Goldman Sachs to Acquire Industry Ventures for $965M as VC Exits Evolve

The Wall Street giant doubles down on alternative venture strategies amid a global slowdown in IPOs and M&A exits.

Goldman Sachs is making a bold move in the venture capital space, agreeing to acquire San Francisco-based Industry Ventures for up to $965 million. The deal — reported by CNBC — marks a pivotal moment as the global venture ecosystem shifts toward secondary markets, buyouts, and alternative liquidity solutions.

According to Goldman’s statement, the acquisition includes $665 million in cash and equity, with an additional $300 million contingent on performance through 2030. The transaction, expected to close in early 2026, will bring all 45 Industry Ventures employees under Goldman’s expanding alternatives investment division.

Founded 25 years ago, Industry Ventures manages over $7 billion in assets and has made more than 1,000 investments across 700 venture firms. Its founder and CEO, Hans Swildens, has long championed secondary venture markets, noting in a TechCrunch StrictlyVC podcast that “tech buyout funds now account for 25% of all liquidity in the venture ecosystem.”

That trend reflects a broader reality: traditional venture exits — IPOs and large-scale acquisitions — have slowed dramatically. Venture capitalists are now engineering non-traditional exits, including continuation funds and structured buyouts, to return capital to investors while waiting for public markets to rebound.

Goldman Sachs CEO David Solomon called the acquisition “a natural extension” of the firm’s $540 billion alternatives investment platform, which the bank views as a key driver of future growth. “By combining Goldman’s global reach with Industry Ventures’ expertise in venture capital, we’re expanding opportunities for clients to access the world’s fastest-growing private technology companies,” he said.

For Africa’s growing tech and venture ecosystem, the move signals a potential shift in how liquidity could evolve for startups and investors. As African startups mature, the need for secondary markets and structured exits may become equally critical — especially given the continent’s limited IPO activity.

🧠 TechTribe-One Insight

Goldman Sachs’ acquisition of Industry Ventures underlines a global shift toward liquidity innovation in venture capital. For Africa, where many startups remain private longer, secondary markets and alternative exits could provide a new playbook for sustainable investment growth.