Industry Ventures

Industry Ventures was founded in San Francisco in 2000 with a singular focus that set it apart from most of this list: venture capital secondaries specifically, rather than buyout or diversified private equity. It built a platform investing across the VC lifecycle — buying LP stakes in venture funds, direct secondary positions in venture-backed companies, and primary commitments to emerging managers.

Goldman Sachs announced an agreement to acquire Industry Ventures in 2025, in a deal worth roughly $665 million in cash and equity plus up to $300 million in performance-based consideration through 2030; the acquisition became effective January 2, 2026. At the time, Industry Ventures managed about $7 billion in assets and had made more than 1,000 secondary and primary investments since founding.

Industry Ventures now sits inside Goldman Sachs' External Investing Group, giving Goldman a dedicated venture-secondaries capability that complements Vintage Strategies' longer-running, more buyout-oriented secondaries platform within the same division.