Forge Global Holdings, Inc. (NYSE: FRGE), a leading provider of marketplace infrastructure, data services, technology, and investment solutions for the private market, has completed its acquisition of Accuidity Capital Management, a specialized asset management firm focused on private market investing.
This acquisition represents a strategic move for Forge to broaden private market access and strengthen its contribution to the capital ecosystem of high-growth private companies. The transaction aligns with the increasing investor interest in private market strategies, with global alternative assets under management projected to exceed $29 trillion by 2029, driven by demand for enhanced returns, diversification, and access to private growth companies. By integrating Accuidity’s investment strategies and sourcing ecosystem with Forge’s proprietary data, technology, and distribution capabilities, the Company aims to develop a scalable portfolio of private market products designed to address this growing demand from institutional and individual investors.
Kelly Rodriques, CEO of Forge, stated, “Accuidity accelerates our strategic vision by enabling the launch of innovative financial products and strategies that broaden investor access to the private markets, while delivering primary and secondary capital solutions for private companies. Leveraging our data, technology and global network alongside Accuidity’s expertise, we aim to deliver new investment opportunities to our growing global client base, with a strategic focus on the wealth channel.”
Through this acquisition, Forge is expanding its offerings beyond single-asset strategies. The addition of Accuidity’s co-investment vehicles and early-stage venture funds allows Forge to provide a more diverse set of investment solutions via its private market platform. Furthermore, Forge and Accuidity plan to transition Accuidity’s flagship Megacorn Fund, an institutionally managed index fund designed to mirror the performance of the Forge Accuidity Private Market Index, into an interval fund. This transition would make the fund compliant with the Investment Company Act of 1940 and subject to SEC approval, potentially offering broader investor access to private market exposure at lower cost and with reduced investment minimums.
Vince Gubitosi, Co-President of Accuidity, commented, “Forge has been a leader in creating the indexes and pricing innovations on which new financial products are being built. Together, we believe we can integrate our asset management capabilities and unique investment strategy with the Forge platform, delivering investment opportunities through Forge’s network of clients, companies, registered investment advisors and more.” Mark DeNatale, also Co-President of Accuidity, added, “We see enormous potential to scale Accuidity’s strategies across new investor segments and channels. We chose Forge as a partner because of their trusted reputation, scale, and operational integrity. Jointly, we’re unlocking the infrastructure needed to meet growing demand with flexible, transparent private market investment solutions.”
Building on Forge’s custody business with $17.6 billion in Assets Under Custody (AUC) and Forge Global Advisors’ $1.1 billion in Assets Under Management (AUM) as of March 31, 2025, the acquisition of Accuidity, which adds an additional $220 million in AUM (as of June 1, 2025, or March 31, 2025 for quarterly-valued funds), marks a significant advance in Forge’s broader wealth and asset management strategy. With a focus on providing private market exposure through various fund vehicles, Forge is expanding its platform to include financial advisors, registered investment advisors, and other distribution partners, aiming to make private markets more accessible and intuitive for advisors and participants.
The acquisition was completed for $10.0 million in cash, subject to customary adjustments, and 1.15 million newly issued shares of Forge common stock in a private placement. A portion of these shares is subject to forfeiture and transfer restrictions. Additionally, the acquisition includes a potential post-closing earn-out consideration of up to 1 million additional shares of Forge common stock upon the achievement of certain performance-related milestones through the end of 2027. Accuidity reported approximately $5.7 million in revenue for the twelve-month period ended May 31, 2025, based on unaudited cash basis financial information. Forge anticipates the acquisition to be accretive to its earnings per share.
