The Goldman Sachs Group, Inc. announced it has entered into an agreement to acquire Innovator Capital Management, a pioneer of defined outcome ETFs. Innovator manages $28 billion of AUS across 159 defined outcome ETFs, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies. The transaction will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap, and enhance the firm’s offerings in one of the fastest-growing active ETF categories.
This acquisition is part of Goldman Sachs Asset Management’s strategy to expand its leadership in innovative and growing investment categories and to deliver attractive investment performance and service to its clients. The firm delivers sophisticated strategies to investors as an industry leader in Direct Indexing and separately managed accounts, and through access to alternative investment strategies through its G-Series evergreen funds and active ETFs.
It is expected that Innovator’s more than 60 employees will join the Goldman Sachs Asset Management Third-Party Wealth (“TPW”) and ETF teams. The business will be wholly owned under Goldman Sachs Asset Management and the investment management and service providers will remain the same.
The acquisition strategically expands the firm’s more durable revenue and reinforces its commitment to offering institutional and individual investors comprehensive solutions.
The transaction consideration is expected to be approximately $2.0 billion, payable in a combination of cash and equity, subject to the achievement of certain performance targets. The transaction is expected to close in the second quarter of 2026, subject to regulatory approval and other customary closing conditions.