Goldman Sachs Readies Venture Secondaries Fund Led by Industry Ventures Team

A warehouse deal would give the fund a seeded portfolio at launch, while quarterly liquidity would be capped at 2.5% of net asset value.

October 9, 2026

Goldman Sachs Asset Management is preparing to bring the venture capital platform it absorbed this year to individual investors. G-X Venture Capital & Growth, a newly registered closed-end fund, will buy venture and growth exposure through secondaries, continuation vehicles and co-investments. The strategy will be run by the Industry Ventures Team inside Goldman Sachs' External Investing Group, known as XIG.

The fund published its preliminary prospectus on October 8, 2026. Its stated objective is broad-based exposure to venture capital and growth investments, with long-term capital appreciation as the goal. The shares will not trade on an exchange. They will be offered continuously in three classes, Class I, Class S and Class D, and none of them carries a front-end sales load. Goldman Sachs & Co. LLC will serve as distributor.

Access is limited. The fund will sell only to investors who meet the qualified client definition under Rule 205-3 of the Investment Advisers Act, the rule that governs performance-based fees, and the prospectus says this requirement will not be waived. The minimum initial investment is $25,000, and additional purchases start at $10,000. The distributor may lower or waive either minimum.

Several commercial terms are still blank. These include the management fee rate, the effective rate after a promised first-year waiver, the incentive fee percentage, the hurdle rate and the expense cap. The minimum the fund must raise before its first close and the names of its portfolio managers are also missing.

The Industry Ventures Team

The manager is the center of the story. The prospectus describes the Industry Ventures Team as a dedicated venture and growth unit within XIG, led by seven senior investment professionals. Many of them worked together for years before joining Goldman Sachs in 2026. The senior group is supported by 19 investment professionals dedicated to Industry Ventures and more than 70 analysts and associates who work across XIG strategies.

The team keeps a proprietary dataset that spans 25 years of history. It tracks operating and financial metrics for more than 25,000 companies and over 800 venture capital and technology-focused funds. The fund points to this data as the basis for its sourcing, underwriting and pricing. The prospectus also describes Industry Ventures as having more than 25 years of continuous venture investing behind it.

XIG supplies the institutional scale. As of April 30, 2026, the group invested or advised on more than $560 billion across alternatives, public equity and fixed income strategies. It has raised over $190 billion of committed capital in private markets since it began investing there in 1996.

Strategy and Portfolio Construction

The fund will put its managed assets to work through three channels:

• Secondaries. The fund will buy LP-led fund interests, direct secondary stakes in venture-backed companies and GP-led continuation vehicles. The prospectus presents this mix as a way to gain diversified, more mature exposure and to soften the J-curve.
• Co-investments. The focus will be mid-stage technology companies, including oversubscribed rounds and deals reached through general partners' pro rata rights. The fund keeps room for earlier and later-stage opportunities.
• Primary commitments. The fund may commit to third-party funds on an opportunistic basis.

Under normal conditions, at least 80% of managed assets will go to venture capital and growth investments. The fund has also adopted a fundamental policy that concentrates at least 25% of managed assets in the information technology sector, and that policy cannot change without a shareholder vote. The portfolio will center on North America, with limited exposure to Latin America, Asia and other regions.

A liquid sleeve will fund repurchases, meet capital calls from underlying funds and hold cash until it is deployed. That sleeve can include Treasuries, money market funds, broadly syndicated loans and collateralized loan obligations. The fund generally does not expect it to exceed 20% of net assets for extended periods, though the share may run higher while capital is being raised. Borrowing is allowed up to the 1940 Act limit of one-third of total assets.

A Seeded Start

The fund plans to launch with assets already in hand. It intends to enter a purchase agreement with an unaffiliated forward seller, which will acquire venture assets from third parties before launch. The fund would then buy those warehouse investments once two conditions are met: it reaches its minimum offering requirement, and its board approves the specific purchases.

The purchase price will be the lower of two amounts. One is the forward seller's cost net of distributions, plus financing and administrative charges. The other is fair market value at the time of transfer. If fair value comes in below the amount owed, an affiliate of the adviser will pay the shortfall. The same affiliate has also agreed to make an equity contribution if the conditions are not satisfied by a long stop date, so that the fund can still acquire all of the warehoused assets. The prospectus says the arrangement is meant to let the fund deploy capital quickly after its first close.

Liquidity and Fees

Liquidity will be limited. The adviser intends to recommend quarterly tender offers of up to 2.5% of net asset value, beginning after the second full quarter of operations. The board keeps full discretion over whether any offer is made. Net asset value will be calculated monthly, and the fund will accept subscriptions monthly after its initial close.

Investors will bear a second layer of costs on top of the fund's own fees. The prospectus notes that managers of underlying private funds generally charge annual management fees of 1.50% to 2.50% and performance allocations of 10% to 25% of net profits. Those costs pass through to fund shareholders.

An SEC exemptive order allows the fund to make negotiated co-investments alongside Goldman Sachs and other accounts the adviser manages. The adviser has also received separate relief that lets the fund pay its management and incentive fees in fund shares instead of cash. The fund will post a notice on its website whenever the adviser chooses that option.

For advisors, the vehicle offers a route into the venture secondaries and co-investment program Goldman Sachs now owns, with monthly subscriptions and a seeded starting portfolio. What that access costs will depend on the fee terms the fund has not yet disclosed.