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As IPOs stall and VCs scramble for new strategies, Goldman makes a billion-dollar bet on a secondaries powerhouse
Big news out of San Francisco: Goldman Sachs is diving deeper into the world of alternative investments with a major acquisition. The bank just announced it’s buying Industry Ventures, a 25-year-old VC firm with $7 billion in assets under management. The price tag? Up to $965 million.
Here’s the breakdown: $665 million is guaranteed in cash and equity. Another $300 million could follow, depending on how Industry Ventures performs through 2030. The deal is expected to close in early 2026, and all 45 employees from Industry Ventures will move over to Goldman.
So, why now?
The exit drought that changed the VC game
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Venture capital has hit a rough patch these past few years. IPOs, traditionally the Holy Grail for VCs, have slowed to a trickle. And strategic acquisitions haven’t exactly picked up the slack.
That’s where Industry Ventures comes in.
On a podcast earlier this year, Hans Swildens, the founder and CEO of Industry Ventures, described how VCs are pivoting toward “alternative liquidity solutions” — think secondary transactions, buyouts, and continuation funds. According to Swildens, buyout funds now make up 25% of all liquidity in the venture ecosystem. In his words, that’s “a huge chunk of liquidity.”
Instead of waiting for unicorn startups to hit the public markets, some venture firms are starting to “manufacture” their own exits. And reportedly, at least five major VC firms have hired teams dedicated solely to pulling this off.
So, it makes sense that a finance giant like Goldman Sachs would want in.
What Goldman gets out of the deal
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For Goldman, this isn’t just about owning another asset manager. It’s about expanding its massive $540 billion alternatives investment platform — one the firm sees as a major growth driver.
“Industry Ventures’ trusted relationships and venture capital expertise complement our existing investing franchises,” Goldman CEO David Solomon said in a statement. He added that merging their global reach with Industry’s VC savvy puts them in a stronger position to serve startups, tech companies, and fund managers navigating today’s complex markets.
Industry Ventures isn’t just another VC fund. Over the years, they’ve made more than 1,000 investments, maintain stakes in more than 700 venture firms, and have delivered a reported internal rate of return of 18%. That’s a track record any investor would want in their corner.
What this means for venture capital’s future
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This move signals a broader shift in how liquidity works in venture capital.
Instead of relying solely on IPOs and acquisitions, VCs are now seriously investing in engineered liquidity — and secondary markets are emerging as a key player.
If you’re a venture manager or LP who’s been watching the slow IPO market with concern, deals like this one hint at the new normal. Liquidity might not look the way it used to, but it’s still out there — it just takes a different kind of playbook.
And Goldman Sachs, clearly, wants a front-row seat.
If you’re tracking how Wall Street is reshaping Silicon Valley’s exit routes, this is one deal to keep on your radar.
