Goldman Buys Industry Ventures for as Much as $965 Million (2)

Goldman Sachs Group Inc. agreed to buy venture capital investor Industry Ventures in a deal that expands the Wall Street bank’s reach into the world of American entrepreneurs.

Goldman will pay as much as $965 million — starting with $665 million in cash and equity when the transaction is completed, plus up to $300 million, also in cash and equity, based on Industry Ventures’ performance through 2030, according to a statement Monday.

The San Francisco-based investment firm, founded in 2000, has $7 billion of assets under supervision, largely through secondary, co-investment and seed money it provides to external venture capital ...