Goldman Sachs to Acquire Innovator in US$2 Billion Deal

• Goldman Sachs buys Innovator Capital for US$2B to expand defined-outcome ETFs.

• Acquisition adds Innovator’s US$28B platform and engineering capabilities to Goldman’s ETF business.

By Emirsyah Kevin Mecca, Attala Sabian Andhika, Maria Ella Risandra Puruhita, Nashwah Putri Az-Zahra

December 5, 2025 at 16:30 GMT+7

Goldman Sachs announced plans to acquire Innovator Capital Management in a US$2 billion cash-and-stock deal, marking a major expansion of its exchange-traded fund capabilities.

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The deal gives Goldman a direct entry into the defined outcome ETF market, a segment that has grown rapidly as investors seek more structured and risk-managed exposures.

By integrating Innovator’s product lineup and expertise, Goldman aims to scale its Asset Management division by adding differentiated and solutions-oriented investment offerings. 

Goldman Sachs headquarters | Bloomberg via Getty Images

Goldman said the acquisition strengthens its position in a competitive ETF landscape and accelerates the firm’s effort to deepen its presence in innovative strategies. “This transaction is a pivotal milestone for our business,” said Bruce Bond, CEO of Innovator.

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Innovator Capital Management supervised US$28 billion in assets distributed across 159 defined outcome ETFs, offering one of the largest portfolios of defined outcome ETFs. Innovator Capital Management provides a wide variety of products with the capability to shape results focused on income, targeted buffer, and growth strategies. 

“Active ETFs are dynamic, transformative, and have been one of the fastest-growing segments in today’s public investment landscape,” said David Solomon, Chairman and CEO of Goldman Sachs. Through the acquisition, Goldman Sachs will obtain a fully developed, defined-outcome ETF platform, including Innovator’s engineering capabilities, proprietary methodology, and established distribution channels. 

Innovator logo | source: innovatoretfs.com

This provides Goldman with immediate scale and technical expertise in a specialized ETF niche that has been expanding rapidly as investors seek more flexible, risk-managed portfolio solutions.

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Following the transaction, Innovator’s leadership team is bringing over 60 employees into Goldman Sachs Asset Management, ensuring continuity in product development and the transfer of specialized expertise in defined-outcome structures. 

Their integration provides Goldman with established operational infrastructure, product engineering capabilities, and the talent needed to accelerate innovation across its ETF lineup.  This integration is part of Goldman's overall effort to help meet growing investor demand for flexible tools that can help manage volatility, provide downside protection, or target defined return ranges.

As market conditions continue to push the interest toward customizable, risk-controlled products, Innovator’s infrastructure and product design expertise will enhance Goldman’s ability to develop new offerings, expand distribution channels, and strengthen its position in the ETF ecosystem.

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Sources:

REUTERS