NEW YORK (Reuters) -Goldman Sachs has agreed to buy Industry Ventures, a leading venture capital firm that manages $7 billion of assets, in a bid to expand its services to technology entrepreneurs, it said on Monday.

Industry Ventures has one of the largest portfolios of venture capital partnerships from the seed stage to late-stage growth stage in the United States.

Goldman Sachs will pay $665 million in cash and equity at closing, plus an additional $300 million based on Industry Ventures’ performance through 2030, it said in a statement.

“Industry Ventures pioneered venture secondary investing and early-stage hybrid funds, areas that are rapidly expanding as companies stay private longer and investors seek new forms of liquidity,” said Goldman’s CEO David Solomon in a statement.

All

See Full Page