Dechert Advises Industry Ventures on Sale to Goldman Sachs

Dechert recently advised Industry Ventures on its agreement to be acquired by the Goldman Sachs Group, Inc. Transaction consideration includes US$665 million of cash and equity paid at closing along with potential additional contingent consideration of up to US$300 million tied to Industry Ventures' performance through 2030. The deal is anticipated to close in the first quarter of 2026, pending regulatory approvals and customary closing conditions.

Industry Ventures is a leading venture capital platform investing across every stage of the venture capital lifecycle. Since its founding in 2000, the firm has completed more than 1,000 primary and secondary investments and now oversees approximately US$7 billion in assets under supervision (AUS). Industry Ventures' investment platform enhances Goldman Sachs' existing investment franchises while adding further diversity to the firm's US$540 billion alternatives business.

Industry Ventures will operate within Goldman Sachs' external manager platform, the External Investing Group (XIG), which oversees more than US$450 billion in AUS across both traditional and alternative strategies. A recognized market leader in alternative manager strategies, secondaries, co-investments and GP stakes, XIG gains through this acquisition a highly attractive technology investment capability for the benefit of Goldman Sachs' global client base.

The Dechert team advising Industry Ventures was led by corporate partner Brian Miner and included corporate associates Ranjini Ramesh, Nathalie Noura, Jesse Castellanos and Sean Herron; tax partner Joshua Milgrim and associates Ishani Kundu and Josh Meyerson; employee benefits partner Kevin Kay and associate Tabitha Crosier; and antitrust counsel Beverly Ang.

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