The Charles Schwab Corporation (Schwab) announced a definitive agreement to acquire Forge Global Holdings, Inc. (Forge), a leading private market platform and trading marketplace, for approximately $660 million. This acquisition marks a strategic expansion into private market capabilities for Schwab’s clients.

Forge operates a prominent private market platform and a trading marketplace where investors have facilitated over $17 billion in private company share transactions through September 30, 2025. The platform offers qualified investors direct and indirect opportunities in private markets, aiming to enhance access and transparency. Forge also plans to introduce interval funds designed to broaden private market exposure with reduced costs and minimums.

Rick Wurster, president and chief executive officer of Charles Schwab, stated, “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.”

This acquisition advances Schwab’s strategy to provide private markets capabilities to retail and advisor clients, complementing its existing suite of wealth, advisory, and investment management solutions. Industry trends indicate sustained momentum in private markets, with private wealth capital allocated to alternative asset classes projected to grow from $4 trillion today to $13 trillion by 2032.

The addition of direct access to private securities via Forge builds upon Schwab’s recent launch of Schwab Alternative Investments Select, an alternative investments platform supported by a dedicated expert team. This platform is available to eligible retail clients with over $5 million in household assets at Schwab. Additionally, Schwab introduced Schwab Private Issuer Equity Services earlier this month, a complete equity management solution for late-stage private companies prior to an IPO.

Together, Schwab and Forge aim to integrate private stock plan administration and liquidity access into a single ecosystem. Kelly Rodriques, CEO of Forge, commented, “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.”

Wurster further emphasized the strategic value, stating, “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.”

Under the terms of the agreement, Schwab will acquire all of Forge’s issued and outstanding common shares for $45 cash per Common Share. Both Schwab’s and Forge’s Boards of Directors have unanimously approved the transaction. The acquisition is expected to close in the first half of 2026, subject to customary closing conditions, including approval by Forge’s stockholders and regulatory clearances. Forge’s two largest stockholders, Motive Capital and Deutsche Börse, have committed to supporting the transaction.

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P. Morgan Securities, LLC served as financial advisor and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Schwab. Financial Technology Partners served as financial advisor and Morris, Nichols, Arsht & Tunnell LLP acted as legal advisor to a Special Committee of Forge’s Board of Directors. Sullivan & Cromwell LLP acted as legal advisor to Forge. A conference call to discuss the transaction was scheduled for November 6, 2025, at 8:30 a.m., Eastern Standard Time.