Schwab to buy Forge Global for $660M, broadening access

Charles Schwab has agreed to buy private-market trading venue Forge Global in a deal valued at about $660 million, marking a major push by the broker into secondary private markets. The transaction combines Schwab’s retail footprint with Forge’s marketplace and data capabilities to broaden individual investor access to private securities.

The firms said the deal is expected to close in the first half of 2026, subject to customary conditions, shareholder approval and regulatory sign-off. Forge’s two largest backers, Motive Capital and Deutsche Börse, have signalled support for the transaction. Under the agreement, Schwab will pay cash for all outstanding common shares at a fixed per-share price.

Forge runs a leading platform for private-company share transactions, having facilitated more than $17 billion in trades between qualified investors and private issuers. Schwab brings scale — including roughly 46 million accounts and about $11.6 trillion of client assets — that management says will create a distribution engine for private securities previously available primarily to institutional and accredited buyers.

Company executives framed the move as both strategic and timely. Schwab’s leadership argues the combination will increase liquidity options for founders, employees and early backers while creating an on-ramp for eligible retail and advisor clients seeking private-market exposure. Forge’s CEO, Kelly Rodriques, said the tie-up will expand pathways for private companies and for a broader set of investors to participate in late-stage opportunities.

From an industry perspective, the deal underlines a broader trend: private markets are growing as companies delay IPOs and investors hunt alternative sources of returns. Private wealth capital allocated to alternatives is projected to expand meaningfully over the coming decade, and major custodians and brokers are increasingly building infrastructure to serve that demand. For Schwab, the acquisition complements its recent launches around alternative investment services and private-issuer equity support.

Advisory roles on the transaction included J.P. Morgan Securities for Schwab and Financial Technology Partners for Forge’s special committee; several leading law firms advised both sides.