Goldman Sachs Expands Footprint with $965 Million Acquisition of Industry Ventures

TradingKey - On October 13 (U.S. Eastern Time), Goldman Sachs Group (GS.US) announced an agreement to acquire venture capital platform Industry Ventures for up to $965 million in cash and equity.

The deal includes an initial payment of $665 million, with up to $300 million in additional consideration contingent on Industry Ventures’ performance through 2030. The transaction is expected to close in the first quarter of 2026.

The acquisition aims to strengthen Goldman Sachs’ presence in the private equity secondary market and early-stage technology investing, broadening client access to high-growth private companies.

Founded in 2000, Industry Ventures currently manages approximately $7 billion in assets and has completed over 1,000 investments to date. Following the closing, all 45 employees of Industry Ventures will join Goldman Sachs. CEO Hans Swildens and key members of the leadership team will be appointed partners within Goldman Sachs Asset Management.

Goldman Sachs CEO David Solomon said the acquisition will enhance the firm’s capabilities in a market environment where “the private life cycle of companies is lengthening.” Post-closing, Industry Ventures will be integrated into Goldman’s External Investments Group, further expanding its $540 billion alternative investment business.

Meanwhile, Goldman Sachs is set to release its third-quarter earnings report before the U.S. market opens on Tuesday. Analysts expect:

• Revenue of $14.21 billion, up 11.9% year-over-year
• Adjusted EPS of $10.57 per share

Over the past two years, Goldman Sachs has delivered quarterly revenue that, on average, exceeded expectations by 6.6%.

Market analysts believe strong recovery in investment banking activity — supported by resilient U.S. economic fundamentals — positions Goldman for another beat. Investors will also closely watch the firm’s outlook on the economy and its projections for investment banking and trading divisions.