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Insights  / Forge Investment Outlook

Forge Investment Outlook Q2 2026

A record quarter redefines the late-stage private market

Q1 2026 marked a defining quarter for the late-stage VC-backed private market, characterized by record-setting capital concentration, uneven IPO execution and resilient index performance despite a more volatile public market backdrop. While public equities weakened into March amid rising macro uncertainty, the private market continued to complete record-sized transactions and climb higher.

By Andrew Alden, CFA, Shane Larkin, and Louis Metzger
Forge Investment Outlook

Key Takeaways

  • Q1 2026 marked a new high point for late-stage private market fundraising.

  • The IPO market entered 2026 with improving sentiment and a sizable backlog of late-stage candidates, but execution proved uneven through Q1. 

  • Forge private market indices delivered strong gains in Q1 2026, extending momentum despite a volatile public market backdrop.

INSIDE THE REPORT
  • Market performance 11
  • Primary market activity18
  • Secondary market activity 25
  • Mutual fund marks 31
  • Exit activity 33
Authors
Andrew Alden
Vice President of Quantitative Research

Andrew Alden, CFA, serves as Vice President of Quantitative Research at Forge Global, where he leads a research team focused on the private market. Prior to this role, Andrew launched Semantiqa, an investment management firm, which focused on the public-market growth equities space.

Shane Larkin
Senior Director of Fundamental Research

Shane Larkin brings over 15 years of private market experience spanning secondaries and venture capital. Prior to Forge, he co-founded Liquid Stock where he led sourcing, diligence and fund operations. Earlier he served as a Vice President in private equity at Stifel Financial. Shane began his investment career at Thomas Weisel Partners in equity research. He holds an MBA from Cornell University, as well as an engineering degree.

Louis Metzger
Senior Data Analyst

Louis is a Senior Data Analyst at Forge Global, focusing on valuations and private market trends. Before joining Forge, Louis worked in corporate finance at Initiative Media and was a startup founder.

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About Forge

Forge Global Holdings, Inc. (together with its subsidiaries, “Forge”) is a leading provider of marketplace infrastructure, data services and technology solutions for private market participants. Forge Securities LLC (“Forge Securities”) is a registered broker dealer and a Member of FINRA that operates an alternative trading system. 

Legal Notices and Disclosures

©2026 Forge Global, Inc. and its affiliates. All rights reserved. Investing in private company securities is not suitable for all investors, is highly speculative, is high 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 carries its own risks, and you should conduct your own due diligence regarding the investment, including obtaining independent professional advice. Past performance is not indicative of future results. This is not a recommendation, offer, solicitation of an offer, or advice to buy or sell securities by Forge Securities LLC (“Forge Securities”) or any of its affiliates, nor an offer of brokerage services in any jurisdiction where Forge Securities is not permitted to offer brokerage services. Registered representatives of Forge Securities do not (1) advise any party on the merits of a particular transaction; (2) assist in the determination of fair value of any security; or (3) provide legal, tax, or transactional advisory services. Securities and investments are offered only to customers of Forge Securities, a registered broker- dealer and member FINRA & SIPC. Securities referenced in this article may be offered by Forge Securities, and certain Forge affiliates may act as principals in such transactions. See Forge’s Disclosure Library (Disclaimers & Disclosures and Form CRS) for additional disclosures.

The information contained herein is based on currently available information, and Forge undertakes no obligation to update any of such information or to reflect new information or the occurrence of unanticipated events, except as required by law. While Forge believes such information forms a reasonable basis for the contents of this Investment Outlook, such information may be limited or incomplete, and this content should not be read to indicate that Forge has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. This Investment Outlook contains trademarks, service marks, trade names and copyrights of Forge and may contain those of other companies, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products is not intended to, and does not imply a relationship with Forge or any of its respective affiliates, or an endorsement or sponsorship by or of Forge or such affiliates. Solely for convenience, some of the trademarks, service marks, trade names and copyrights referred to in this Investment Outlook may be listed without the TM, SM, (c) or (R) symbols, but Forge will assert, to the fullest extent under applicable law, the right of the applicable owners, if any, to these trademarks, service marks, trade names and copyrights.