Goldman Sachs Asset Management has taken a minority, non-voting stake in Industry Ventures, a firm that invests in the venture capital secondary market, said Hans Swildens, CEO of Industry Ventures, in an email.
Terms of the deal and the size of the minority stake are not being disclosed. The transaction closed April 1.
The passive, non-voting investment by GSAM's Petershill program is not expected to have an impact on Industry Ventures day-to-day management or investment decision-making process.
GSAM's investment will provide Industry Ventures with a permanent, balance sheet investment vehicle to increase its commitment to current and future funds and to help create an institutional ownership structure to provide incentives to retain firm executives. Industry Ventures has had a relationship with GSAM's as a limited partner and co-investor.
"We've had Goldman here as a limited partner for over a decade in multiple funds and strategies," Mr. Swildens said in the email. "Like any limited partner relationship we have, we try and provide value to their businesses/funds/groups beyond just an investment in our funds, but in Goldman's case we help connect them to companies and funds in the market with our network."