Goldman Sachs has announced its acquisition of Industry Ventures, a San Francisco-based investment firm with $7 billion in assets under management. The deal highlights the increasing significance of secondary markets and buyouts in the venture capital landscape as traditional exits continue to face challenges.
The investment bank will pay $665 million in cash and equity, with a potential additional $300 million based on the firm’s performance until 2030. The acquisition is set to be finalized in the first quarter of the upcoming year, with all 45 Industry Ventures employees transitioning to Goldman.
As venture funds navigate a scarcity of IPOs, they are turning towards alternative exit strategies. Industry Ventures founder and CEO Hans Swildens emphasized the growth of tech buyout funds, constituting a significant portion of liquidity within the venture ecosystem.
In response to evolving market dynamics, venture managers are exploring new liquidity solutions beyond traditional exits. Swildens highlighted the trend of major venture funds hiring dedicated staff for non-traditional exits, such as secondary transactions and buyouts.
Goldman’s acquisition of Industry Ventures aims to enhance its alternatives investment platform, positioning the bank to capitalize on growth opportunities in the venture capital sector.
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Goldman CEO David Solomon expressed optimism about the acquisition, noting Industry Ventures’ expertise and relationships in the venture capital space. The partnership between Goldman Sachs and Industry Ventures is positioned to cater to the diverse needs of entrepreneurs, technology companies, limited partners, and venture fund managers.
Industry Ventures touts a track record of over 1,000 investments, holding stakes in 700+ venture firms, and achieving an internal rate of return of 18%.
