How Hans Swildens pulled off a blockbuster Goldman Sachs sale and what it means for venture liquidity

In the latest episode of StrictlyVC Download, Hans Swildens, founder of Industry Ventures, shares insights into a significant transaction with Goldman Sachs, coinciding with the firm’s milestone 25th anniversary. Swildens takes listeners on a journey through the two-decade relationship with Goldman, detailing its evolution from a limited partner investor to a wealth management partner and finally, a minority stakeholder in 2019. He elaborates on the strategic decision to fully integrate with Goldman’s external investment group at this pivotal moment. Highlighting the shifting landscape of venture capital, Swildens notes that secondary transactions are now seen as 'the new IPO' for startups seeking liquidity. With a remarkable portfolio that encompasses over 150 seed-stage venture funds, he offers a unique perspective on why the anticipated surge of fund failures has not materialized within their holdings. Additionally, Swildens delves into the future of venture capital liquidity, discussing innovative structures such as continuation funds and NAV loans. He contrasts these with products that have thrived in private equity, pondering why similar success has yet to be replicated in the venture capital space. Don’t miss out on the latest insights—tune into StrictlyVC Download every Tuesday. Subscribe on Apple, Spotify, or your preferred podcast platform to stay updated with new episodes.