Goldman Sachs announced on December 1, 2025, its plans to acquire Innovator Capital Management in a cash-and-stock transaction valued at approximately $2 billion. The deal is expected to close in the second quarter of 2026, subject to regulatory approvals and standard closing conditions.
Innovator Capital oversees $28 billion in assets under supervision across 159 exchange-traded funds (ETFs) that employ defined outcome strategies, using derivatives and options to provide investors with downside protection and targeted returns. This acquisition strengthens Goldman Sachs Asset Management's position in the active ETF market, which has grown to $1.6 trillion in assets since 2020, with a compound annual growth rate of 47% according to Morningstar data.
Goldman Sachs CEO David Solomon emphasized, "Active ETFs are dynamic and have been one of the fastest-growing segments in today’s public investment landscape." He added that Innovator's expertise will support Goldman's mission to offer modern investment tools across portfolios.
Innovator's leadership team, including Co-Founder and CEO Bruce Bond, will join Goldman Sachs, along with approximately 60 employees. Post-acquisition, the combined entity will manage over 215 ETF strategies worldwide, representing more than $75 billion in assets, positioning it among the top ten active ETF providers globally.
The transaction structure includes performance-based targets, with Goldman Sachs advised by its internal division and legal firms, while Innovator received guidance from Oppenheimer & Co. and Vedder Price. This move aligns with Goldman Sachs' strategy to expand durable revenue streams in asset management, tapping into the defined outcome ETF market, which has grown at a 66% CAGR since 2020.
