Goldman Sachs is acquiring Innovator Capital Management, a provider of defined-outcome exchange-traded funds (ETFs), in a deal worth roughly $2 billion.
The acquisition is structured as a cash-and-stock transaction and is expected to close in the second quarter of 2026, pending regulatory approvals. The move significantly expands Goldman Sachs Asset Management’s footprint in the active ETF market, adding $28 billion in assets under supervision (AUS) and 159 ETFs to its platform. Innovator Capital Management, headquartered in Wheaton, Ill., is best known for its suite of defined-outcome ETFs, which offer investors structured exposure to equity markets with built-in buffers against losses. As of September 30, 2025, Innovator managed approximately $28 billion in assets.
Goldman Sachs Global Banking and Markets served as financial advisor to Goldman, with legal counsel from Wachtell, Lipton, Rosen & Katz and Willkie Farr & Gallagher. Oppenheimer & Co. advised Innovator, supported by legal counsel from Vedder Price.