Charles Schwab has announced plans to acquire Forge Global Holdings in a $660 million deal, a move that signals the brokerage giant’s intent to broaden its reach into private markets for both retail investors and RIAs.
The transaction, which is expected to close in the first half of 2026, will see Schwab purchase all outstanding shares of Forge Global for $45 per share in cash – a premium of roughly 72% over Forge’s last closing price.
Forge Global operates a trading platform where investors have bought and sold over $17 billion in private company shares, offering qualified investors a range of direct and indirect opportunities to participate in private markets. The company is also preparing to launch interval funds designed to lower barriers to private market exposure.
Schwab’s acquisition comes as more companies are choosing to remain private for longer periods, and as investor demand for access to high-growth startups continues to rise. According to Schwab, private wealth capital allocated to alternative asset classes is projected to grow from $4 trillion today to $13 trillion by 2032.
The announcement was also made just a week after Morgan Stanley agreed to acquire EquityZen, a competing private shares platform, underscoring the growing interest among major financial institutions in expanding access to private markets.
“This combination will transform how the private market works,” Kelly Rodriques, chief executive of Forge, said in a statement Thursday morning.
Rodriques added that with Schwab’s reach and Forge’s solutions, private companies will have more options for liquidity and growth, while investors will gain new ways to participate in the innovation economy.
Schwab, which manages approximately $11.6 trillion in client assets and serves more than 46 million accounts, has been expanding its alternative investments platform. The firm recently launched Schwab Alternative Investments Select, aimed at eligible retail clients with more than $5 million in household assets. The addition of Forge is expected to enhance Schwab’s ability to offer direct access to private securities, complementing its suite of wealth and advisory solutions.
Rick Wurster, Schwab’s chief executive, said the acquisition builds on the company’s longstanding focus on innovation for individual investors, advisors, and employers. Wurster noted that Schwab is “uniquely positioned to deepen liquidity, improve transparency, and further democratize access to this increasingly important source of wealth creation for investors.”
The deal is the first major acquisition under Wurster’s leadership, who took over as CEO earlier this year to replace longtime chief executive Walt Bettinger. It also follows a broader trend among financial institutions seeking to provide clients with more opportunities to invest in private companies, as the number of public companies in the US has declined in recent decades.
Forge’s two largest shareholders, Motive Capital and Deutsche Börse, have agreed to support the transaction. The deal remains subject to customary closing conditions, including regulatory and shareholder approvals.
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