldman’s external investing group. He traces the relationship’s 20-year evolution, describes secondaries as “the new IPO” for venture-backed companies, and examines venture liquidity structures including continuation funds and NAV loans.
Goldman Sachs agrees to acquire Industry Ventures, a San Francisco-based investment firm with $7 billion in assets under management, for $665 million in cash and equity plus up to $300 million tied to performance through 2030. The deal is expected to close in the first quarter of 2026, with all 45 Industry Ventures employees joining Goldman. Goldman says the acquisition strengthens its $540 billion alternatives platform as venture firms seek liquidity through secondary transactions, continuation funds, and buyouts.