News Summary

• Goldman Sachs has agreed to acquire Industry Ventures, a 25-year-old investment firm with $7 billion in assets under management.
• The investment bank is paying $665 million in cash and equity, with up to $300 million more tied to the firm’s performance through 2030.
• The deal is expected to close in the first quarter of next year, and all 45 Industry Ventures employees are expected to join Goldman.
• The acquisition comes as venture funds increasingly turn to non-traditional exits amid a prolonged IPO drought.