Goldman Sachs to buy VC firm for $965 million

What they're saying: "We do a little bit in secondaries, but much less than them in that and also in the [fund] seeding business," says Marc Nachmann, Goldman's global head of asset and wealth management.

Catch up quick: Goldman six years ago acquired around a 20% minority stake in Industry Ventures via its GP stakes platform, Petershill Partners. It also is an LP in some Industry Ventures funds.

By the numbers: Goldman is paying $665 million upfront, inclusive of the Petershill position, plus up to $300 million in earnouts.

• San Francisco-based Industry Ventures manages more than $7 billion in assets, and has made over 1,000 investments since inception.