On December 1, 2025, The Goldman Sachs Group, Inc. (NYSE: GS) announced that it had entered into an agreement to acquire Innovator Capital Management (Innovator), a pioneer of defined outcome ETFs. The transaction consideration is expected to be approximately $2 billion. Innovator manages $28 billion across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies.

This strategic transaction marks an important milestone for Innovator. The deal will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap, enhancing the firm’s offerings in one of the fastest-growing active ETF categories.

Vedder Price is serving as legal advisor to Innovator. The team is led by Joseph Mannon from the firm’s Investment Services Group with assistance from Adam Lewis, David Soden, Joseph Bueche, Brian Mc Calmon, Matthew Larvick and Daniel Lange and Associates Adam Goldman, Olivia Liska, Devin Eager and Joe Zhou.

Additional details on this acquisition can be found here.