In less than a decade AAF has backed startups with exits totaling $2 billion, it says and is doing so through an unusual VC model. https://t.co/8FpNS4ooHK ...

Venture capitalist Shayle Kann joins Akshat Rathi on Bloomberg Green's Zero podcast to discuss the future of climate tech https://t.co/hRPf3VKfYo ...

Core Viewpoint - Goldman Sachs announced an agreement to acquire Industry Ventures to enhance its role in private markets, focusing on high-growth tech investments and liquidity solutions amid a post-IPO slowdown [1][7] Acquisition Details - The acquisition values Industry Ventures at an initial $665 million in cash and equity, with an additional $300 million in contingent payments based on performance through 2030, expected to close in Q1 2026 [2] - All 45 employees of Industry Ventures will be integrated into Goldman Sachs [2] Company Background - Industry Ventures, founded in 2000, manages $7 billion in assets, focusing on secondary investments, co-investments, and seed capital [3] - The firm has executed over 1,000 deals, partnering with over 325 venture funds and holding stakes in approximately 10,000 companies, representing about 20% of the U.S. VC ecosystem [4] Financial Performance - Industry Ventures' portfolio includes notable companies like Airbnb, Alibaba, and Uber, delivering a 2.2x return on capital and an 18% internal rate of return since inception [4] Strategic Implications for Goldman Sachs - The acquisition strengthens Goldman's External Investing Group, which manages over $450 billion, enhancing its capabilities in co-investments and secondary transactions [5] - Goldman has been a limited partner in Industry Ventures' funds for two decades, indicating a long-standing relationship that the acquisition builds upon [5][6] Market Context - The acquisition comes at a time when VC funds are facing prolonged IPO droughts, leading to increased reliance on secondary transactions for liquidity [7][8] - Analysts view the deal as timely, potentially accelerating Goldman's revenue streams in private markets [8]

Alternative Investments Overview - Alternatives encompass assets beyond publicly traded stocks or bonds, including private equity, private credit, hedge funds, venture capital, real estate, gold, crypto, and collectibles [2] - The total investments in all alternatives are expected to reach $29 trillion in 5 years, doubling the 2022 amount [5] Investment Trends - Wealthy investors have been increasing their exposure to alternatives for decades [3] - A typical US family office allocates approximately 50% of its investments to alternatives, with about 25% in private equity and 20% in real estate [3] - Family offices have recently increased their holdings in public stocks, primarily due to AI [4] - Capital flowing into private equity has increased tenfold since the financial crisis [5] Performance and Outlook - Alternatives are believed to generate higher returns and lower volatility, but with lower liquidity [4] - Median returns for private equity have lagged public markets in both the short and long term [4] - Returns for private equity may improve as IPOs and exits return [5]

Core Insights - Goldman Sachs Group, Inc. (GS) has agreed to acquire Industry Ventures, a prominent venture capital platform, to enhance its presence in the innovation economy and solidify its position in the global alternatives market [1][4] Deal Details - Goldman will acquire 100% of Industry Ventures for a total consideration of $965 million, which includes $665 million in cash and equity at closing, plus up to $300 million in contingent consideration based on performance through 2030 [2][8] - The acquisition has been approved by both companies' boards and is expected to close in Q1 2026, pending regulatory approval [2] Strategic Rationale - The acquisition aims to strengthen Goldman's position in private markets and expand access to high-growth technology companies for clients globally, aligning with its long-term strategy to enhance its $540 billion alternatives business [4][6] - Industry Ventures will integrate into GS's External Investing Group, which manages over $450 billion, enhancing Goldman's offerings in co-investments, GP stakes, and tech-driven private market solutions [5][6] Employee Integration - Upon completion of the acquisition, all 45 employees of Industry Ventures will join Goldman, with key leaders becoming partners within Goldman Sachs Asset Management [3] Market Positioning - David Solomon, chairman and CEO of Goldman Sachs, highlighted that Industry Ventures' expertise in venture secondary investing and early-stage hybrid funds complements Goldman's existing franchises and expands client access to rapidly growing sectors [7] Previous Initiatives - Goldman has been actively strengthening its private markets platform through strategic partnerships and initiatives, including a $1 billion collaboration with T. Rowe Price Group, Inc. to develop retirement and wealth products [8][10] - The firm plans to grow its private credit portfolio to $300 billion by 2029, supported by international expansion [10][11] Performance Metrics - Over the past year, GS shares have increased by 50.5%, outperforming the industry's 35.2% rise [12]

~62% of all tokenized assets are on @ethereum.Data includes tokenized currencies, commodities, treasuries, private credit, private equity, and venture capital. https://t.co/3lUQT86MbC ...

Group 1 - The ARK Venture Fund allows everyday investors to invest in fast-growing venture capital-backed private companies with a minimum investment of $500, making it accessible to a broader audience [3][6]. - The fund has net assets of $325.3 million and charges total annual fees of 2.9%, which is higher than non-managed index-based funds but justified by its strong performance [7][4]. - As of September 30, the fund's holdings consist of 66 companies, with 81.9% being private companies and 18.1% publicly traded companies [8]. Group 2 - The ARK Venture Fund has outperformed the market, with an overall fund performance of 44% year-to-date and 117% since its inception on September 23, 2022, compared to the S&P 500 Index's performance of 12.5% and 85.6% respectively [10]. - The fund's top holdings include notable companies such as SpaceX (9.42%), Figure AI (7.43%), Neuralink (5.43%), and OpenAI (5.29%), which collectively account for 50% of the portfolio [10]. - The fund's performance could further improve if investments in AI remain popular among venture capital investors, as it has a significant focus on AI companies [6].

RT Dan Gray (@credistick)Repeated studies have shown that VCs overindex on shallow founder attributes, leading to predictably bad investments — and missed good investments.The reason this happens is simple: VCs convinced themselves that 'fundraising' is a desirable trait in founders.So, a product of incentives and recursive thinking, the industry converged on an "ideal founder" archetype that can (therefore) most easily raise capital.Of course this nonsense is eroding returns, but it makes investing easier ...

When you hear breaking news that once again, perhaps the relationship between U.S. and China is unfolding. What does that mean for you in terms of the velocity at which you need to allocate money to the start ups are willing to strengthen national defense. Well, thank you both for having me here.There are a couple of different things that we think about when when breaking news like like that comes up. I think one of the critical timelines that we've seen the Department of War really highlight is this 2027 t ...

The wonderful thing about venture is it is the most forgiving equity business of getting the price wrong. PE, if you get the price wrong, they're low variance assets. If you overpay by 50%, you're toast cuz they're 3x assets and they're not going to ever be 7x.Same thing in the public markets, right. The great thing about venture, it has maximum variance, which means that it is the most forgiving of getting the price wrong cuz you have exponential growth on your. ...