The Charles Schwab Corporation announced it has entered into a definitive agreement to acquire Forge Global Holdings in a transaction valued at approximately $660 million. Forge operates a major private market trading platform through which investors have bought and sold more than $17 billion in private company shares since inception. The acquisition is intended to expand access to private market investing and support Schwab’s strategy to serve a broader range of investor needs.
Forge provides qualified investors with direct and indirect opportunities to participate in private markets. Its marketplace technology, company solutions, and proprietary data are designed to increase access and transparency. Forge is also planning to introduce interval funds intended to lower costs and minimums, potentially broadening access to private market exposure.
The acquisition aligns with growing demand for private market investment opportunities among retail and advisory clients. Schwab has recently introduced offerings designed to support these needs, including Schwab Alternative Investments Select for eligible clients with significant assets and Schwab Private Issuer Equity Services, which supports private companies during later growth stages. The combination of Schwab’s scale and Forge’s marketplace capabilities is designed to create a more integrated ecosystem that links equity management and liquidity solutions.
Private wealth allocations to alternative asset classes are projected to grow from approximately $4 trillion today to $13 trillion by 2032. Schwab believes that access to private securities will become increasingly relevant as more companies remain private for longer periods before considering public offerings. The firms expect the combined platform to serve founders, early employees, institutional stakeholders, and qualified retail investors seeking diversification.
Under the terms of the transaction, Schwab will acquire all issued and outstanding shares of Forge for $45 per common share. The boards of both companies have unanimously approved the agreement. The transaction is expected to close in the first half of 2026, subject to receipt of regulatory approvals and approval from Forge’s stockholders. Forge’s largest stockholders, Motive Capital and Deutsche Börse, have agreed to support the deal.
Support: Advisors to the transaction include J.P. Morgan Securities and Wachtell, Lipton, Rosen & Katz for Schwab, and Financial Technology Partners and Morris, Nichols, Arsht & Tunnell LLP for a special committee of Forge’s board. Sullivan & Cromwell represented Forge.
KEY QUOTES:
“This combination will transform how the private market works. With Schwab’s reach and Forge’s solutions, private companies will gain access to liquidity and new growth options from an expanded market of qualified retail investors, while investors will gain new ways to invest in the innovation economy. Together, we’re making the private markets work better for everyone.”
Kelly Rodriques, Chief Executive Officer, Forge Global
“Our acquisition of Forge builds on more than half a century of Schwab innovating on behalf of individual investors, advisors and employers. Through Forge’s leading marketplace, we’re uniquely positioned to deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation for investors. Schwab’s entry into this space also gives private-share issuers more choice and liquidity for founders, employees, and early backers.”
“Access to Schwab’s 46 million client accounts and $11.6 trillion in client assets creates a strong distribution platform for private securities. With the pool of private companies growing and remaining private for longer, a leading platform for individual investors to participate in private markets offers durable, strategic value. We expect meaningful growth in this space and believe our platform will become a go-to venue where retail investors discover new investment opportunities.”
Rick Wurster, President and Chief Executive Officer, Charles Schwab
