Goldman Sachs has announced plans to acquire Industry Ventures, a San Francisco–based venture capital firm managing approximately $7 billion in assets, marking a major expansion of its footprint in the alternative investments space.

According to the investment bank’s statement, the acquisition deal will be valued at $665 million in cash and equity, with an additional $300 million contingent upon Industry Ventures’ performance through 2030. The transaction is projected to close in the first quarter of 2026, pending regulatory approvals.

This acquisition is part of Goldman Sachs’ broader strategy to strengthen its $540 billion alternatives investment platform, which the firm describes as a key driver of future growth. By integrating Industry Ventures’ expertise in venture capital, Goldman aims to deepen its access to innovative startups and emerging sectors—offering its clients more direct exposure to high-growth opportunities while enhancing the firm’s presence in the technology investment ecosystem.

Founded 25 years ago, Industry Ventures has played a significant role in shaping the U.S. venture capital market. Goldman Sachs CEO David Solomon praised the firm’s long-standing reputation and strategic alignment with Goldman’s vision. “Industry Ventures’ trusted relationships and venture capital expertise complement our existing investment platforms and expand opportunities for clients to engage with some of the world’s fastest-growing companies and industries,” Solomon said.

Hans Swildens, founder and CEO of Industry Ventures, echoed that sentiment, emphasizing the potential of the partnership. “By combining Goldman Sachs’ global scale and resources with our deep venture capital experience, we are in a unique position to meet the complex and evolving needs of entrepreneurs, private technology firms, limited partners, and venture fund managers,” Swildens stated.

Industry Ventures has made over 1,000 investments since its inception and reported an impressive 18% internal rate of return (IRR) on an annual basis. The firm has built a strong reputation for identifying promising startups and secondary market opportunities within the tech sector.

As part of the acquisition, all 45 employees from Industry Ventures are expected to join Goldman Sachs, reinforcing the bank’s commitment to integrating the venture firm’s culture, expertise, and innovative investment approach into its global operations.

The deal highlights Goldman Sachs’ continued effort to diversify its portfolio beyond traditional banking and asset management, further solidifying its position as a major force in the rapidly evolving world of venture capital and private markets.