Goldman Sachs has agreed to acquire US-based venture capital and secondary investment manager Industry Ventures, which has one of the largest VC portfolios in the US managing around $7bn in assets, according to a report by Reuters.
The deal is valued at $665m in cash and equity, with a further $300m payable based on performance through 2030. All 45 employees, including founder and CEO Hans Swildens, will join Goldman Sachs Asset Management as part of the transaction.
The acquisition expands Goldman’s exposure to technology entrepreneurs and venture investing, as institutional investors continue to seek differentiated access to private market opportunities.
