VentureCapital.Gold

Industry Ventures

Notable

Venture-secondaries pioneer, acquired by Goldman Sachs in 2025.

Secondaries & ContinuationFirmGlobal
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Target market
Venture fund LP interests and late-stage direct secondaries
Geography
Global

Overview

Industry Ventures, founded in San Francisco in 2000, pioneered the venture-capital secondary market — buying LP interests in venture funds and direct positions in venture-backed companies, alongside hybrid fund-of-funds strategies. Goldman Sachs announced its acquisition of the roughly $7B AUM firm in October 2025 in a deal worth up to about $965M, a landmark validation of venture secondaries as an asset class.

Key facts

  • Pioneer of venture secondaries, founded 2000
  • Acquired by Goldman Sachs (announced October 2025)
  • Estimated the venture secondary market at $120B+ in 2025
  • Based in San Francisco

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