CNBC initially reported Monday that Goldman Sachs has reached an agreement to purchase Industry Ventures, a San Francisco-based investment company established 25 years ago, managing $7 billion in assets. This transaction highlights the rising significance of secondary markets and buyouts, especially as typical venture exits experience a slowdown.
According to a statement from Goldman, the investment firm will provide $665 million in cash and equity, with a possible extra $300 million contingent on the firm’s performance through 2030. The deal is anticipated to be finalized in the first quarter of the following year, and Goldman expects all 45 Industry Ventures staff to join them.
We have contacted Swildens for additional details.
This acquisition occurs as venture funds increasingly explore alternative exit strategies amidst a sustained drought of IPOs. Industry Ventures founder and CEO Hans Swildens mentioned on TechCrunch’s StrictlyVC Download podcast earlier this year that tech buyout funds now represent 25% of the total liquidity within the venture ecosystem—”a substantial amount of liquidity,” he noted.
Swildens clarified that venture managers are being compelled to adjust their strategies. He stated in the podcast interview, “Simply finding companies, investing in them, and then awaiting an IPO or strategic M&A exit might not be sufficient anymore. [VCs] must begin developing alternative liquidity solutions.”
He mentioned at the time — in April — that a minimum of five prominent venture funds had recruited full-time personnel focused on creating non-traditional exits, including secondary transactions, continuation funds, and buyouts. “All the well-known funds are hiring and carefully considering liquidity structures,” Swildens commented.
Goldman is proceeding with the acquisition to strengthen its $540 billion alternatives investment platform, which the firm has recognized as a crucial driver of growth.
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Goldman CEO David Solomon stated in a prepared statement, “Industry Ventures’ reliable relationships and venture capital knowledge enhance our current investment operations and broaden opportunities for clients to gain access to the world’s fastest-growing companies and sectors. “By integrating Goldman Sachs’ global resources with Industry Ventures’ venture capital expertise, we are distinctively positioned to address the increasingly intricate demands of entrepreneurs, private technology companies, limited partners, and venture fund managers,” the statement continued.
Industry Ventures reports having made over 1,000 investments, possessing stakes in excess of 700 venture firms, and maintaining an internal rate of return of 18%.
