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Industry Ventures

venture capital & secondary, secondaries, secondary, venture capital, venture capital & private equity principals

San Francisco, United StatesEst. 200068industryventures.com
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Location
San Francisco, United States
Founded
2000
Team size
68
Focus
Devtools
Revenue
$21M
Raised
$4.3B
People
1 listed

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About Industry Ventures

๐ŸŽฏ What They Do

Industry Ventures is a pioneering venture capital and growth firm, established in 2000 by Hans Swildens, that has cultivated new segments of the venture capital market.

  • โ—The firm is recognised for its innovative, full-stack approach, providing flexible capital solutions across the entire venture lifecycle, from seed and early-stage investments to late-stage secondaries and venture capital-backed companies transitioning to buyout.
  • โ—This comprehensive strategy allows them to be a versatile partner for fund managers and entrepreneurs.

๐Ÿ“– Their Story

At its core, Industry Ventures aims to support innovative technology companies and their investors with reliability, efficiency, and patience.

  • โ—They differentiate themselves through a flexible capital approach that unlocks unique investment opportunities, effectively lowering overall risk while maintaining strong upside potential.
  • โ—The firmโ€™s methodology is underpinned by significant information advantages, an extensive network, a collaborative ethos, and considerable capital, positioning them as a valuable partner to both General Partners (GPs) and management teams.

โšก What Sets Them Apart

Over two decades, Industry Ventures has evolved from a secondary investment pioneer to a leading provider of these diverse capital solutions.

  • โ—They have a strong track record, managing over $8 billion in committed capital on behalf of their Limited Partners (LPs).
  • โ—Key achievements include making over 1,000 primary and secondary investments and generating an attractive net Internal Rate of Return (IRR) of 18% and a net realised Multiple on Invested Capital (MOIC) of 2.2x since inception.

๐Ÿ† Track Record

The firm's leadership team, including founder Hans Swildens, Senior Managing Directors Justin Burden and Roland Reynolds, and Managing Director Lindsay Sharma, collectively drives its strategic direction and operational oversight.

  • โ—Notably, Industry Ventures was acquired by The Goldman Sachs Group, Inc. in January 2026, and now operates within Goldman Sachs' External Investing Group (XIG).
  • โ—This acquisition strengthens Goldman Sachs' private markets presence and expands Industry Ventures' global resources.

๐Ÿ‘ฅ The Team

Industry Ventures serves a broad range of stakeholders, including entrepreneurs, venture capitalists, and limited partners, by structuring bespoke capital solutions. Their commitment to fostering diversity, equity, and inclusion within their own organisation and the wider venture community underscores their belief that human capital is their most valuable asset.

Industry Ventures at a glance

๐Ÿ“…
Stage
Industry Ventures has a broad stage focus, investing from pre-seed and early-stage through to late-stage secondaries and venture-backed companies transitioning to buyout. This includes primary commitments to small and emerging seed- and early-stage venture capital funds (typically under US$250 million), direct investments in mid-stage and growth-stage companies (often Series B), and acquiring late-stage venture capital assets.
๐ŸŽฏ
Focus
$1.5M - $75.0M
โšก
Decision process
Their decision-making process is data-driven, leveraging deep relationships with fund managers, an extensive proprietary database, and a vast network to source and diligence proprietary investment opportunities. They aim for information-enabled speed to quickly catalyse or join investment rounds and are known for their extensive diligence and diversification to mitigate risk, particularly in seed and early-stage markets.
๐Ÿฆ
Fund structure
Industry Ventures employs a 'full-stack' approach, encompassing secondary funds, hybrid fund-of-funds, direct investment funds, and tech buyout funds. They offer flexible capital solutions across the venture lifecycle, from primary commitments to emerging seed- and early-stage funds, to late-stage secondary limited partnership interests and direct investments in growth companies.
๐Ÿ”ฌ
Sector focus
The firm primarily focuses on technology, including software and tech-enabled services. Specific sectors of interest and past investments include enterprise applications, enterprise infrastructure, high tech, FinTech, consumer, and artificial intelligence (AI).
๐Ÿ’ฐ
AUM
US$8+ billion
๐Ÿงญ

Investment thesis

Industry Ventures' thesis is to provide flexible capital solutions across the entire venture capital lifecycle, supporting innovative technology companies and their investors. They seek to unlock unique opportunities and deliver differentiated access to investments that lower overall risk while maintaining upside potential, driven by their deep network and data-driven insights across various stages and market segments.

๐Ÿ‘ฅ

Key partners

H
Hans Swildens
CEO and Founder (now Partner and Head of Industry Ventures at Goldman Sachs)

Focuses on identifying differentiated investment approaches, particularly in the secondary market and supporting early-stage venture partnerships.

J
Justin Burden
Senior Managing Director (now Partner at Goldman Sachs Asset Management)

Concentrates on originating, valuing, and managing secondary investment opportunities in later-stage, venture-backed companies and venture capital funds. Has sourced and led over seventy-five secondary transactions.

R
Roland Reynolds
Senior Managing Director (now Partner at Goldman Sachs Asset Management)

Focuses on originating, valuing, and managing primary fund commitments, early secondary limited partnership investments, and direct company investments for the Industry Ventures Direct and Partnership Holdings team. He identified the opportunity in emerging managers (sub US$250M funds).

L
Lindsay Sharma
Managing Director

Concentrates on originating, valuing, and managing direct and secondary investments, and strategic primary fund commitments for the Industry Ventures Tech Buyout team. She is actively involved in enabling successful exit scenarios for older venture-funded technology companies.

๐Ÿข

Portfolio companies

๐Ÿ’ป
Sojern
A leading travel marketing platform that delivers marketing solutions for the travel industry.
๐Ÿ”’
Netskope
A cloud security company providing security for cloud services, websites, and private apps.
๐Ÿš€
Cardless
A financial technology company offering custom co-branded credit cards.
๐Ÿ’ป
Recall.ai
A platform offering API access to bots that join and record meetings from various conferencing tools.

People at Industry Ventures (1)

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