There is blood on the streets, and Goldman just bought the mop company.
Its deal to acquire Industry Ventures is an acknowledgment that the crisis is here: late-stage tech and AI portfolios are stuffed with assets that won't clear at book, exits are anemic, and continuation funds have become the market's operating system for triage. Goldman bought flow control over the cleanup.
The acquisition—$665 million at closing plus up to $300 million in earn-outs through 2030 for a $7 billion AUM platform, closing in Q1 2026—represents something more fundamental than a strategic expansion. It's the institutional validation of venture capital's transformation from an equity appreciation game to a duration management business. When the bulge bracket buys the secondary specialist, it's about to monetize the restructuring.