Q1 2024 Forge Investment
Outlook
For Professional Investors Only
Q4 Brings Shift as Private Market Shakes Off Frost
After a long period of relative inertia, some Q4 private market metrics signal that change may be on the horizon, while a small number of companies had an outsized impact on index performance during the quarter.
Market Performance — See how the Forge Private Market Index performed relative to public market indices, along with private market returns by sector and company
Secondary Market Activity — Gain an in-depth look at quarterly changes in private market premium/discount levels, bid-ask spreads, and right of first refusal (ROFR) data
Primary Market Activity — Get insights into fundraising trends, including amount raised, valuations, time between rounds, and how investors are seeking greater protections
Mutual Fund Marks — See notable changes in how large asset managers are valuing their private market holdings
Exit Activity — Get a snapshot of IPOs and other exits during the quarter, including analysis of pricing levels
The Forge Private Market Index returned -5% for the quarter
During Q4, the Forge Private Market Index declined -5%, though the performance was driven more by a handful of names rather than broad market performance.
Wide disparity among private market sectors and companies in Q4
During the fourth quarter, there was significant performance disparity across and within sectors, highlighting the diverse components of the Forge Private Market Index.
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Prior to joining Forge, Andrew launched Semantiqa, an investment management firm focused on the public-market growth equities space. Andrew has also held researcher positions at WeatherStorm Capital and Lattice Strategies (now Hartford Funds).
Before joining Forge, Dan was VP, Global Product Marketing, for BlackRock's iShares ETF business. He previously held positions at Apple and Uber and is a former startup founder.
Prior to his role at Forge, Craig was a marketing consultant serving global and boutique investment management and fintech clients. He has also held marketing roles at UBS Asset Management, Brookfield Asset Management, and Envestnet Asset Management.
Before joining Forge, Riley was a Consultant for Strategy and Analytics at Deloitte assisting large tech clients with in-depth analysis of global data.
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The performance shown represents past performance, and past performance is not indicative of future results. Investing in private company securities is not suitable for all investors, is highly speculative, involves a high degree of risk, and you should be prepared to withstand a total loss of your investment. Private company securities are highly illiquid and there is no guarantee that a market will develop for such securities. Each investment also carries its own specific risks and investors should conduct their own, independent due diligence regarding the investment, including obtaining additional information about the company, opinions, financial projections and legal or investment advice. Accordingly, investing in private company securities is appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment.
The Forge Private Market Index is calculated and disseminated by Forge Data LLC ("Forge Data") and is a mark of Forge Data. All rights reserved. The Forge Private Market Index is solely for informational purposes and is based upon information from sources believed to be reliable. It is not possible to invest in the Forge Private Market Index, and Forge Data makes no assurance that any investment products based on or underlying the Forge Private Market Index will accurately track index performance or provide positive investment performance. Forge Data is not an investment adviser and makes no representation regarding the advisability of investing in any asset classes or investment vehicles. Private company securities are highly illiquid, and the Forge Private Market Index may rely on a very limited number of trade and/or IOI inputs in its calculation. The performance of the Forge Private Market Index with respect to the growth of $10,000 shown herein does not represent the performance of any actual investment, but rather reflects the hypothetical growth of a $10,000 investment in a basket of securities based on the index. Additionally, the chart assumes reinvestment of dividends and capital gains in the constituent securities but does not reflect any fees or commissions that may be incurred in purchasing or selling such securities, which would lower the figures shown if included. Further, $10,000 may not be a sufficient amount to invest simultaneously in all securities contributing to the performance shown, which would further prevent an investor from matching the performance shown. By downloading this content, you acknowledge that you have reviewed and are subject to the Forge Private Market Index disclaimers and disclosures which contains other important disclaimers, disclosures and restrictions related to the Forge Private Market Index. Additionally, if you are accessing this content away from forgeglobal.com, you acknowledge that you have reviewed and are subject to Forge’s Terms of Use with respect to use and distribution of information as if you were accessing this content on forgeglobal.com.
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