Goldman Sachs is acquiring Innovator Capital Management for approximately $2 billion to expand its active ETF portfolio and capitalize on the growing demand for defined outcome investment strategies.

Information on the Target

Goldman Sachs has announced its intention to acquire Innovator Capital Management, a distinguished player in the defined outcome ETF market. Innovator currently manages approximately $28 billion in assets under supervision (AUS) across 159 defined outcome ETFs as of September 30, 2025. This acquisition not only enhances Goldman Sachs Asset Management's ETF offerings but also greatly enriches its capacity to provide custom portfolio solutions and innovation in the active ETF sector.

Innovator is recognized for its substantial contributions to the ETF industry, particularly through its extensive range of defined outcome strategies which include income generation, targeted buffers, and growth planning. The company’s pioneering approach sets it apart in a rapidly evolving market, and this acquisition is expected to bolster both firms' capabilities, offering clients advanced investment solutions tailored to their specific needs.

Industry Overview in the Target’s Specific Country

The global active ETF market is currently witnessing robust growth, with assets under management reaching $1.6 trillion. This segment has demonstrated a remarkable compound annual growth rate (CAGR) of 47% since 2020, indica