Goldman Buys Industry Ventures for $965 Million

Goldman Sachs Group Inc. agreed to buy venture capital investor Industry Ventures in a deal that expands the Wall Street bank’s reach into the American startup ecosystem, Todd Gillespie reported for Bloomberg News.

The San Francisco-based investment firm has counted Goldman as an investor for roughly two decades.

Goldman will pay as much as $965 million — starting with $665 million in cash and equity upon completion of the transaction, plus up to $300 million in additional payments based on Industry Ventures’ performance through 2030, according to a statement Monday.

The San Francisco-based investment firm, founded in 2000, manages $7 billion in assets, primarily through secondary, co-investment, and seed funding for external venture capital funds.

It has counted Goldman — which oversees about $3.3 trillion in assets — as an investor for roughly two decades.