Industry Ventures Announces Strategic Minority Investment by Goldman Sachs Asset Management’s Petershill Program
April 17, 2019 – SAN FRANCISCO, CA – Industry Ventures, L.L.C., a leading investment firm focused on the venture capital market, today announced that the Goldman Sachs Asset Management (GSAM) Petershill program has made a minority equity investment in the firm to help support Industry Ventures’ continued success. The primary investment by the Petershill program is a passive, non-voting stake that should have no impact on the day-to-day management or operations of the firm. The firm’s investment decision making processes will also remain unchanged.
The investment provides Industry Ventures principals with a permanent balance-sheet investment vehicle to increase their investment into current and future funds and the principals believe it will further strengthen alignment with the firm’s Limited Partners.
Hans Swildens, CEO of Industry Ventures, said, “This primary investment follows more than a decade long Limited Partner and co-investor relationship between Industry Ventures and Goldman Sachs Asset Management. We have built a trusted and multi-dimensional relationship with the Goldman Sachs team and are very happy to strengthen our relationship with them.”
“The principals of Industry Ventures will be one of the largest investors across our funds moving forward,” Swildens said. “This investment will help us expand and grow our capital commitments to our strategies, enabling us to increase our investment in our hybrid technology buyout, direct fund and the next generation secondary funds and hybrid venture capital fund of funds. It also enables the firm to have an institutional ownership structure that can be used over time to incentivize members of our team as people grow and contribute to our investment success.”
Robert Hamilton Kelly, Managing Director in the Goldman Sachs Asset Management Petershill program, said, “We are excited to partner with Industry Ventures, a pioneer in the venture capital secondaries market and a leading provider of capital to the venture ecosystem. This partnership is the natural extension of a long history of collaboration between our firms, which has given us great confidence in the management team as they continue to execute on their differentiated business model.”
Specific terms of the transaction are not being disclosed. DBO Partners provided financial advice and Holland & Knight LLP provided legal advice to Industry Ventures in connection with the transaction.
About Industry Ventures
Industry Ventures LLC is a leading investment firm that focuses on specialized areas of the venture capital market. The firm has three investment strategies: secondary investments to provide liquidity to investors, hybrid fund of funds investments to provide primary capital to small venture and technology buyout fund managers, and direct investments that are typically done alongside the firms fund managers. Founded in 2000, the firm manages over $3.4 billion of institutional capital and is headquartered in San Francisco, with offices in Washington, D.C. and London. For more information, please visit www.industryventures.com.
About Goldman Sachs Asset Management’s (GSAM) Petershill Program
The Petershill program is managed by GSAM’s Alternative Investments & Manager Selection (AIMS) Group, which provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. With investments in over 20 asset management firms, the Petershill program provides strategic capital to mid-sized asset management firms and has raised over $5 billion of commitments since inception. GSAM is one of the world’s leading investment managers with more than $1 trillion in assets under supervision globally as of December 31, 2018.