Goldman Sachs closes Industry Ventures acquisition

(Alliance News) - Goldman Sachs Group Inc on Monday said it has closed the acquisition of Industry Ventures for a transaction consideration of USD665 million in cash and equity payable at closing.

The New York-based investment bank had said in October last year that there is an additional contingent consideration of up to USD300 million, payable in both cash and equity, based on Industry Ventures' future performance through 2030.

Goldman Sachs said the team at Industry Ventures has now joined the External Investing Group, its external manager platform.

San Francisco-based Industry Ventures is a leading venture capital platform, managing USD7 billion of assets under supervision as of October last year.

As part of the acquisition, Hans Swildens, Industry Ventures' founder and chief executive, as well as senior managing directors Justin Burden and Roland Reynolds have joined Goldman Sachs Asset Management as partners.

"The addition of Industry Ventures creates a multiplier effect for Goldman Sachs to be a premier solutions provider to the fastest growing companies and sectors in the world," said Chair and Chief Executive Officer of Goldman Sachs David Solomon.

"Technology and AI-led innovation should be a catalyst for significant capital markets activity in 2026, and Goldman Sachs can offer advisory, financing, innovative capital solutions and attractive investment opportunities to our clients globally."

In October last year, London-based alternative investment group Petershill Partners PLC, founded by Goldman Sachs in 2007, announced it was selling the majority of its non-controlling equity stake in Industry Ventures to Goldman Sachs.

The assets disposed of by Petershill consist of its interest in Industry Ventures' management fee-related earnings and future performance-related earnings.

Shares in Goldman Sachs rose 3.7% to USD947.69 on Monday afternoon in New York.

By Roya Shahidi, Alliance News reporter

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