06:22 AM EDT, 10/14/2025 (MT Newswires) -- Goldman Sachs ( GS ) agreed to acquire venture capital platform Industry Ventures in a cash-and-equity deal worth up to $965 million, as the lender aims to accelerate growth in its alternatives business.

The transaction comprises $665 million in cash and equity payable at closing, as well as an additional consideration of up to $300 million based on Industry Ventures' performance through 2030, the investment bank said late Monday. Goldman Sachs ( GS ) closed Monday's trading session up 2.9%, but edged down 0.4% in Tuesday's most recent premarket activity.

The deal, which requires approval from regulators, is expected to complete in the first quarter of 2026.

"Industry Ventures' trusted relationships and venture capital expertise complement our existing investing franchises and expand opportunities for clients to access the fastest growing companies and sectors in the world," Goldman Chief Executive David Solomon said in a statement.

Industry Ventures, with $7 billion in assets under supervision, will become part of Goldman's external investing platform, which has more than $450 billion in AUS across traditional and alternative strategies.

The lender anticipates the acquisition to diversify its alternatives investment platform and strengthen its technology investment capabilities. Goldman expects all 45 employees of the venture capital firm to join the bank, with Industry Ventures CEO Hans Swildens to become one of the partners of Goldman Sachs Asset Management.

"By combining the global resources of Goldman Sachs ( GS ) with the venture capital expertise of Industry Ventures, we are uniquely positioned to serve the increasingly complex needs of entrepreneurs, private technology companies, limited partners, and venture fund managers," according to Swildens.

Goldman is scheduled to release its latest quarterly results before the opening bell on Tuesday.