Charles Schwab to acquire Forge Global (NYSE: FRGE) in $660m push into private securities

Why is Charles Schwab acquiring Forge Global and what strategic shift does it represent in the private markets landscape?

The Charles Schwab Corporation has announced a definitive agreement to acquire Forge Global Holdings, Inc., in a transaction valued at approximately USD 660 million. The all-cash deal represents a significant strategic expansion by Charles Schwab into the private securities ecosystem, aiming to democratize access to an asset class that has long been dominated by institutional investors and ultra-high-net-worth individuals.

Forge Global, which trades on the New York Stock Exchange under the ticker symbol FRGE, operates a private market trading platform that has facilitated more than USD 17 billion in secondary transactions of private company shares. The San Francisco-based financial technology firm enables qualified investors to buy and sell private securities through a digital marketplace that integrates direct and indirect participation models, proprietary valuation data, and emerging fund structures such as interval funds.

The acquisition signals Charles Schwab’s intention to deepen its capabilities in the alternative investment space and deliver direct access to private market opportunities through a seamless, integrated platform. According to Rick Wurster, President and Chief Executive Officer of Charles Schwab, this move continues the firm’s legacy of innovating on behalf of individual investors. He stated that through Forge Global’s marketplace, Schwab intends to expand liquidity, enhance transparency, and provide new pathways for retail and advisor clients to participate in private equity.

How does the Forge Global platform align with Charles Schwab’s retail investment ecosystem and alternative strategies?

The acquisition allows Charles Schwab to pair its scale—encompassing over 46 million brokerage accounts and USD 11.6 trillion in client assets—with Forge Global’s specialized infrastructure for secondary private market transactions. The integration is expected to empower qualified retail investors with greater access to alternative asset classes and further evolve Schwab’s recently launched wealth platforms, such as Schwab Alternative Investment Select.

Forge Global’s offerings include a digital trading system for private company shares, private company equity administration services, and proprietary data products that track valuations and trading trends across thousands of private issuers. The firm is also preparing to launch a suite of interval funds designed to reduce minimum investment thresholds and fees, offering semi-liquid exposure to late-stage venture-backed firms and growth equity.

This product strategy complements Schwab’s expanding private markets suite, particularly its Private Issuer Equity Services business, which was introduced to provide equity plan management and pre-IPO preparation support for late-stage private companies. When combined, Schwab and Forge Global will offer private companies a unified capital access and equity management solution, while providing investors with broader entry points into pre-IPO companies and emerging innovators.

Kelly Rodriques, Chief Executive Officer of Forge Global, stated that the merger would transform how the private market functions by marrying Schwab’s distribution power with Forge Global’s marketplace technology. Rodriques emphasized that private companies stand to benefit from increased liquidity and financing flexibility, while investors gain more accessible routes to participate in the innovation economy.

What is driving institutional and retail interest in private markets and what role could Schwab play in this shift?

The appetite for private market investing has expanded considerably in the past decade as more companies remain private for longer, delaying or even bypassing traditional initial public offerings. This trend has created a concentration of wealth creation in the private domain, where only a select group of investors have historically had access.

Estimates suggest that global capital allocated to alternative investments could grow from USD 4 trillion today to more than USD 13 trillion by 2032. This trajectory is being fueled by a confluence of factors, including the declining number of public listings, the rapid expansion of venture capital, and institutional portfolio rebalancing toward less correlated, higher-yielding assets.

Charles Schwab’s entry into this space via the acquisition of Forge Global is aligned with this broader capital markets evolution. Schwab’s vast retail client base and advisor distribution network position it as a potential leader in enabling scalable retail access to private securities. Analysts believe this combination may help address structural barriers such as high minimums, limited liquidity windows, and lack of transparency that have traditionally restricted retail participation in alternatives.

Institutional sentiment around the transaction has been generally positive, with observers noting that Schwab’s operational discipline and regulatory footprint could bring long-needed structure and credibility to the fragmented secondary private securities market. Forge Global’s infrastructure has already been used by institutional clients, private equity firms, and family offices to manage cap tables and execute trades in private companies such as Stripe, SpaceX, and Klarna.

What are the terms of the deal and how will Forge Global be integrated within Schwab’s business model?

Under the agreement, Charles Schwab will acquire all issued and outstanding shares of Forge Global at a price of USD 45 per share, translating to an overall valuation of approximately USD 660 million. The deal has been unanimously approved by the boards of directors of both Charles Schwab and Forge Global, and it is expected to close in the first half of 2026, pending customary closing conditions, regulatory clearances, and shareholder approvals.

Forge Global’s two largest shareholders Motive Capital and Deutsche Börse have signed agreements supporting the transaction, adding momentum to the regulatory and shareholder approval process.

While post-acquisition brand structure and leadership continuity have not yet been publicly detailed, the deal is expected to result in Forge Global being integrated into Schwab’s broader investment services division. The merger could give rise to a comprehensive platform that combines equity plan administration, secondary market trading, issuer services, and retail access within a single ecosystem, redefining how investors and private companies interact in the digital capital markets era.

Earlier in November 2025, Charles Schwab launched Schwab Private Issuer Equity Services, designed to bring equity management capabilities typically used by public companies into the private sphere. By combining this platform with Forge Global’s trading and analytics tools, Schwab aims to deliver end-to-end solutions that streamline fundraising, liquidity events, and employee equity programs for private firms.

How are investors reacting and what implications does the deal have for Schwab and Forge Global shareholders?

Forge Global shares (NYSE: FRGE) have experienced significant volatility over the past year, reflecting broader challenges in the venture-backed liquidity environment and declining transaction volumes in private secondary markets. However, institutional investors have continued to back Forge Global as a long-term infrastructure player, particularly as private companies seek alternatives to traditional exits amid a cooler IPO landscape.

The all-cash offer of USD 45 per share represents a meaningful premium over Forge Global’s recent trading range, providing a liquidity event for existing shareholders and a signal of confidence in the long-term value of its marketplace technology.

For Charles Schwab, the acquisition is expected to enhance its product mix, improve client stickiness among high-net-worth individuals, and drive new revenue streams from alternative investment services. While the near-term impact on Schwab’s earnings may be modest, analysts suggest the move strengthens its strategic positioning as wealth management trends evolve toward diversification and holistic financial planning.

In a market environment where many financial institutions are struggling to differentiate, Charles Schwab’s commitment to private markets is being interpreted as a future-facing strategy that aligns with both investor preferences and issuer needs. By becoming a central hub for private securities trading, Schwab could set a precedent for how major brokerages evolve in an increasingly fragmented and digitally mediated capital market.

What could the future hold for retail participation in private markets after this merger?

If the integration between Charles Schwab and Forge Global proceeds smoothly, the combined platform could mark a turning point in the accessibility and standardization of private equity investing for retail participants. Unlike some competing platforms that remain limited to institutional flows, Schwab’s infrastructure offers a high-trust gateway for a broader range of qualified clients to enter the space.

The success of the merger will depend on several variables, including regulatory clarity, product education, liquidity management, and alignment with private company issuers. Nonetheless, with the demand for alternative assets rising and investors increasingly seeking exposure beyond traditional equities and bonds, the opportunity appears ripe for a player with Charles Schwab’s scale and Forge Global’s technological depth.

By targeting both the issuer and investor sides of the market, the combined business could evolve into a dominant force in modern private market infrastructure. The convergence of cap table management, secondary liquidity, and fund packaging, if executed well, could make Schwab a go-to platform for navigating private markets in the coming decade.

What are the key takeaways from Charles Schwab’s $660 million acquisition of Forge Global?

• Charles Schwab Corporation has agreed to acquire Forge Global Holdings, Inc. (NYSE: FRGE) in an all-cash transaction valued at approximately USD 660 million.
• Forge Global operates a digital private market platform that has facilitated over USD 17 billion in secondary transactions of private company shares.
• The acquisition aims to democratize access to private markets for qualified retail and advisor clients by integrating Forge’s infrastructure with Schwab’s wealth ecosystem.
• Schwab will pay USD 45 per share to acquire all issued and outstanding Forge Global stock, with the deal expected to close in the first half of 2026.
• Forge’s major shareholders, Motive Capital and Deutsche Börse, have committed to supporting the transaction.
• The deal builds on Schwab’s recent private market expansion, including the launch of Schwab Alternative Investment Select and Private Issuer Equity Services.
• Analysts believe the merger enhances Schwab’s long-term strategy to retain high-net-worth investors and offer differentiated exposure to alternative assets.
• The acquisition positions Schwab to lead in a growing USD 13 trillion alternative investment market expected to expand over the next decade.
• Post-integration, Schwab could become a central platform for private equity access, trading, and issuer liquidity in the retail wealth segment.