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§ Venture Capital · San Francisco, CA, USA
VC firm investing in private tech and venture funds for institutional capital and VC firms, focused on AI, software, and hardware.
Industry Ventures is a San Francisco, California-based venture capital firm investing across the venture capital and private technology lifecycle via primary, secondary, and buyout fund strategies, focusing on AI technology, software, and hardware sectors. The firm provides liquidity solutions and backs early-stage managers and companies. It manages $8.2 billion in assets under management (AUM) and has completed over 1,000 secondary and primary investments, realizing $4.4 billion proceeds with a net IRR of 18% and net realized MOIC of 2.2X since inception. Its 45 employees, including Senior Managing Directors Justin Burden and Roland Reynolds, are actively deploying capital from its $900 million Partnership Holdings VII and $301.5 million Direct III funds. Industry Ventures was founded in late 1999 by Hans Swildens.
Key people at Industry Ventures.
Industry Ventures is a leading venture capital and growth investment firm dedicated to supporting innovative technology companies and venture capital managers across every stage of the venture lifecycle. Founded in 2000, the firm’s mission is to provide flexible, reliable, and differentiated capital solutions that empower entrepreneurs and fund managers from inception through exit. Its investment philosophy centers on collaboration, entrepreneurial thinking, and long-term partnership, aiming to unlock unique opportunities and reduce risk while maintaining strong upside potential. Industry Ventures invests across a broad spectrum of sectors, with a particular focus on technology, software, and venture-backed companies transitioning to buyout. Its impact on the startup ecosystem is profound, having supported over 5,000 underlying venture-backed companies and more than 325 venture capital firms, making it a cornerstone of the modern venture capital landscape.
Industry Ventures was founded in 2000 with a pioneering focus on secondary venture capital investments, a niche at the time. Over the past two decades, the firm has evolved from a secondary specialist into a full-stack venture capital platform, expanding its capabilities to include seed and early-stage investing, mid-stage co-investments, late-stage secondaries, and tech buyouts. The firm’s leadership has cultivated deep relationships with specialized venture capital leaders and has consistently adapted to the changing needs of the venture ecosystem. In 2025, Industry Ventures was acquired by Goldman Sachs, marking a pivotal moment in its evolution and further solidifying its position as a major player in the private markets.
Industry Ventures is at the forefront of several key trends shaping the venture capital and private markets landscape. The firm’s focus on flexible capital solutions aligns with the growing demand for liquidity and risk mitigation in the venture ecosystem. Its expansion into tech buyouts reflects the increasing trend of venture-backed companies seeking alternative exit paths beyond traditional IPOs. The acquisition by Goldman Sachs underscores the growing importance of venture capital and secondary investments in the broader private markets, as institutional investors seek to diversify their portfolios and access high-growth opportunities. Industry Ventures’ deep network and operational expertise position it to influence and shape the future of venture capital, driving innovation and supporting the next generation of technology leaders.
The acquisition by Goldman Sachs is a transformative event for Industry Ventures, providing the firm with additional resources and strategic support to further expand its reach and impact. As the venture capital landscape continues to evolve, Industry Ventures is well-positioned to capitalize on emerging trends, such as the growth of secondary markets, the rise of tech buyouts, and the increasing globalization of venture capital. The firm’s ability to adapt and innovate will be crucial in maintaining its leadership position and driving continued success. Industry Ventures’ journey from a secondary specialist to a full-stack venture capital platform exemplifies the dynamic nature of the venture ecosystem and highlights the importance of flexibility, collaboration, and long-term vision in achieving lasting impact.
Key people at Industry Ventures.
Industry Ventures has more than 26 tracked investments across 24 companies. The latest tracked deal is $6.0M Series A in Hubbl Technologies in February 2026.
