In a move that’s sending shockwaves through the financial world, Goldman Sachs is shelling out up to $965 million to acquire Industry Ventures, a 25-year-old San Francisco-based investment firm managing a whopping $7 billion in assets. But here’s where it gets controversial: this deal isn’t just about expanding Goldman’s portfolio—it’s a bold statement about the shifting landscape of venture capital exits. As traditional IPOs continue to stall, firms are increasingly turning to secondary markets and buyouts, and Goldman is positioning itself at the forefront of this trend. CNBC broke the news (https://www.cnbc.com/2025/10/13/goldman-sachs-agrees-to-acquire-7-billion-vc-firm-industry-ventures-.html), but the implications go far beyond the headlines.
Goldman is paying $665 million upfront in cash and equity, with an additional $300 million tied to Industry Ventures’ performance through 2030. The deal, expected to close in Q1 2026, will bring all 45 of Industry Ventures’ employees under the Goldman umbrella. We’ve reached out to Hans Swildens, the firm’s founder and CEO, for further insights.
This acquisition comes at a critical juncture for the venture capital industry. With IPOs drying up, firms are scrambling for alternative exits. Earlier this year, Swildens told TechCrunch’s StrictlyVC Download podcast (https://techcrunch.com/podcast/hans-swildens-of-industry-ventures-on-the-ways-vcs-are-manufacturing-liquidity-in-2025/) that tech buyout funds now account for 25% of all liquidity in the venture ecosystem—a staggering figure that underscores the urgency of the shift. “The old playbook of waiting for an IPO or strategic M&A exit just doesn’t cut it anymore,” Swildens explained. “VCs need to get creative with alternative liquidity solutions.”
And this is the part most people miss: at least five major venture funds have already hired full-time staff dedicated to engineering non-traditional exits, including secondary transactions, continuation funds, and buyouts. “Every big-name fund is rethinking liquidity structures,” Swildens noted back in April.
For Goldman, this acquisition is a strategic play to strengthen its $540 billion alternatives investment platform, which the bank sees as a key driver of future growth. In a statement, Goldman CEO David Solomon emphasized the synergy: “Industry Ventures’ deep relationships and venture capital expertise will enhance our ability to connect clients with the fastest-growing companies and sectors globally. By combining Goldman’s global resources with Industry Ventures’ VC know-how, we’re uniquely equipped to meet the complex needs of entrepreneurs, private tech companies, limited partners, and venture fund managers.”
Industry Ventures boasts an impressive track record, with over 1,000 investments, stakes in more than 700 venture firms, and an internal rate of return of 18%. But here’s the question that’s bound to spark debate: Is this acquisition a sign of innovation or desperation? As traditional exits falter, are firms like Goldman truly leading the way, or are they simply chasing the next big thing in a crowded market?
Connie Loizos, who’s been covering Silicon Valley since the late ’90s, brings her expertise to this story. Formerly the Silicon Valley Editor of TechCrunch, she now serves as Editor in Chief and General Manager, in addition to founding StrictlyVC, a daily newsletter and lecture series acquired by Yahoo in 2023. You can reach her at connie@strictlyvc.com, connie@techcrunch.com, or via encrypted message at ConnieLoizos.53 on Signal.
So, what do you think? Is Goldman’s move a game-changer, or just another symptom of a struggling VC landscape? Let us know in the comments—we’re eager to hear your take!
