StrictlyVC Download How Hans Swildens pulled off a blockbuster Goldman Sachs sale, and what it means for venture liquidity
Oct 22, 2025
Hans Swildens, founder of Industry Ventures and a trailblazer in venture secondaries, shares insights on selling to Goldman Sachs amidst his firm's 25th anniversary. He discusses the evolution of their two-decade partnership and the strategic timing behind the sale. Swildens highlights how secondaries have become the new IPO for startups and examines the state of emerging fund managers. He also explores future liquidity solutions and the challenges of adapting private equity products for venture capital, offering a fascinating glimpse into the industry’s changing landscape.
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Two-Decade Partnership That Evolved Slowly
- Hans traced Goldman's relationship with Industry Ventures across 20 years, from LP to wealth platform partner to minority investor in 2019.
- He described gradual deepening of trust and collaboration that culminated in the full XIG deal.
Be Proactive About Future Market Needs
- Hans said Industry Ventures continuously reevaluated strategy to stay ahead of market segmentation and liquidity trends over 25 years.
- He argued joining Goldman would let them lead future change with broader product and scale capabilities.
Plug Into Bigger Platforms To Scale
- Leverage partner capabilities: use Goldman's fundraising, deal sourcing, and structuring to tackle larger, more complex deals.
- Keep priority on your strategy while plugging into a larger group's distribution and execution muscle.