Goldman Sachs has agreed to acquire Industry Ventures, a leading U.S. venture capital firm with $7bn in assets under management, in a deal valued at up to $965m, Reuters reports.

The transaction includes $665m in cash and equity at closing, plus up to $300m in additional payments tied to performance through 2030. The acquisition will see all 45 employees of Industry Ventures join Goldman Sachs Asset Management (GSAM).

Founded by Hans Swildens, Industry Ventures is known for pioneering secondary venture investing and early-stage hybrid funds, strategies that provide liquidity solutions to private market investors as companies remain private for longer.

“Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity,” said David Solomon, Chairman and CEO of Goldman Sachs.

Swildens, along with senior managing directors Justin Burden and Roland Reynolds, will become partners within GSAM following the acquisition.

The deal strengthens Goldman Sachs’ presence in the private markets and venture capital ecosystem, as the firm continues to diversify beyond traditional investment banking and expand its technology-focused investment offerings.

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