Forge Global (FRGE) set out to revolutionize private markets

Unlike public markets, private markets have long been a challenge for investors due to the lack of transparency and reliable data.

Forge Global Holdings (NYSE: FRGE) wants to change that.

The fintech firm announced Tuesday a new partnership with Intercontinental Exchange (ICE) to distribute Forge Price — a proprietary dataset that tracks the price performance of around 200 venture-backed, pre-IPO companies.

ICE, a global data and tech provider, will make Forge Price available across its data distribution platforms alongside its broader analytics offerings.

Forge Price pulls from multiple sources: funding round valuations, deal history, secondary market transactions, and buyer/seller interest on Forge’s own platform.

The goal is to provide up-to-date snapshots of pricing in an otherwise opaque market.

“This agreement is a major milestone in our mission to bridge the gap between private and public investing,” said Howe Ng, Chief Strategy Officer at Forge.

“By working with ICE, existing and aspiring market participants can access a critical tool to better evaluate this growing asset class.”

Forge said the dataset can help institutional clients mark private equity positions to market, run backtests, manage risk exposure, and inform asset allocation — all with more precision.

Shares of Forge rose 6.4% on Wednesday following the news.

A booming market starved for clarity

Private markets — also called secondary markets — are growing rapidly. Alternative asset data provider Preqin projects they’ll expand to $24.5 trillion by 2028.

Historically, these markets have been the domain of institutional investors. But demand is rising from individual investors, especially as more startups turn to crowdfunding and other non-traditional funding sources.

The SEC’s Regulation A rule allows private companies to raise up to $75 million annually from individual investors, according to PwC. But with that shift comes new challenges — particularly around data.

“For retail investors to participate meaningfully, private companies may need to adopt more rigorous reporting standards that are akin to those of public companies,” PwC’s Christian Jester wrote.

“This could include regular financial disclosures, performance updates, and adherence to stricter governance frameworks.”

To that end, Forge is also working to meet investors where they are.

The company announced a separate partnership with Yahoo Finance to launch a dedicated private market hub, featuring real-time pricing and valuation data for late-stage U.S. private companies.

The feature is available through Yahoo Finance’s mobile app and includes the first large-scale public-to-private comparison tool.

“The democratization of the private market is no longer a distant goal. It’s happening right now,” said Forge CEO Kelly Rodriques.

“Thanks to greater pricing transparency and financial innovation, we’re empowering a broader range of investors to access private market opportunities.”