Petershill To Sell Majority Stake in Industry Ventures to Goldman Sachs
America ı By Rihem Akkouche
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Petershill Partners PLC announced Tuesday that it will sell most of its minority stake in Industry Ventures to Goldman Sachs Group Inc. for up to $236.6 million, as part of Goldman’s sweeping $965 million acquisition of the Silicon Valley venture capital powerhouse.
The high-stakes deal, revealed by Goldman Sachs after U.S. markets closed Monday, underscores Wall Street’s growing appetite for venture capital exposure — particularly as technology and artificial intelligence reshape the global investment landscape.
Goldman Sachs Expands Its Venture Capital Reach
Goldman Sachs will integrate Industry Ventures into its External Investing Group, which supervises more than $450 billion in assets. The acquisition marks a strategic leap for the bank, allowing it to deepen its foothold in venture secondaries and hybrid early-stage investing, two segments thriving as tech companies remain private longer.
“Industry Ventures pioneered venture secondary investing and early-stage hybrid funds — sectors that are rapidly expanding as investors seek new forms of liquidity,” said David Solomon, Goldman Sachs CEO. “This acquisition strengthens our ability to serve technology entrepreneurs and investors alike.”
Goldman Sachs will pay $665 million in cash and equity at closing, plus up to $300 million in contingent payments tied to Industry Ventures’ performance through 2030.
Petershill Cashes Out of a Longtime Investment
Petershill Partners, managed by Goldman’s asset management arm, first acquired its stake in Industry Ventures in 2019 on behalf of fund investors. While Petershill did not reveal the exact percentage it owned, the firm confirmed it will receive approximately $163.9 million in cash at closing, with an additional $72.7 million in potential contingent consideration depending on future milestones.
Legal counsel for Petershill was not disclosed. Wachtell Lipton Rosen & Katz and Weil Gotshal & Manges LLP are advising Goldman Sachs, while Dechert LLP and Cooley LLP are guiding Industry Ventures through the acquisition.
A Market “At a Pivotal Inflection Point”
Hans Swildens, founder and CEO of Industry Ventures, described the partnership as a milestone moment for venture finance.
“The venture capital market is at a pivotal inflection point as technology and artificial intelligence reshape the world,” Swildens said. “By combining the global resources of Goldman Sachs with our venture expertise, we can better serve entrepreneurs, private technology companies, and fund managers navigating this new era.”
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