Schwab to Acquire Forge Global for $660M, Accelerating Push into Private Markets
Charles Schwab has agreed to acquire private-shares platform Forge Global Holdings, Inc. for approximately $660 million in cash. Under the agreement, Schwab will purchase all of Forge’s issued and outstanding common shares for $45 per share. The deal provides Schwab with direct capabilities in secondary private share trading.
Forge offers qualified investors a suite of direct and indirect investment opportunities in private companies through a trading marketplace, private-company solutions, and proprietary data analytics. The company is also preparing to launch interval funds aimed at expanding access to private market exposure with lower minimums and reduced costs — a shift aligned with Schwab’s goal of democratizing private markets for individual investors.
“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,” said Rick Wurster, President and CEO of Charles Schwab. “Schwab’s entry into this space also gives private-share issuers more choice and liquidity for founders, employees, and early backers.”
The acquisition builds on Schwab’s recent moves to expand its alternatives capabilities. The firm recently launched Schwab Alternative Investments Select, accessible to eligible retail clients with more than $5 million in household assets, and earlier this month introduced Schwab Private Issuer Equity Services to support late-stage private companies ahead of IPO.
“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,” said Kelly Rodriques, CEO of Forge.
Forge’s two largest shareholders, Motive Capital and Deutsche Börse, have agreed to support the deal, which is expected to close in the first half of 2026, subject to regulatory approvals and customary conditions.
J.P. Morgan Securities LLC served as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to Schwab. Financial Technology Partners advised a Special Committee of Forge’s Board of Directors, with legal counsel provided by Morris, Nichols, Arsht & Tunnell LLP. Sullivan & Cromwell LLP served as legal advisor to Forge.
