AGM Alts Weekly | 10.19.25: Venturing into secondaries
AGM Alts Weekly #125: Making private markets more public, every week.
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Good morning from Washington DC. I’ve just returned from the last leg of my trip in Europe.
A big acquisition in asset management land occurred this week that provides a window into a number of overlapping and interconnected trends at the intersection of private markets and private wealth.
Goldman Sachs acquired $7B AUS (assets under supervision) Industry Ventures for up to $965M (including an earnout).
Industry Ventures, founded in 2000, has long been a leader in the venture capital ecosystem as a partner to VC and growth funds via its fund-of-funds program, co-investments, and secondaries / structured liquidity solutions for both GPs and LPs.
According to a press release about the acquisition by Goldman Sachs, Industry Ventures “has made more than 1,000 secondary and primary investments since the company’s founding in 2000. Industry Ventures calculates its realized performance across its platform as an attractive net IRR of 18% and net realized MOIC of 2.2x since its inception.”
Over the years, the firm has managed to partner with both established and emerging managers in the venture capital ecosystem and provide access to the asset class to both institutional and wealth channel investors.
Goldman’s purchase of Industry Ventures is far from the first notable secondaries fund acquisition in a segment of the private markets that is undergoing understandable consolidation.
Many of the industry’s major platforms have either built out their own secondaries capabilities internally, as Blackstone, Apollo, Partners Group, Goldman Sachs, TPG, and Hamilton Lane, amongst others have done, or have dipped into the acquisition market to tuck in specialized secondaries managers, as Franklin Templeton did with Lexington Partners, Ares with Landmark, Carlyle with AlpInvest, CVC with Glendower, StepStone with Greenspring, and, more recently, Sagard’s combination with Unigestion. There are also a handful independently owned secondaries firms, including Ardian, the largest secondaries manager by AUM, HarbourVest, Pantheon, LGT, Coller Capital, ICG, Adams Street, amongst others.
In a presentation outlining the rationale for its acquisition of Lexington Partners in 2021, Franklin Templeton illustrated structural trends in private equity that would drive continued expansion of the private equity secondary market.
Franklin Templeton noted — in 2021 — that 10-12% of LP commitments in each vintage of PE funds eventually transact in the secondary market, suggesting that, along with meaningful growth in PE fundraising and fund sizes, average secondary transaction volume of $100B+ for the next five years would be a possibility.
This phenomenon has played out in private equity. It’s also played out in venture — and perhaps in an even more protracted manner.
Going long
Private companies have stayed private for longer, resulting in extended exit timelines. This trend has meant that much, if not all, of the value creation has only been available to those who could invest in private markets.
The below chart from a 2022 Industry Ventures whitepaper illustrates the stark difference between the timeline to IPO for tech companies in the 1980s, 1990s, and early 2000s relative to tech companies in the 2010s and 2020s.
In the same whitepaper, Industry noted that companies are delaying IPOs in order to continue to grow in private markets. Companies are waiting to grow 3-6x larger than their predecessors before going to public markets. In 2021, the average company that went public was 12 years old and generated $200M in annual revenue, compared to only 6 years old and $30M in revenue in 1989. With an even higher bar today for a company to enter public markets, that $200M annual revenue figure likely needs to be even higher.
This phenomenon has resulted in a backlog of companies that still reside in private markets.
It’s also resulted in a backlog of capital tied up in these private companies, in some cases held by what Industry Ventures describes as “non-traditional” investors.
These “non-traditional” investors ventured into venture in the run-up to the bull market of 2021. It’s very likely that many of these investors are looking for liquidity today or in the coming years as they seek to retreat to their core strategies or redeploy capital rather than wait for liquidity on what could be more extended exit timelines following a general decline in valuations post-2021.
Global venture AUM has topped $3.4T, according to data from Hamilton Lane.
Yet, the estimated penetration rate of venture secondaries is less than 0.5% of that AUM.
So perhaps it shouldn’t come as a surprise that venture secondaries volume has grown meaningfully, with Jefferies estimating that VC secondaries represented 22% of the total LP-led secondary market volume in H1 2025.
Further, the biggest companies in private markets are tapping into secondary markets to either continue financing their growth or solve for employee liquidity.
In December 2024, 12-year-old company Databricks raised a $10B Series J (!) led by Thrive Capital at a $62B valuation to unlock liquidity for employees. This $10B non-dilutive tender is perhaps the largest VC secondary of all-time, topping OpenAI’s $6.6B tender offers at $157B in November 2024 and, more recently, another $6.6B tender offer at $500B valuation in October 2025.
Other large private companies have tapped into secondary markets to complete similar financings. In 2023, Stripe turned to Goldman Sachs and JP Morgan, amongst other funds such as General Catalyst, Founders Fund, Andreessen Horowitz, and Thrive Capital, to provide liquidity to current and former employees and solve employee withholding tax obligations related to equity awards.
So, who better positioned to capitalize on the trends of private companies staying private longer and bringing more private company access to the wealth channel than a large platform like Goldman Sachs?
Secondaries coming in first?
A few quotes from Goldman Sachs CEO David Solomon in the firm’s Q3 earnings call stand out as it relates to the strategy behind the firm’s purchase of Industry Ventures.
Solomon addressed how the firm could continue its position as “the leading ultra-high net worth, high-touch wealth platform and to have it married with our extraordinary manufacturing capability and product offering in our asset management business.”
He went on to say that Industry Ventures provides the firm with capabilities that can help its wealth management business differentiate in private markets: “It’s giving our very, very wealthy clients access to other investment opportunities and products that are hard to access in different channels.”
Goldman’s distribution machine appears to be firing on all cylinders. Solomon noted that the firm raised “a record $33 billion [in alternatives] in the quarter … and “as a result, we now expect to raise approximately $100 billion in alternatives this year, substantially exceeding our prior full year fundraising expectations.”
So Industry Ventures comes into the fold at a time when investors — and the wealth channel in particular — appear to have a strong appetite for private companies, particularly in AI and technology.
There are a number of interesting takeaways about Goldman’s acquisition of Industry Ventures — and what it means for both Goldman and the industry at large:
➡️ Secondaries are a hot category right now given the current structural imbalances in private markets. Venture secondaries are hard to do, and it’s something that Industry has done for a long time. There are also synergies with Goldman’s broader franchise given that private companies are staying private longer, so liquidity solutions and secondaries will continue to be a big theme.
A whitepaper by StepStone highlights the importance of having access to the right companies in private markets. Having access to the right outlier companies in private markets often means access to the right funds. And very few investors are able to invest in these access-constrained managers.
Data from PitchBook as of May 2025 hammers this point home: The top 100 exits had a collective market cap of $1.7T at the time of their respective exits. And, over the past 10 years, data suggests that the top 100 exits drove 45% of the realized returns in venture.
➡️ Access to top-tier managers in venture capital is also hard, so Fund-of-Funds are a good way for many investors, particularly those in the wealth channel, to access venture in a diversified way ... both across blue-chip brands in venture and emerging, smaller, and access constrained VC funds.
Venture funds, particularly in the emerging manager quadrant of the ecosystem, are even harder to unearth, select, and access.
Industry Ventures has a history of partnering with some of the industry’s top emerging managers and brands of tomorrow, including Altos Ventures, Amplify Partners, Foundation Capital, Kaszek, Lowercase Capital (where they invested in Chris Sacca’s first fund, which returning at least 216x — and possibly closer to 250x — on an $8M fund (according to an article from Fortune, was likely one of the best-ever performing funds in VC), Pear VC, and more.
Exposure to both established and emerging VCs through Industry Ventures — in addition to Goldman’s already large footprint with external managers via its $450B AUM External Investing Group — should marry well with Solomon’s hope of “giving our very, very wealthy clients access to other investment opportunities and products that are hard to access in different channels.”
The firm’s “extraordinary manufacturing capability and product offering in our asset management business” should also jive well with an increased focus on providing private markets offerings to the wealth channel.
As I wrote in the 9.21.25 AGM Alts Weekly, private markets has entered the phase of “curation at scale.” As the wealth channel continues to evolve — and as increasing consolidation occurs at the UHNW segment of private wealth, wealth management platforms will move to more curated offerings for clients as a way to differentiate. The acquisition of $27B Evoke Advisors by MAI to create a $60B independent RIA is one recent example of how wealth management firms are looking to augment private markets investing capabilities to
➡️ Co-investments are another area where many LPs in the wealth channel are looking for increased exposure, particularly with some of the biggest companies in AI residing in private markets. Industry’s platform provides access to co-invests, SPVs, and structured solutions via its manager relationships.
➡️ Does this acquisition mean Goldman Sachs is seeing increased demand from the wealth channel — both from their own wealth clients and 3rd party wealth clients — in venture and growth?
Perhaps this acquisition, coupled with Solomon’s comments above about “giving our very, very wealthy clients access to other investment opportunities and products that are hard to access in different channels” is foreshadowing that Goldman is looking to deliver differentiated investment opportunities in venture and growth investing to its clients.
Could this signal the launch of evergreen funds focused on venture, growth, and late-stage private companies?
It certainly seems that Industry Ventures’ access and origination capabilities within the venture ecosystem could offer a high-quality pipeline for which to create an evergreen fund structure for clients that enables the wealth channel to access venture and growth.
In April 2025, Goldman Sachs Alternatives launched G-PE fund as part of its G-Series, an “evergreen private equity strategy providing access across flagship Goldman Sachs private equity franchises, including private equity deals from a range of flagship strategies including buyout, growth, secondaries and co-investment.”
Perhaps G-PE will now provide exposure for investors to Industry’s funds and products. Perhaps Goldman will design a venture specific evergreen fund for both existing wealth clients and third-party wealth relationships.
Further, secondaries and co-investments can be a constructive way to wedge into expanding relationships and wallet share with LPs.
A datapoint from Ardian’s website jumps out: An average Ardian client now holds 3.4 products.
Ardian is far from the only firm to build breadth and depth with its LP relationships. But their success in deepening relationships with LPs does highlight that perhaps a platform that offers secondaries, co-investments, continuation vehicles (CVs) across various strategies can serve as a way to grow relationships with LPs.
➡️ This acquisition also shows clear synergies from having a GP Stakes business. Goldman Sachs’ Petershill Group, the firm’s GP Stakes unit, owned a minority equity stake in Industry Ventures in 2019. This is not the first time that there have been synergies between a GP Stakes business and the acquiring firm ... Blue Owl was a minority equity owner in Atalaya Capital Management before acquiring them last year to continue to expand its private credit platform, particularly in ABF.
Goldman Partner and Global Co-Head of Petershill’s Rob Hamilton Kelly discussed the trend of the growing importance of the wealth channel for alternative asset managers on his Alt Goes Mainstream podcast earlier this year. Interestingly, he also noted that venture and growth “have the most structural change to go through” … in large part because private companies are staying private longer, which means that “some of the largest venture managers are now raising $5-10B funds to meet the financing demands of private companies staying private longer.”
➡️ Which asset managers will look to acquire secondaries capabilities?
As mentioned above, a number of asset managers have acquired secondaries capabilities. Other firms have built secondaries capabilities in-house.
There are still a number of independently owned secondaries firms — and new firms launching to capture some of the opportunity in the growing secondaries market, particularly in the CV segment of the market with the likes of Pinegrove (backed by Brookfield and Sequoia Heritage), former Ardian Co-Founder Vincent Gombault launching Clipway with minority backing from General Atlantic, Blackstone’s Mustafa Siddiqui launching SQ Capital, Commonfund’s Cari Lodge starting Aqualis Partners, and David Rubenstein’s family office, Declaration Partners, spinning out Hobe Mountain Capital to focus on GP-led CVs.
Cliffwater’s Head of Portfolio Solutions Phil Huber shared a useful market map in 2024 in a whitepaper on the secondary market and in his blog post on the secondary space.
Could a firm on this map come into the crosshairs of a large alternative or traditional asset manager that is looking to expand its capabilities in private markets in an area where private wealth is also interested in allocating?
Perhaps Goldman’s acquisition of Industry Ventures is a sign of further consolidation to come for firms that are looking to venture into secondaries.
AGM Index
AGM has created an Index to track the leading publicly traded alternative asset managers.
Some of the industry’s largest alternative asset managers are publicly traded — and their net inflows can serve as a window into how private markets are being perceived by investors and allocators who are allocating capital into alternative investments.
Note: AUM figures are based on fee-paying AUM where applicable.
AGM News of the Week
Articles we are reading
📝 Brookfield to Acquire Remaining Oaktree Stake for $3 Billion | Dinesh Nair and Charlie Wells, Bloomberg
💡Bloomberg’s Dinesh Nair and Charlie Wells report that Brookfield is acquiring the remainder of the stake in Oaktree that was held after Brookfield took a majority stake in the firm six years ago. Brookfield Asset Management and parent company Brookfield Corporation will acquire the outstanding 26% stake in Oaktree for around $3B. The transaction implies a valuation of $11.5B for Oaktree. Brookfield CEO Bruce Flatt said in a statement that the acquisition of Oaktree will “allow [them] to broaden [their] credit franchise, enhance collaboration across [their] businesses and strengthen [their] ability to continue delivering long-term value for [their] investors.” Oaktree Co-Founder Howard Marks will remain on Brookfield Corporation’s board, while Co-Founder Bruce Karsh will join Brookfield Asset Management’s board. As part of the agreement, Oaktree Co-Chief Executive Officers Robert O’Leary and Armen Panossian will become Co-CEOs of Brookfield’s credit business.
💸 AGM’s 2/20: Brookfield’s acquisition of the remaining stake in Oaktree continues to expand the firm’s footprint in both credit and in the US.
➡️ Distribution is a feature of scaled platforms like Brookfield — and Oaktree has clearly been a beneficiary of combining forces with Brookfield, which has Brookfield Oaktree Wealth Solutions, a dedicated team and platform focused on working with the wealth channel. Oaktree has seen AUM grow by 75% since Brookfield bought a majority stake in the firm six years ago.
➡️ It certainly hasn’t hurt either Brookfield or Oaktree that private credit has been an asset class on the rise over the past six years. Oaktree has long been considered one of the leaders in private credit — and a firm that has been thoughtful and methodical about underwriting.
➡️ Brookfield’s footprint in real estate and infrastructure, in particular, matches well with Oaktree’s credit business, especially given that both infrastructure credit and real estate credit are large market opportunities.
Who is hiring?
In order for alts to continue to go mainstream, we need the best talent to go into the space. Here are some openings at private markets firms. If you’d like to connect with any of these teams, let me know, and I’m happy to facilitate an introduction if appropriate. If you’re a company or fund in private markets, feel free to reach out to share a job description you’d like to be listed here to highlight for the Alt Goes Mainstream community.
🔍 Blackstone (Alternative asset manager) - Private Wealth Solutions - Content Marketing, Vice President - Tokyo. Click here to learn more.
🔍 KKR (Alternative asset manager) - Head of AI Product Management. Click here to learn more.
🔍 Apollo Global Management (Alternative asset manager) - Director - Client & Product Solutions. Click here to learn more.
🔍 Ares (Alternative asset manager) - Vice President, Product Management & Client Services, Wealth Management Solutions, APAC. Click here to learn more.
🔍 Blue Owl (Alternative asset manager) - Market Leader, Private Wealth, Senior Associate. Click here to learn more.
🔍 Franklin Templeton (Asset manager) - Portfolio Manager, Private Markets. Click here to learn more.
🔍 iCapital (Private markets infrastructure investment platform) - Product Manager, Model Portfolios - Vice President. Click here to learn more.
🔍 Goldman Sachs Alternatives (Alternative asset manager) - Asset and Wealth Management, Client Solutions Group, Retail Alternatives Specialist, New York - Vice President. Click here to learn more.
🔍 Partners Group (Alternative asset manager) - Investment Leader, Private Equity, Services vertical. Click here to learn more.
🔍 Ultimus Fund Solutions (Fund administrator) - SVP, Business Development. Click here to learn more.
🔍 Allocate (Private markets infrastructure investment platform) - Managing Director / Senior Director, Investments & Research. Click here to learn more.
🔍 SageSpring Wealth Partners (Wealth manager) - Team Financial Advisor. Click here to learn more.
🔍 MSCI (Data services) - Vice President, Program Management - Private Assets. Click here to learn more.
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Fill out this form using the link below to explore partnership opportunities.
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Special thanks to Ryan McCormack, Nick Owens, and Michael Rutter for their contributions to the AGM Index section of the newsletter.
This article comes at a perfect time. Your insights really hit home about manual processess. I'm reflecting on how these complex ownership structures scale – could you expand on the data architecture challenges?