Forge Global: Platform Profile

Forge Global is a private-share marketplace built for investors and shareholders transacting in companies that have not yet gone public.

Its business is fundamentally different from a conventional brokerage. There is no continuous exchange where an investor can immediately buy or sell any listed symbol. Private-company transactions depend on available buyers and sellers, company transfer restrictions, accreditation, transaction structure and issuer approval.

Forge became part of The Charles Schwab Corporation on March 2, 2026, when Schwab completed its acquisition of Forge Global Holdings.

That ownership change is material. Forge is no longer an independent publicly traded company, although older materials may still reference its former FRGE ticker.

May fit better for

• accredited investors seeking pre-IPO companies
• private-company employees or shareholders seeking liquidity
• investors comfortable with six-figure direct transactions
• investors wanting private-market pricing and transaction data
• investors willing to accept long settlement timelines and limited liquidity

May fit less well for

• non-accredited investors
• investors needing daily liquidity
• small investors expecting $1 fractional investing
• investors seeking guaranteed access to a particular private company
• investors uncomfortable with opaque private-company valuations

Ownership

Forge Global Holdings, Inc. became a wholly owned subsidiary of The Charles Schwab Corporation on March 2, 2026.

Broker-dealer

Private securities transactions are handled through Forge Securities LLC (CRD 134596), an SEC-registered broker-dealer and a member of FINRA and SIPC.

Forge Global Holdings itself is not the broker-dealer.

SIPC membership does not insure the value of private-company stock.

Investor eligibility

Forge's individual investor marketplace is built around accredited investors.

Current qualifying paths include applicable SEC accredited-investor standards such as:

• qualifying income
• qualifying net worth
• eligible Series 7, Series 65 or Series 82 professional status

An account can be created before an investment is completed, but accreditation must be verified before accessing qualifying private investment transactions.

Three different ways to get private-company exposure

Forge should not be described as offering one uniform transaction type.

Direct secondary transaction

The investor buys private-company shares directly in a negotiated secondary transaction.

Potential advantages:

• direct ownership
• direct company exposure
• negotiated price
• investor may appear on the issuer's cap table

Tradeoffs:

• high minimum
• company approval can be required
• rights of first refusal can interfere with closing
• transaction completion can take weeks
• seller supply may disappear
• transfer restrictions can remain after purchase

Single-company Forge fund

The investor purchases units in an SPV/fund that owns shares of one private company.

The investor does not directly own the underlying company shares.

Benefits can include:

• lower minimum
• consolidated cap-table ownership
• simplified administration

Tradeoffs include:

• fund-level structure
• additional fees
• indirect ownership
• fund transfer restrictions

Multi-company/private fund structures

Forge can also provide diversified or multi-company private-market fund exposure where currently available.

These products should be described from their own offering documents rather than assuming the economics of a direct Forge trade.

Minimums

The current standard direct-secondary minimum is $100,000. That is the normal reference point, not an absolute rule for every transaction. Certain deals may differ.

Current single-company Forge fund offerings can accept indications of interest starting around $5,000. Those lower-minimum opportunities are limited and offering-specific.

Fees

Direct transactions

Current Forge guidance states direct-secondary fees are typically 2%–4%.

Some transactions can be lower, including 0% in particular circumstances.

Forge generally charges when the transaction successfully closes.

The exact percentage depends on factors including:

• transaction size
• market conditions
• investment structure
• client relationship
• lifetime transaction activity

Forge fund offerings

Current guidance indicates single-company Forge fund transaction fees are commonly around 1%–2%, but can be higher.

Offering documents control.

Fee math

For a $100,000 direct private-share purchase:

At 2%: $100,000 × 2% = $2,000

At 4%: $100,000 × 4% = $4,000

That means the investor can begin $2,000–$4,000 behind the gross transaction price before considering any subsequent investment loss, taxes or other costs.

For a $5,000 Forge fund investment:

At 1%: $5,000 × 1% = $50

At 2%: $5,000 × 2% = $100

These are illustrations of the disclosed fee ranges, not universal fees.

Private shares are not exchange-listed stocks

A bid displayed on Forge is not the same as a quoted public-market bid.

A private transaction can fail because:

• the seller withdraws
• company approval is denied
• a right of first refusal is exercised
• transfer documents fail
• buyer or seller eligibility changes
• terms cannot be agreed
• issuer restrictions prevent settlement

Forge pricing data can improve transparency, but a displayed valuation or Forge Price does not guarantee execution at that price.

Transaction timing

Private-company transactions can take materially longer than public trades.

Forge has stated that matched transactions often take weeks to complete.

The investor should assume:

• no instant settlement
• company review may be necessary
• legal documents matter
• issuer transfer restrictions can delay or prevent closing

Selling private shares

Forge also serves private-company shareholders seeking liquidity.

That includes:

• employees
• founders
• early investors
• fund holders
• other eligible shareholders

A shareholder can indicate shares for sale and negotiate with qualified buyers.

There is no guarantee Forge will locate a buyer.

Liquidity after purchase

Private securities should generally be considered illiquid.

An investor may have to wait for:

• another secondary buyer
• company tender
• acquisition
• IPO
• other liquidity event

An IPO is not guaranteed.

Even if a company eventually goes public, lockups or other restrictions can delay sale.

Forge Data

Forge also operates a private-market data business.

Current tools can include:

• historical transactions
• funding-round data
• indicative bids and asks
• private-company valuation information
• Forge Price
• market activity
• private-market research

This data can help investors evaluate private securities.

It does not eliminate valuation uncertainty.

Private-company financial disclosure is generally less standardized than public-company reporting.

Investor protection

Forge Securities is a FINRA/SIPC broker-dealer.

SIPC does not:

• insure private-company value
• guarantee a buyer
• guarantee an IPO
• compensate investors because a startup fails
• protect against ordinary investment loss

Private placements can result in total loss.

Assessment

Forge is strongest when an accredited investor specifically wants access to private-company shares and can tolerate the mechanics of a private transaction.

The $100,000 standard direct minimum makes Forge's direct marketplace fundamentally different from a consumer brokerage.

Single-company Forge funds broaden access by allowing some opportunities to start around $5,000, but those investors own fund units rather than direct company shares.

The 2026 Schwab acquisition strengthens Forge's institutional context, but it does not make private securities liquid, low risk or equivalent to Schwab's public brokerage products.