NEW YORK (Reuters) -Goldman Sachs has agreed to buy Industry Ventures, a leading venture capital firm that manages $7 billion of assets, in a bid to expand its services to technology entrepreneurs, it said on Monday.
Industry Ventures has one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the United States.
Goldman Sachs will pay $665 million in cash and equity at closing, plus an additional $300 million based on Industry Ventures’ performance through 2030, it said in a statement.
“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 Goldman’s CEO David Solomon in a statement.
All 45 employees of the firm will join Goldman Sachs.
Industry Ventures’ founder and CEO Hans Swildens, along with senior managing directors Justin Burden and Roland Reynolds, will become partners within Goldman Sachs Asset Management, it said.
(Reporting by Saeed Azhar; Editing by Lisa Shumaker)
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