✦ Buying Fund Managers: Industry Ventures and InnovatorThin moat

Goldman Sachs (GS) — the future bets

Goldman is buying fund managers again, a safer bet than the consumer lender it bought and agreed to sell within two years.

Goldman has returned to buying businesses, this time in asset management. It completed the acquisition of Industry Ventures in the first quarter of 2026; the 10-K described the price as $665 million plus up to $300 million of contingent consideration1. In the second quarter it completed Innovator Capital Management, "a leading active exchange-traded fund sponsor", paying about $1.50 billion in cash and about $400 million in equity, and recording about $1.07 billion of intangible assets2. The Innovator deal added $31 billion to assets under supervision3.

Innovator acquisition, Q2 2026 ($M)about 1,500Cash paidabout 400Equity issuedabout 1,070Intangibles recordedGoldman Sachs Form 10-Q Q2 2026
Most of the price is intangible.

These are small deals by Goldman's standards, but pointed. Through Industry Ventures the firm said it intends to expand its offering of venture capital solutions4; Innovator brings an active exchange-traded fund range. Both add products Goldman can sell through its wealth and third-party channels.

Management and other fees were a record $3,355 million in the second quarter of 2026, up 20%5. Part of that growth now comes from purchases rather than from organic inflows, which is worth separating.

The history of Goldman's consumer purchases is a caution. GreenSky, bought in 2022, was agreed to be sold in the fourth quarter of 2023 after a $506 million write-down of its intangible assets67. Asset managers are closer to Goldman's core than a consumer lender was.

The Industry Ventures price was payable in cash and equity, with contingent consideration tied to performance targets through 20308. The Innovator deal was agreed in December 20259. Both were small against the $12,360 million Goldman spent on its own shares in 202510.

The 10-Q gives the final terms. Industry Ventures, "a leading venture capital platform", cost cash of about $360 million plus equity11. Innovator cost about $1.50 billion in cash and about $400 million in equity12. For Innovator, about $1.07 billion of the price was recorded as intangible assets13.

Management and other fees should keep growing at double digits. Growth below 10% in 2027, once the acquisitions sit in both periods, would mean the deals had bought assets without adding momentum.

Moat trajectory: Widening

Industry Ventures (Q1 2026) and Innovator (Q2 2026) closed.

The number that tests this moat
Reported
Management and other fees, latest quarter
$3,355M (Q2 2026, a record, +20%)

The fee base the acquisitions feed; growth below 10% once they are in both periods would mean they added assets without momentum.

Source: Goldman Sachs Q2 2026 earnings results ↗
References
  1. ReportedIt completed the acquisition of Industry Ventures in the first quarter of 2026; the 10-K described the price as $665 million plus up to $300 million of contingent consideration.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  2. ReportedIn the second quarter it completed Innovator Capital Management, "a leading active exchange-traded fund sponsor", paying about $1.50 billion in cash and about $400 million in equity, and recording about $1.07 billion of intangible assets.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  3. ReportedThe Innovator deal added $31 billion to assets under supervision.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  4. ReportedThrough Industry Ventures the firm said it intends to expand its offering of venture capital solutions; Innovator brings an active exchange-traded fund range.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  5. ReportedManagement and other fees were a record $3,355 million in the second quarter of 2026, up 20%.
    Goldman Sachs second-quarter 2026 earnings results, Form 8-K exhibit 99.1 - segment and line revenues for the quarter and half, earnings, balance sheet, capital, VaR, assets under supervision and the dividend increase - Asset & Wealth Management revenues and assets under supervision. — Q2 2026 · publ. 14 July 2026 · source ↗
  6. ReportedGreenSky, bought in 2022, was agreed to be sold in the fourth quarter of 2023 after a $506 million write-down of its intangible assets.
    Goldman Sachs Form 10-K for fiscal 2022 - net revenues, net earnings, ROE and ROTE for 2020-2022, segment results on the basis then used, and the GreenSky and NNIP acquisitions. — FY2022 · publ. February 2023 · source ↗
  7. ReportedGreenSky, bought in 2022, was agreed to be sold in the fourth quarter of 2023 after a $506 million write-down of its intangible assets.
    Goldman Sachs Form 10-K for fiscal 2023 - commercial real estate impairments, the GreenSky write-down and consumer goodwill impairment, the efficiency ratio of 74.6% and capital returned of $9.39 billion. — FY2023 · publ. February 2024 · source ↗
  8. ReportedThe Industry Ventures price was payable in cash and equity, with contingent consideration tied to performance targets through 2030.
    Goldman Sachs Form 10-K for fiscal 2025 - Item 1 business, human capital and consumer-business disclosures. — FY2025 · publ. 25 February 2026 · source ↗
  9. ReportedThe Innovator deal was agreed in December 2025.
    Goldman Sachs Form 10-K for fiscal 2025 - consolidated results of operations and financial statements. — FY2025 · publ. 25 February 2026 · source ↗
  10. ReportedBoth were small against the $12,360 million Goldman spent on its own shares in 2025.
    Goldman Sachs Form 10-K for fiscal 2025 - consolidated results of operations and financial statements. — FY2025 · publ. 25 February 2026 · source ↗
  11. ReportedIndustry Ventures, "a leading venture capital platform", cost cash of about $360 million plus equity.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  12. ReportedInnovator cost about $1.50 billion in cash and about $400 million in equity.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
  13. ReportedFor Innovator, about $1.07 billion of the price was recorded as intangible assets.
    Goldman Sachs Form 10-Q for the quarter ended 30 June 2026 - segment pre-tax earnings and ROE, capital ratios and requirements, investment banking backlog, and the Industry Ventures and Innovator acquisitions. — Q2 2026 · publ. 3 August 2026 · source ↗
Sources
Generated September 28, 2026