Charles Schwab on Thursday announced its acquisition of Forge Global Holdings, valued at approximately $660 million.
Forge, a San Francisco-based private asset firm, operates a private market platform and trading marketplace. Through its services, investors have traded over $17 billion in private company shares. The company noted that it will be incorporating “forthcoming interval funds” in the future to broaden access to private markets.
Schwab says the acquisition builds on its recent launch of Schwab Alternative Investments Select, an alternative investments platform available to eligible retail clients with more than $5 million in household assets at Schwab.
It also follows up from the firm’s launch of Schwab Private Issuer Equity Services, an equity management solution aimed at supporting private companies in the late stages prior to IPO.
“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,” said Rick Wurster, president and chief executive officer of Charles Schwab.
The acquisition is said to integrate private stock plan administration and liquidity access in a single ecosystem.
“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,” added Kelly Rodriques, CEO of Forge. “Together, we’re making the private markets work better for everyone.”
Schwab’s acquisition of Forge is yet another example of the industry’s growing push to expand private market access in retirement plans, as President Donald Trump’s Aug. executive order directs federal agency heads to review prior guidance. Research from Bain & Co. found that private wealth capital allocated to alternative asset classes is expected to grow from $4 trillion today to $13 trillion by 2032.
Under the terms of the agreement, Schwab will acquire all of Forge’s issued and outstanding common shares for $45 cash per Common Share. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, including approval by Forge’s stockholders and regulatory approvals.