The Goldman Sachs Group, Inc.
Acquisitions
7
Major Deals Covered
$6.0B
Disclosed Deal Value
Goldman Sachs's largest disclosed acquisition here is GreenSky for $2.2B in 2022. This page covers 7 major deals from 2003 to 2026, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| United Capital Financial Partners | 2019 | $750.0M | Goldman acquired United Capital to expand wealth management beyond ultra-high-net-worth clients and add a network of financial advisers serving a broader affluent customer base. The deal supported the firm's effort to build more recurring fee revenue and compete more directly with wealth-heavy rivals. |
| The Ayco Company | 2003 | Undisclosed | Goldman acquired Ayco to strengthen financial counseling and wealth planning services for corporate executives and high-net-worth clients. The deal gave Goldman a workplace and executive-planning channel that complemented private wealth management. |
| Imprint Capital Advisors | 2015 | Undisclosed | Goldman acquired Imprint Capital to strengthen ESG and impact-investing capabilities within asset management. The deal responded to institutional demand for portfolios that considered environmental, social, and governance outcomes alongside financial returns. |
| NN Investment Partners | 2022 | Undisclosed | Goldman acquired NN Investment Partners for about $1.81 billion (EUR 1.6 billion) to expand asset management scale in Europe and strengthen public markets and sustainable investing capabilities. The deal aligned with the firm's push toward more durable fee revenue. |
| GreenSky | 2022 | $2.2B | Goldman acquired GreenSky to expand point-of-sale consumer lending and embedded finance. The deal was meant to strengthen Platform Solutions and give Goldman access to home-improvement financing through merchant relationships. |
| Industry Ventures | 2026 | $965.0M | Adds a venture capital platform with about $7 billion of assets that invests across primary, secondary, and co-investment strategies, expanding Goldman's alternatives business. |
| Innovator Capital Management | 2026 | $2.0B | Buys the pioneer of defined-outcome ETFs, which managed 171 ETFs with about $31 billion in assets, to expand Goldman's active ETF business. |
2026
$965M
Adds a venture capital platform with about $7 billion of assets that invests across primary, secondary, and co-investment strategies, expanding Goldman's alternatives business.
Deal value of up to $965 million: $665 million upfront plus up to $300 million in performance-based consideration. Announced October 2025, closed January 5, 2026.
Integrated into Goldman Sachs Asset Management's alternatives platform.
2026
$2.0B
Buys the pioneer of defined-outcome ETFs, which managed 171 ETFs with about $31 billion in assets, to expand Goldman's active ETF business.
Announced December 2025 at about $2 billion and closed in April 2026, lifting Goldman's ETF assets to about $90 billion according to Reuters.
Makes Goldman a larger player in the fast-growing active ETF market.
2022
Goldman acquired NN Investment Partners for about $1.81 billion (EUR 1.6 billion) to expand asset management scale in Europe and strengthen public markets and sustainable investing capabilities. The deal aligned with the firm's push toward more durable fee revenue.
NN Investment Partners added hundreds of billions of dollars in assets under supervision and broadened Goldman's European distribution. It also strengthened the firm's asset-management product set at a time when investors were demanding alternatives, income, and specialized strategies.
The acquisition supported Goldman's shift toward recurring management fees and international asset-management scale. Its success depends on retaining assets, integrating teams, and improving margins in a competitive fee-pressure environment.
2022
$2.2B
Goldman acquired GreenSky to expand point-of-sale consumer lending and embedded finance. The deal was meant to strengthen Platform Solutions and give Goldman access to home-improvement financing through merchant relationships.
GreenSky quickly became a symbol of the consumer strategy's weak economics as rates rose, credit risk increased, and strategic focus shifted back to institutional businesses. The integration did not fit neatly with Goldman's core strengths.
Goldman agreed in 2023 to sell GreenSky to a Sixth Street-led investor group, completing the sale in 2024 after taking losses on the business. The episode pushed the firm back toward institutional clients, wealth, private credit, and asset management.
2019
$750M
Goldman acquired United Capital to expand wealth management beyond ultra-high-net-worth clients and add a network of financial advisers serving a broader affluent customer base. The deal supported the firm's effort to build more recurring fee revenue and compete more directly with wealth-heavy rivals.
The acquisition added more than $25 billion in client assets under supervision and gave Goldman a wider advisory footprint in the United States. It also exposed integration challenges because retail-style advisory differs from Goldman's traditional institutional culture.
United Capital helped broaden Goldman's wealth-management platform, but it did not close the scale gap with Morgan Stanley or Merrill Lynch. The acquisition was useful as part of a fee-revenue push, though not transformative on its own.
2015
Goldman acquired Imprint Capital to strengthen ESG and impact-investing capabilities within asset management. The deal responded to institutional demand for portfolios that considered environmental, social, and governance outcomes alongside financial returns.
Imprint added specialist knowledge in impact investing and helped Goldman expand products for foundations, family offices, and institutions interested in sustainable strategies. It also supported the broader asset-management shift toward differentiated advisory capabilities.
The acquisition improved Goldman's credibility in a growing investment niche, though ESG demand has since become more politically and commercially contested. Its strategic value lies in capability building rather than direct revenue scale.
2003
Goldman acquired Ayco to strengthen financial counseling and wealth planning services for corporate executives and high-net-worth clients. The deal gave Goldman a workplace and executive-planning channel that complemented private wealth management.
Ayco expanded Goldman's ability to serve executives with tax, benefits, estate, and financial-planning advice. It helped the firm build relationships with future wealth clients earlier in their careers and through employer relationships.
Ayco became a durable part of Goldman's wealth and workplace advisory offering. Its value was less about headline acquisition size and more about deepening client relationships beyond trading and investment banking.
After unwinding most of its consumer push, Goldman is concentrating on two engines. In Global Banking & Markets it aims to stay first in M&A advisory and lead the biggest equity deals; in Q2 2026 investment banking fees rose 55% to $3.40 billion. In Asset & Wealth Management it is building alternatives, private credit, and ETFs: it closed the Industry Ventures acquisition (up to $965 million) in January 2026 and Innovator Capital Management (about $2 billion) in April 2026. The 2025 shareholder letter says historical principal investments were cut from roughly $64 billion to $6 billion, freeing capital for fee-based growth.
Goldman operates two main segments. Global Banking & Markets earns advisory fees on mergers, equity and debt underwriting fees, and trading and financing revenue from hedge funds, asset managers, and corporates across equities and FICC. Asset & Wealth Management earns management and incentive fees on public and private-markets funds, wealth advisory fees from ultra-high-net-worth clients, and returns on the firm's own (shrinking) principal investments. A smaller Platform Solutions segment holds the remaining consumer card business, which is being transferred to JPMorgan Chase.
Historically significant acquisitions include J. Aron & Company (1981, commodities trading), Spear, Leeds & Kellogg (2000, market making and floor trading), United Capital (2019, registered investment advisor), GreenSky (2021, specialty lending, later divested), and NN Investment Partners (2022, European asset management).
Acquiring commodities trading firm J. Aron & Company in 1981 established Goldman Sachs as a global commodities trading leader, bringing well-known trading leaders into the firm including future CEOs Robert Rubin and Lloyd Blankfein.
Goldman Sachs acquired SLK for $6.5 billion in 2000, securing dominant specialist market making on the NYSE and NASDAQ, automated execution software (REDISystem), and leading prime brokerage clearing infrastructure.
Goldman Sachs acquired Dutch asset manager NN Investment Partners in April 2022 to add $355 billion in European assets under supervision, significantly expanding its European footprint and integrating high-quality ESG investment capabilities.
Goldman Sachs divested GreenSky and its mass-affluent PFM business (formerly United Capital) to eliminate consumer credit drag, free up regulatory capital, and sharpen its focus on ultra-high-net-worth wealth management and alternative assets.
Goldman Sachs Asset Management operates one of the world's leading growth equity platforms, investing billions in high-growth technology, fintech, healthcare, and enterprise software startups (such as Plaid, Gusto, and Databricks).
Goldman Sachs evaluates targets based on specialized alternative investment strategies (private credit, real estate, infrastructure, sustainability), European/Asian distribution reach, locked-up institutional capital, and accretive fee margins.
Acquired in 2000, Ayco was smoothly integrated into Goldman Sachs Wealth Management, becoming the preeminent financial counseling partner for Fortune 500 executive suites and creating a powerful pipeline of ultra-high-net-worth client relationships.
In 2021, driven by David Solomon's massive push into consumer finance, Goldman bought the home-improvement lender GreenSky for $2.2 billion. It was an absolute disaster. The elite investment bank had no idea how to run a blue-collar consumer lending business, and they were forced to sell it just two years later at a massive, highly embarrassing loss.
Compare corporate acquisition records, deal values, and strategic targets
Explore Goldman Sachs
Core profile pages, founders and related research hubs for this company.