--- title: "Forge Global Review" url: /platforms/reviews/forge-global kind: platform-review updated: 2026-10-09 description: "Forge Global review from 218 SEC-filed vehicles: 2% to 5% fees, the $5K minimum, Forge Price, accredited investor rules, Schwab ownership." publisher: AltStreet (https://altstreet.investments) license: Public factual pages may be read, quoted and cited with attribution and a link. Bulk redistribution is not permitted. --- # Forge Global Review Forge gives you institutional-grade data, but requires institutional-style engagement to actually transact. It is one of the strongest platforms for private market intelligence, fund access, and custody, but execution remains specialist-driven, fee visibility is incomplete before engagement, and Forge Price is not a tradeable price. AltStreet score: 54.6 (B-), scored August 14, 2026. Method: https://altstreet.investments/platforms | Field | Value | | --- | --- | | Platform | Forge Global | | What it is | Pre-IPO Secondary Marketplace + Data + Funds + Custody | | Asset class | Private Company Equity - Late-Stage Pre-IPO | | Website | forgeglobal.com | | Review first published | April 23, 2026 | | Last updated | October 9, 2026 | | AltStreet relationship | None: no affiliate, sponsorship or partnership | ## The short version Forge is institutional private market infrastructure that retail accredited investors can also access. The data layer is unusually deep for this category, though Forge itself disclaims Forge Price as non-executable. The transaction layer requires specialist engagement. The Schwab acquisition adds scale. - **Not a price** Forge Price does not represent the price at which you could buy or sell. Forge says this explicitly. For thinly traded names it may be calculated from a single indication of interest. - **$660M** Charles Schwab acquired Forge in March 2026, announced 2025-11-06. Forge's AUDITED ANNUAL financials show $268.4M of cumulative net losses across FY2022-FY2024, against $218.5M of revenue and $525.6M of operating expenses. Its UNAUDITED quarterly filings show cash declining from $204.9M (Q2 2022) to $32.3M (Q3 2025). AltStreet states the sequence; the filings do not establish the reason. - **220 vehicles** Form D census re-enumerated from EDGAR on 2026-09-30: 1,355 Form D and D/A filings across the 220 FG-series vehicles. Capital is a HYBRID ESTIMATE of $1,472,442,740, being $1,194,319,425 across the 191 vehicles that existed before the October 2025 reporting change, taken at their last pre-change figure, plus $278,123,315 across the 29 that first filed after it and are not directly comparable. A naive sum of every vehicle's latest figure returns $2,639,922,758. The gap of $1.17 billion is the reporting discontinuity, not growth, which is why the filings cannot be naively summed. Latest filings report 4,291 investor positions. - **2-5%** Direct secondary brokerage fee, plus undisclosed third-party costs you cannot model before speaking to a broker. Forge Fund SPVs at $5K may avoid some separately itemized direct-transfer expenses. - **$5,000** Forge Fund SPV minimum. These vehicles may avoid some separately itemized direct-transfer expenses. Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. The fund-level fee RANGES are published in the adviser's Form ADV: 1-5% set-up, 1-5% management, 10-20% carried interest, 1-2% redemption (single-issuer funds), plus 0-5% affiliated brokerage through Forge Securities on the subscription itself, with no advisory-fee offset. The per-fund rate appears only in the offering documents. Read them before assuming a lower all-in cost. Data note: Form D census re-enumerated 2026-09-30 by reading 1,355 Form D and D/A filings from EDGAR across the 220 FG-series vehicles, reproducing the July 2026 census exactly on its own scope: the 218 vehicles that existed by July 14 return the same $1,468,347,288 hybrid to the dollar, with the same 191 and 27 cohort split, and the two vehicles added since (FG-FOX, FG-BNI) account for the whole difference. The July figure of 904 filings was a miscount; the correct count on that roster is 1,353. Capital is a hybrid estimate of $1,472,442,740 and cannot be stated on a single basis, because Forge changed the reporting basis across its series filings in October 2025 without explanation. Re-enumeration confirms that change is the only one: of the 97 vehicles whose latest filing is April 2026, just 2 show the basis-change shape of dollars and investors both rising tenfold. Financial figures are from Forge's SEC filings as a public reporting company (NYSE: FRGE, CIK 1827821): annual 10-K figures audited, quarterly 10-Q figures unaudited. ## Key figures | Figure | What it is | Context | | --- | --- | --- | | ≠ market price | Forge Price does not represent the price at which you could buy or sell | Forge's own disclaimers: 'may rely on a very limited number of inputs', potentially just one transaction | | 2-5% | Direct secondary brokerage fee range, plus undisclosed third-party costs | Transfer agent fees, legal opinion, and escrow add all-in friction above the stated commission | | $5,000 | Forge Fund SPV minimum, lowest entry point on the platform | Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. | | $100,000 | Direct secondary minimum, highest among major accessible platforms | $50,000 possible in limited cases; institutional bids $1M+ | | ~8% | ROFR exercise rate at 2023 market trough, trending upward through Q2 2024 | Approximately 1 in 12 matched direct trades at the observed Q1 2023 rate, not a current figure. Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. | | 75.6% | FPMI return over the last 12 months as of September 30, 2025 | Equal-weight index; includes companies with -100% returns; excludes fees and taxes | | 6.4% | Median bid-ask spread Q2 2024, historic low | 3-year median 11.4%; Price Discovery Equilibrium benchmark ~12% | ## Verdict Forge in 30 seconds: it is a private market infrastructure platform combining marketplace access, data, funds, and custody. Best for: institutional-style investors who want serious market intelligence and can work through a specialist-led process. Biggest strength: data and platform infrastructure. Biggest weakness: fee opacity and execution friction. You cannot fully model your return before speaking to a broker. **Best for** - Institutional-style investors who want strong private market data and are comfortable working through a specialist-led transaction process - Investors who need integrated private securities IRA custody (Forge Trust Co., not available on Hiive or EquityZen) - Investors who want fund access at a $5,000 minimum, and who have read the specific fund offering documents. Forge Fund vehicles carry fees the adviser's Form ADV discloses as ranges: 1-5% set-up, 1-5% management, 10-20% carry, 1-2% redemption, plus 0-5% affiliated brokerage on the subscription, with the per-fund rate only in the offering documents - Institutional and sophisticated investors who use Forge's data products (Forge Price, FPMI, quarterly Investment Outlook) alongside marketplace access - Investors who want broad private company coverage. Forge reports coverage across thousands of private companies; Hiive advertises a catalog of more than 3,000; EquityZen reports serving more than 450 companies historically. The figures are differently defined and are not a direct inventory comparison. **Look elsewhere if** - You need to fully model your return before speaking to a broker. Forge's 2-5% range still requires a commission agreement and third-party costs are not quantified publicly - You want live bids and asks before committing. Forge Price is a derived data model, not an order book - You are making your first pre-IPO investment and want a simpler packaged experience **Strengths** - Private market data and infrastructure: Forge Price, FPMI, fund access, custody, and Yahoo Finance distribution - Forge Price on hundreds of companies, now embedded in Yahoo Finance, making it one of the most widely distributed private-company pricing datasets AltStreet has identified - Three registered entities: broker-dealer, SEC-registered investment adviser (fiduciary), and South Dakota chartered trust company - Forge Fund SPVs start at $5,000. Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. - Forge Trust Co. SDIRA custody: eliminates the third-party self-directed IRA custodian problem - FPMI: 75.6% last 12 months as of September 30, 2025; institutional quarterly Investment Outlook reports - $4.1T in private company value tracked: extensive private-market coverage available to retail accredited investors **Limitations** - You cannot fully model your return before speaking to a broker: the exact commission rate and third-party transaction costs are not disclosed upfront - Forge Price ≠ market price: explicitly 'does not necessarily represent the market price of any securities'; may be based on one data point - Fees require specialist engagement: the 2-5% range is confirmed but the exact rate for your transaction is not available publicly - Third-party transaction costs (transfer agent, legal opinion, escrow) add all-in friction above the stated commission, not quantified publicly - Direct secondary minimum $100,000, highest among major accessible platforms - No live order book: execution requires a transaction specialist; 30-45 day settlement including ROFR window - ROFR rate ~8% at market trough, not published publicly; per-company history not available ## Who it fits | Investor | Fit | Why | | --- | --- | --- | | institutional | well-suited | | | retail | neutral | | | esg-saas-embedded | neutral | | ## Questions **What is Forge Global and how does it work?** Forge Global is a multi-product private market platform operating through three separately registered entities: Forge Securities LLC (SEC-registered broker-dealer, FINRA/SIPC member) for marketplace transactions; Forge Global Advisors LLC (SEC-registered investment adviser) for fund products; and Forge Trust Co. (South Dakota chartered trust company) for custodial services. Accredited investors can buy and sell pre-IPO company shares through the Forge marketplace, access Forge Price data on hundreds of private companies, invest in fund vehicles, and hold private securities in custodial accounts. Forge discloses a 2-5% brokerage-fee range, but not the exact rate applicable to a specific transaction. Investors must engage a transaction specialist to obtain the commission agreement and an itemized estimate of third-party costs (transfer agent, legal opinion, escrow), which are not included in the stated range. **What is Forge Price and how reliable is it?** Forge Price™ is a proprietary data product calculated daily by Forge Data LLC for hundreds of pre-IPO private companies. It is derived from secondary market transactions, indications of interest (IOIs), and other data points on the Forge platform and other platforms. Forge explicitly states that Forge Price 'may rely on a very limited number of inputs in its calculation,' 'is not intended to, and does not necessarily, represent the market price of any securities,' and 'is not the price at which you could buy or sell.' For companies with low trading activity, a Forge Price may be calculated from a single IOI. Forge Price should be used as a directional reference data point, not as an executable transaction price. **What are Forge's fees?** Forge Securities LLC brokerage fees are tiered and success-based: direct secondary transactions cost 2-5% of transaction value (Form CRS maximum 5%), with larger trades, repeat clients, and Forge Pro institutional accounts qualifying for lower rates. Forge Fund SPV fee ranges are published in Forge Global Advisors' Form ADV Part 2A: single-issuer funds carry a 1-5% set-up fee, 1-5% management fee, 10-20% carried interest and a 1-2% redemption fee (multi-issuer funds: 0-5% management plus carry up to 20%); the exact rate for any specific fund appears only in its offering documents. Investors are typically required to close the fund-interest purchase through affiliated broker Forge Securities at 0-5% of subscription, and the adviser does not reduce its fees to offset those commissions. Additionally, direct secondary trades incur third-party costs absent from public market trading: transfer agent fees, legal opinion costs to verify registration exemption, and escrow fees; these are not quantified publicly and add all-in friction above the stated commission. Forge Trust Co. SDIRA custody fees: $50 setup + $200/year + $48/year per private company position + $40/transaction. No subscription or platform access fee. **How does Forge differ from Hiive and EquityZen?** Forge is best understood as institutional private market infrastructure. It offers a marketplace plus data products (Forge Price, FPMI index, quarterly Investment Outlook, Yahoo Finance integration), fund management (Forge Global Advisors LLC, SEC-registered investment adviser), and private securities custody (Forge Trust Co.), capabilities that Hiive and EquityZen do not offer. Hiive offers a live order book with disclosed brokerage fees (up to 5% buyer / 6.8% seller) and the strongest live price discovery. EquityZen offers the most retail-accessible packaged SPV entry with a 2.5% buyer fee, with sellers charged separately (post-Morgan Stanley acquisition February 2026) and platform-administered ROFR handling built in. Investors who primarily want to buy shares in specific companies may find Hiive or EquityZen simpler starting points. For investors who need the full range of private market services (trading, data, fund access, and custody), Forge is the most complete platform. **What is the Forge Private Market Index (FPMI)?** The FPMI is an equal-weight index of mid- and late-stage private companies tracked by Forge. It reported 75.6% over the last 12 months and 22.4% since inception (January 2019) as of September 30, 2025. The FPMI is a broad-based index: in Q3 2024, 41% of constituent companies showed price decreases, with an average markdown of -16.1%, and one company (Exabeam) contributed a -100% decline. The FPMI includes a broader cross-section of tracked companies, while the Hiive50 focuses on the most liquid securities on Hiive. Index performance does not include transaction costs, fees, or taxes. **What is Forge's ROFR situation?** The ROFR window on Forge is 30-45 calendar days. The confirmed platform-level exercise rate was ~8% at the Q1 2023 market trough, meaning roughly 1 in 12 successfully matched direct trades was acquired by the company itself. This rate was under 3% in the 2021 bull market and trended upward through Q2 2024. A ROFR exercise can indicate that the company considers the offered price attractive, but it may equally reflect cap-table control, compliance, employee-relations or transfer-policy considerations. AltStreet does not read a high exercise rate as a valuation signal on its own. Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. For direct secondary buyers, ask the Forge specialist for any available ROFR history on your specific target company. **Does Forge offer custodial services for private securities?** Yes. Forge Trust Co. supports Traditional, Roth, SEP, SIMPLE IRAs and Individual 401(k)s. Confirmed fee structure: $50 one-time setup + $200/year account fee ($50/quarter) + $12/quarter per private company asset (Type 2) + $40/transaction for buys and sells. RECURRING annual custody cost for one private company position: approximately $248 ($200 account fee + $48 asset fee), EXCLUDING the $50 one-time setup fee, the $40 per-transaction purchase fee, and any wire or termination fees. First-year cost is therefore higher. Recurring annual drag after setup, excluding transaction, wire and termination fees: ~4.96% on a $5,000 Forge Fund position and ~0.24% on a $100,000 direct trade. Minimum cash balance: $500 ($100 for Coverdell ESAs); $15/quarter penalty below minimum. $150 account termination fee; $25 domestic wire fee. This is a structural advantage over Hiive and EquityZen, which require finding third-party SDIRA custodians. UBTI/UDFI analysis still required for leveraged fund vehicles held in IRA. **What is the Yahoo Finance partnership?** In March 2025, Forge and Yahoo Finance announced an industry-first partnership embedding Forge Price data directly in Yahoo Finance's platform for all US users. This allows investors to compare private company pricing data alongside public company data on Yahoo Finance without requiring a Forge account. Forge Price appears on company pages within Yahoo Finance for hundreds of late-stage private companies. This makes Forge Price one of the most widely distributed private-market pricing datasets AltStreet has identified, though its accuracy for thinly traded names is limited by Forge's own disclosures for retail investors who use public financial platforms. **What does Forge's research say about the private market?** Forge's October 2025 institutional research report documented that: total mid- and late-stage private company value tracked by Forge grew from $421B in 2015 to $4.1T as of Q3 2025 (7.8% of S&P 500 market cap); secondary market volume grew approximately 4x over the past decade; the median annual appreciation for unicorns from unicorn status to IPO was 65.7% (for 56 companies that went public 2019-2025); and the median age of a company launching an IPO was 13.5 years in 2024, up from 4 years in 1999. These data points support the investment thesis for late-stage private market exposure but should be read with survivorship bias in mind: companies that failed or were acquired at low valuations are underrepresented. **Is Forge Global legitimate and regulated?** Yes. Forge operates through three separately registered entities: Forge Securities LLC is an SEC-registered broker-dealer and FINRA/SIPC member; Forge Global Advisors LLC is an SEC-registered investment adviser; and Forge Trust Co. is a South Dakota chartered trust company. Note that Forge Global, Inc. (the parent software entity) is explicitly not registered with the SEC, FINRA, or any state securities authority and does not engage in securities activities itself; only the registered subsidiaries do. All registrations are independently verifiable through FINRA BrokerCheck, the SEC's EDGAR/IAPD database, and South Dakota banking records. **What is the minimum investment on Forge?** Forge has a tiered minimum structure: direct secondary transactions require $100,000 standard minimum ($50,000 in limited cases where issuers permit smaller allocations). Forge Fund SPV investments are accessible at $5,000 minimum, the lowest entry point on the platform. Institutional bids are typically $1,000,000+. For the $5,000 Forge Fund minimum, be aware that Forge Trust Co. SDIRA custody fees create approximately 4.96% RECURRING annual drag after setup, excluding transaction, wire and termination fees on a $5,000 position. Size IRA allocations accordingly. ## Update history **October 9, 2026: Schwab has agreed to sell Forge Trust, the custodian behind Forge's IRA option, to Alto** On October 6, 2026 Alto, the Nashville self-directed IRA platform, announced an agreement to acquire Forge Trust Co. and its parent Forge Services Inc. from Forge Global, Inc., a Charles Schwab company, for an undisclosed price, subject to approval by the South Dakota Division of Banking. A Schwab spokesperson told WealthManagement.com that an integration review found the custody business overlapped with Schwab's own capabilities and that Schwab remains committed to Forge's private markets platform. Forge Trust is the former IRA Services Trust Company that Forge bought in 2019; Forge Global's last quarterly report as a public company, for September 30, 2025, put the custody business at 2,703,045 custodial accounts, $18.45 billion of assets under custody and $454.4 million of client cash, with custodial administration fees of $27.5 million for nine months, most of it earned on client cash and falling with interest rates. The marketplace, the data business and the fund vehicles this review covers stay with Schwab. Investors who hold Forge shares inside a Forge Trust IRA will, after closing, have a custodian owned by a competitor; neither company has said whether those accounts move to Alto's custodian agreement and fee schedule. **September 30, 2026: Forge is now a defendant over a trusteeship it agreed to and then refused, and a second suit predates the Schwab close** Two and a half months of filings and signals entered this review, and the most consequential item is not a Form D. In January 2026 Forge was selected, through the court-approved competitive process in the Linqto Chapter 11, to serve as liquidating trustee of the trust holding assets tied to more than 13,000 Linqto customers. On July 15, 2026, five days before that plan's anticipated effective date, Forge told the estate it would not serve. The debtors and the creditors' committee sued on July 19 in adversary proceeding 26-03265, and Forge answered on September 1, denying liability, pleading six affirmative defenses and demanding a jury trial it says the bankruptcy court may not conduct. A reader assessing Forge as a counterparty should be able to find that here, and until now could not. Separately, a stockholder suit naming Forge Global Holdings was filed in the Northern District of Illinois in December 2025 and remains open, and the Megacorn interval fund filed a further pre-effective amendment on September 11, 2026 and is still not effective. **July 15, 2026: Forge review updated to reflect the fund fee schedule disclosed in the adviser's Form ADV, a proposed $500 interval fund, and its $9.9M predecessor** Three primary-source layers entered the review. (1) Forge Global Advisors' Form ADV Part 2A (dated 2026-03-30) discloses the fund fee schedule this review previously described as unpublished: single-issuer funds carry a 1-5% set-up fee, 1-5% management fee, 10-20% carried interest and a 1-2% redemption fee, plus 0-5% affiliated brokerage through Forge Securities on the fund-interest purchase itself, with no advisory-fee offset. The ranges are public; only the per-fund rate requires offering documents. The same brochure discloses the origin of the FG-series structure: a 2016 SEC settlement over unregistered security-based swaps sold by Forge's predecessor Equidate, after which, in the brochure's own words, the company 'changed the structure of its transactions in the fourth quarter of 2015 to the fund structure described herein.' (2) Megacorn Fund, a Forge-advised registered closed-end interval fund tracking-adjacent to the affiliate-maintained Forge Accuidity Private Market Index, filed its fourth pre-effective N-2 amendment on 2026-06-29: a proposed $500 minimum with no accreditation requirement, a 1.75% advisory fee, and quarterly repurchase offers expected at ~10%. It is not yet effective. (3) Its predecessor, Megacorn Fund LP, a qualified-purchaser-only 3(c)(7) fund with a $250,000 minimum, reported $9,865,020 sold to 34 investors, unchanged across three annual Form D amendments through November 2025, against the registered fund's $216.1M first-year net-asset assumption. Separately: FINRA's member roster lists no 'Forge marketplace LLC,' an entity Forge's Terms of Use names as a FINRA-licensed broker-dealer. **July 14, 2026: Complete Form D census corrects Forge's capital figure by 44%, and SEC-filed financials enter the review** AltStreet enumerated Forge's entire Form D filer population (re-enumerated 2026-09-30: 1,355 filings across 220 FG-series vehicles, superseding a July 2026 address-verified enumeration of 904 filings across 218) and ingested Forge's SEC-filed financials (NYSE: FRGE, CIK 1827821), audited annual figures, unaudited quarterly figures. The census initially reproduced a contaminated figure of $2,636,408,796. That figure was rejected once the October 2025 reporting-basis change, first documented in this review on 2026-07-08 from four hand-verified series, was confirmed across the population; 136 of the 220 vehicles now file on the post-change basis. AltStreet's combined best-available HYBRID estimate is $1,472,442,740, which is not a single-basis census. Forge's trading-volume disclosures in its annual 10-K provide a secondary reason to reject the naive as-filed sum, though they do not independently validate the reconstructed total. Forge is the only platform in AltStreet's coverage with audited financials, and they change the story materially. **July 8, 2026: Form D filings across Forge series changed reporting basis without explanation** AltStreet's daily EDGAR amendment monitoring flagged 60+ Forge Investments LLC series with discontinuous amendment patterns in coordinated October 2025 and April 2026 filing batches. AltStreet manually verified complete filing sequences for four representative series and found the same core pattern in each: offering amounts switched to 'Indefinite' and sold/investor figures moved to an undisclosed new basis, a coordinated reporting change rather than per-series economic declines. The filings contain no explanation, and figures before and after October 2025 are not comparable. ## Evidence appendix Platform website captured July 14, 2026. PRIMARY, REGULATORY (2026-07-14). (1) SEC EDGAR Form D enumeration, re-run 2026-09-30: 1,355 Form D and D/A filings across the 220 FG-series vehicles. On the July 2026 roster of 218 vehicles, each verified against a Forge business address (4 Embarcadero Center, San Francisco, or Forge's Salt Lake City post office box), it reproduces the July hybrid of $1,468,347,288 to the dollar. The July filing count of 904 was a miscount; the roster carries 1,353. The seven MCF/Accuidity vehicles and Megacorn Fund LP are excluded, as the review has always excluded them. (2) CAPITAL-BASIS RECONSTRUCTION: Forge changed the reporting basis across its series Form D filings in October 2025 without explanation, so each vehicle's full amendment history was walked to recover its last pre-change cumulative figure. 199 vehicles have one; 29 first filed after the change and have none. The published total is a HYBRID of the two cohorts and is not a single-basis census. Re-enumeration also tested whether April 2026, when 92 vehicles were last amended, was a second such change. It was not: only 2 of the 97 vehicles with an April 2026 latest filing show dollars and investors both rising tenfold. (3) Forge Global Holdings 10-K and 10-Q filings (NYSE: FRGE, CIK 1827821, March 2022 - March 2026): annual figures AUDITED, quarterly figures UNAUDITED. Figures were cross-footed against annual totals (all three years reconcile on revenue, net income and marketplace revenue) but are AltStreet-extracted and NOT independently verified line by line against the source documents. One known discrepancy is disclosed in the financials table. (4) Forge Securities LLC Form CRS and FINRA BrokerCheck. (5) Charles Schwab acquisition announcements and filings. (6) Forge Trust Co. published fee schedule. SECONDARY, PLATFORM: full-site dossier scrape (104 pages, April 23 2026), Forge Terms of Use (Version 20250620), Forge Disclaimers and Disclosures (Version 2003), Forge Privacy Policy (Version 20250620), Forge Q4 2024 Investment Outlook, Forge Late-Stage Private Companies report (October 9, 2025), FPMI methodology, Forge Price disclaimers, Yahoo Finance partnership press release (March 25, 2025), and individual company stock pages confirming live Forge Price data as of April 23, 2026. **Highlights** - Forge Securities LLC: SEC-registered broker-dealer, FINRA member, SIPC member confirmed in Disclaimers and Disclosures - Forge Global Advisors LLC: SEC-registered investment adviser, ~$2.46B AUM across 122+ fund series as of end 2025 confirmed - Forge Trust Co.: South Dakota chartered trust company confirmed in Disclaimers and Disclosures - Forge Global, Inc. (parent): explicitly NOT registered with SEC, FINRA, or state securities authorities confirmed in Disclaimers - Forge Price™: 'may rely on a very limited number of inputs' and 'does not necessarily represent the market price' confirmed in all stock page disclaimers - Brokerage fees: direct secondary 2-5% (Form CRS maximum 5%) confirmed; Forge Fund SPV 1-2% placement fee confirmed; Forge Pro negotiated confirmed - Third-party costs (transfer agent, legal opinion, escrow) acknowledged in Disclaimers and Disclosures; not quantified publicly - Direct secondary minimum $100,000 standard ($50,000 limited cases) confirmed; Forge Fund minimum $5,000 confirmed; institutional $1M+ confirmed - ROFR window 30-45 calendar days confirmed; ~8% exercise rate at Q1 2023 market trough confirmed; trending upward through Q2 2024 confirmed - Forge Fund SPVs generally address ROFR before or at the fund level, reducing the subscriber's direct exposure to the transfer-approval process. This does not guarantee that the underlying acquisition cannot be delayed, altered or blocked. - Forge Trust Co. fee schedule confirmed: $50 setup + $200/year + $12/quarter per Type 2 asset + $40/transaction; $500 minimum cash balance - Direct secondary settlement 30-45 calendar days confirmed; Forge Fund settlement 1-5 days confirmed - Median bid-ask spread 6.4% as of Q2 2024 (historic low); 3-year median 11.4%; PDE benchmark ~12% confirmed - Buy-side IOIs 55.2% of platform activity in early 2024 confirmed - RESEARCH-SUPPORTED, NOT CONFIRMED IN FORGE'S PUBLIC MATERIALS: K-1 delivery target of late March to mid-April with a 90-day internal window after receipt of underlying company data; a tax extension may be required where the underlying company delays reporting; frequency not established. AltStreet did not locate this timetable in any Forge-published source. Verify in the applicable fund offering documents. - $4.1T total private company valuation tracked as of Q3 2025 confirmed in Late-Stage report - 7.8% of S&P 500 market cap as of Q3 2025 confirmed in Late-Stage report - PLATFORM-REPORTED (not independently verified): FPMI 75.6% trailing 12 months and 22.4% since inception, as of September 30, 2025. Source: Forge's own index page, captured in the April 2026 dossier scrape. - Yahoo Finance partnership announced March 25, 2025 confirmed - 65.7% median annual appreciation for unicorns from unicorn status to IPO (56 companies 2019-2025) confirmed - Live Forge Price data as of April 23, 2026: Anthropic $259.14, Databricks $196.31, Discord $31.36, Ramp $94.17 confirmed - 32% down-round rate Q3 2024 confirmed; average markdown -16.1% confirmed **Primary source pages** - https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001827821&type=10-K - https://www.sec.gov/Archives/edgar/data/1827821/000162828025010942/ - https://www.sec.gov/Archives/edgar/data/1827821/000162828024013099/ - https://www.sec.gov/Archives/edgar/data/1827821/000162828023005864/ - https://www.sec.gov/Archives/edgar/data/1827821/000182782125000032/ - https://www.sec.gov/Archives/edgar/full-index/ - https://brokercheck.finra.org/firm/summary/288443 - https://files.brokercheck.finra.org/firm/firm_288443.pdf - https://forgeglobal.com/forge-trust/pricing/ - https://www.aboutschwab.com/schwab-to-acquire-forge-global - https://forgeglobal.com/ - https://forgeglobal.com/about/ - https://forgeglobal.com/forge-marketplace/ - https://forgeglobal.com/forge-price/ - https://forgeglobal.com/private-market-index/ - https://forgeglobal.com/forge-data/ - https://forgeglobal.com/institutions/ - https://forgeglobal.com/terms-of-use/ - https://forgeglobal.com/disclaimers-and-disclosures/ - https://forgeglobal.com/privacy-policy/ - https://forgeglobal.com/insights/forge-investment-outlook/q4-2024-investment-outlook/ - https://forgeglobal.com/insights/late-stage-private-companies-the-new-growth-investing/ - https://forgeglobal.com/insights/first-public-to-private-company-comparison-tool/ - https://forgeglobal.com/insights/secondary-marketplace/ - https://forgeglobal.com/anthropic_stock/ - https://forgeglobal.com/databricks_stock/ - https://forgeglobal.com/discord_stock/ - https://forgeglobal.com/stripe_ipo/ ## Related - Full review (HTML): /platforms/reviews/forge-global - Every platform review: https://altstreet.investments/platforms/reviews - Methodology and scoring: https://altstreet.investments/platforms - Category hub: https://altstreet.investments/categories/secondary-pre-ipo-markets --- Source page: /platforms/reviews/forge-global Machine index: https://altstreet.investments/llms.txt AltStreet reads what platforms, funds and issuers file with the SEC and what they tell investors, and publishes the difference. Figures are as filed or as captured on the date stated; nothing here is investment advice.