Industry Ventures

What Industry Ventures does

Industry Ventures is a venture capital platform founded in 2000 by Hans Swildens, headquartered in San Francisco with additional offices in Alexandria (Washington DC), London, and Boston. The firm manages more than $8 billion on behalf of institutional limited partners and provides flexible capital solutions across the full venture lifecycle through complementary fund strategies: seed and early-stage investing, mid-stage co-investments, late-stage secondaries, tech buyout, direct company investments, and SPV co-investments. Its product set includes primary LP commitments to specialized venture capital managers, secondary purchases of LP interests, direct investments in private technology companies, and structured SPVs. Over 25 years, the firm has executed more than 1,000 secondary and primary investments, maintains relationships with 300+ venture capital fund managers, and has reported an 18% net IRR with 2.2x net realized MOIC alongside $4 billion-plus in realized returns.

The firm's revenue model is classic institutional asset management: it earns management fees on committed and invested capital across its fund strategies, supplemented by carried interest on profitable realizations. Limited partners include public and corporate pension funds, endowments, foundations, family offices, and financial institutions; product distribution is exclusively direct to institutional investors with no retail channel. Go-to-market is relationship-led, supported by a professional website, thought leadership content on venture secondaries and liquidity management, and selective conference participation. The firm's flagship recent product is the oversubscribed $900 million Industry Ventures Partnership Holdings VII, L.P. (closed July 2024), the seventh iteration of its early-stage hybrid fund.

On October 13, 2025, Goldman Sachs announced an agreement to acquire Industry Ventures for up to $965 million (comprising $665 million in cash and equity plus up to $300 million in performance-based payments through 2030); the transaction was completed on January 15, 2026, with Industry Ventures' team integrated into Goldman Sachs' External Investing Group (XIG) within the firm's $540 billion alternatives platform. Post-acquisition, Industry Ventures operates as a subsidiary unit within Goldman Sachs rather than as a standalone firm, with its investment processes, team, and network continuing under the XIG banner.

Name

Industry Ventures

Legal name

Industry Ventures, L.L.C.

Website

http://www.industryventures.com

Company type

Private

Founded year

2000

Operating status

Acquired

Headcount range

11–50 employees

Short description

Industry Ventures is a San Francisco-based venture capital platform founded in 2000, managing $8B+ across primary fund commitments, secondaries, direct investments, and tech buyouts for institutional LPs, now operating within Goldman Sachs' External Investing Group after its January 2026 acquisition.

Ownership category

akta.pro rank

Product category

Venture Capital Fund Management

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259), Other Financial Investment Activities (5239), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)

akta.pro secondary industries

Venture Capital Fundraising Placement (FSAEALAC), Venture Debt Providers (FSANAAAL)

Keywords

• Venture capital
• Private equity
• Fund management
• Secondaries investing
• Growth capital

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Venture Capital Fund Management: Industry Ventures manages venture capital funds and invests LP capital across primary fund commitments, secondary interests, and direct investments in technology companies. The firm generates returns through portfolio company exits, distributions, and performance fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Industry Ventures is a venture capital investment firm that manages over $8 billion of institutional capital through multiple complementary fund strategies. The firm provides primary fund commitments, secondary LP interest purchases, direct company investments, and SPV co-investments spanning seed/early-stage, mid-stage, late-stage secondaries, and tech buyout opportunities for venture capital fund managers and institutional investors.

Product overview

Industry Ventures is a venture capital platform offering complementary investment strategies across the venture lifecycle. The firm manages $8+ billion through multiple investment products including primary fund commitments, secondary LP interest purchases, direct company investments, and SPV co-investments. Their strategies span Seed/Early Stage (supporting emerging VC managers), Mid Stage (investing alongside GPs in high-growth companies), Late Stage Secondaries (providing liquidity for venture shareholders), and Tech Buyout (enabling exit pathways for profitable software companies). The flagship product is the $900 million Industry Ventures Partnership Holdings VII Early-Stage Hybrid Fund.

Differentiator

Problem solved

Functional benefit

Products and services

• Industry Ventures Partnership Holdings VII, L.P. (Early-Stage Hybrid Fund) A $900 million oversubscribed hybrid fund investing in emerging seed and early-stage venture capital funds through primary and early secondary Limited Partnership interests and direct investments. Aimed at qualified institutional investors seeking venture exposure.
• Direct Investments Direct investments in leading private technology companies, whether as a primary investor or through secondary transactions, supporting entrepreneurs with capital to scale. Targeted at founders and boards of private technology companies seeking growth capital.
• Fund Commitments Primary and secondary investor with direct investment capabilities offering unique support to fund managers over the lifecycle of a fund, having backed over 700 leading venture and tech buyout funds. Targeted at venture capital and tech buyout fund managers.
• SPV Investments Direct co-investment SPVs as well as uniquely structured SPV investments for special situations. Targeted at venture capital fund managers and technology companies seeking flexible co-investment capital.

Quantifiable outcome

• 18% net IRR historical performance
• +2 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Two partnerships are on record, tiered major and core.

• T. Rowe PricemajorStrategic or Co-development PartnerGoldman Sachs announced strategic partnership with T. Rowe Price as part of its broader asset and wealth management expansion strategy. The partnership is valued at $1 billion.
• Goldman Sachs External Investing Group (XIG)coreStrategic or Co-development PartnerIndustry Ventures was integrated into Goldman Sachs' External Investing Group (XIG), expanding Goldman's venture capital capabilities within their $540 billion alternatives platform. The integration brings Industry Ventures' team, processes, and network into Goldman's platform.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• StepStone Group: StepStone is a multi-strategy private markets investment platform with significant VC secondaries, co-investment, and primary fund commitment capabilities. It is the most direct comparable to Industry Ventures' full-stack LP/secondary/direct model.
• Lexington Partners: Lexington is one of the world's largest and oldest secondary private equity investors, with material activity in VC secondaries. It is a direct comparable to Industry Ventures' late-stage secondary and LP interest acquisition strategies.
• Adams Street Partners: Adams Street is a global private markets manager offering primary fund commitments, secondaries, co-investments, and direct investments across venture capital and growth. Its multi-manager approach and global LP base directly mirror Industry Ventures' strategy.
• Insight Partners: Insight Partners is a large-scale global venture capital and private equity firm investing across stages in technology. It is comparable to Industry Ventures in scale, stage coverage, and exclusive technology focus.
• LGT Capital Partners: LGT Capital is a Swiss-based multi-manager alternatives platform offering primaries, secondaries, and co-investments across private equity, venture capital, and private debt. Comparable to Industry Ventures in providing LP-style diversified exposure to VC.
• Petershill Partners: Petershill is a Goldman Sachs-affiliated alternative asset manager that makes minority investments in alternative investment firms and was the prior majority owner of Industry Ventures. It is a strategic and operational peer in the alternatives investment intermediation space.
• HarbourVest Partners: HarbourVest is one of the largest multi-strategy private markets investment managers, offering primary funds, secondary purchases, and direct co-investments. It competes with Industry Ventures in the VC secondaries and primary LP commitment markets globally.
• Pantheon Ventures: Pantheon is a global private markets investor offering primary fund investments, secondaries, and co-investments across venture capital and growth equity. It is a direct competitor in the VC secondary and LP commitment space Industry Ventures occupies.

Broad incumbents

• Goldman Sachs Asset Management (XIG): Goldman Sachs' External Investing Group now houses Industry Ventures' team post-acquisition. As the acquirer and a top-tier global alternatives platform ($540B+), it represents the parent platform within which Industry Ventures now operates.
• Blackstone Strategic Partners: Blackstone's Strategic Partners is the dedicated secondary private equity platform of the largest alternatives manager. It competes with Industry Ventures across secondaries but as part of a much broader private markets franchise.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat6 records

Key risks4 records

Key highlights6 records

Customer concentration

• Xx.com/IndustryVC
• Facebookfacebook.com/Industryventures
• LinkedInlinkedin.com/company/industry-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments227 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Industry Ventures