00:00Goldman Sachs has announced its acquisition of Industry Ventures, a capital firm with $7 billion in assets, for $665 million in cash and equity.
00:10The acquisition aims to enhance Goldman's $540 billion alternatives investment platform, providing a pipeline of investments for wealthy clients and solutions for tech entrepreneurs.
00:22Industry Ventures, known for its 25-year history in the American VC market, has made over 1,000 investments with an 18% annual internal rate of return.
00:33All 45 employees of Industry Ventures are expected to join Goldman, with a deal anticipated to close in the first quarter of next year.
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