How investors should choose a private market platform: What to consider beyond fees
Key takeaways
- Fees do not matter if you cannot transact. Access, pricing clarity and execution reliability drive real outcomes in private markets.
- Pricing transparency is critical. Investors should look for platforms that combine historical data with real-time market signals, such as live bids, asks and derived pricing models.
- Execution can be a key bottleneck. Private market trades often depend on seller verification, buyer diligence, transfer restrictions and company approvals.
- Scale, credibility and infrastructure matter. Platforms with more participants, transaction volume and issuer-aware processes may be better positioned to help investors navigate an opaque market.
When evaluating platforms to invest in private companies, fees are often one of the first considerations. But in the private market, fees are never the only important factor.
A lower fee has limited impact if you lack reliable pricing data, cannot access high-quality opportunities, or are unable to complete a transaction. The private market can be fragmented, opaque, and liquidity-constrained. The platform you choose plays a central role in how effectively you can access shares of private companies.
What investors should look for
Private market investing requires more than access. Investors should evaluate whether a platform can help them:
- Evaluate opportunities with credible pricing signals
- Access a consistent flow of supply
- Execute transactions with a high likelihood of completion
- Navigate a fragmented and less transparent market
Some platforms focus primarily on connecting buyers and sellers. Others provide a more integrated experience that combines marketplace access with data, infrastructure, and execution support.
Key factors to evaluate
1. Pricing data and market transparency
Pricing is one of the biggest challenges in the private market. Unlike public equities, there is no centralized source of truth.
Investors should look closely at the quality, recency and actionability of the pricing information a platform provides. In private markets, pricing based only on older transactions or non-binding indications of interest may not reflect where supply and demand are forming today. Real-time bids, asks and recent transaction data can provide a more current view of market interest.
Some platforms provide limited visibility into past transactions. Others offer more robust pricing models that combine historical data with real-time market signals.
For example, platforms like Forge provide Forge PriceTM, a derived pricing model that incorporates:
- Secondary market transactions
- Primary funding rounds
- Indications of investor interest
Forge Price is updated daily and provides a consistent methodology for tracking price performance across late-stage private companies. Pricing coverage spans approximately 160 companies across multiple sectors, with historical time series data available.
In addition to historical data, Forge provides access to a live, actionable order book, where bids and asks are updated in real time. This allows investors to see not just where prices have been, but where actionable buyer and seller interest is currently forming.
Together, this combination of data and real-time signals helps investors better understand pricing dynamics and evaluate opportunities with greater clarity and confidence.
Forge’s pricing data is also distributed through CNBC and Yahoo Finance, providing external validation and broader visibility into private market activity.
2. Execution reliability
In the private market, identifying an opportunity is only part of the process. Completing a transaction often requires coordination across multiple parties. That coordination can include verifying seller ownership, conducting diligence on buyers, understanding company-specific transfer restrictions and navigating any required issuer approvals. In private markets, a transaction is not successful simply because a buyer and seller agree on price. It must also be structured to comply with the company’s transfer framework.
Platforms differ significantly in how they support execution. Some focus primarily on matching interest, while others provide infrastructure and support throughout the transaction lifecycle.
Platforms with integrated workflows, broker-dealer infrastructure, issuer-aware processes and operational support can help reduce friction and support transactions from interest through completion.
3. Access and investment options
Access to the private market varies widely.
Some platforms focus exclusively on direct secondary transactions. Others provide multiple pathways to invest, including:
- Direct share purchases
- Single-asset funds
- Multi-asset strategies
This flexibility may allow investors to size positions, diversify exposure, and participate in opportunities that may not be available through direct transactions alone.
4. Platform credibility and scale
In the private market, credibility and scale are critical signals.
Investors should evaluate:
- Operating history
- Transaction volume
- Breadth of participants
- Regulatory infrastructure
Platforms like Forge have operated for over a decade and have facilitated significant transaction volume across a global network of investors and shareholders. Forge is also a part of Charles Schwab, providing additional scale and institutional backing.
Forge by the numbers
- $18B+ in private market transaction volume
- 600+ private companies traded
- 3M+ unique users
- 298K+ accredited investors
- 32K+ completed trades
Data as of 3/31/2026
These metrics reflect both market activity and platform participation, which can contribute to more consistent liquidity and execution opportunities.
5. Platform model and infrastructure
Platform structure influences both experience and outcomes.
Some platforms operate primarily as marketplaces. Others combine marketplace functionality with:
- Data and analytics
- Execution workflows
- Custody and infrastructure
Integrated platforms can provide greater visibility and control throughout the transaction lifecycle, which can be particularly valuable in complex or competitive transactions.
6. Issuer-aware execution and private company relationships
Private company share transactions often involve issuer-specific requirements, including transfer restrictions, rights of first refusal, trading windows, fees and approval processes.
Platforms should be evaluated on how well they understand and operate within these requirements. A platform may help buyers find an opportunity, but execution can break down if seller ownership is not verified, buyer diligence is incomplete, or company approval requirements are not addressed early in the process. Investors should evaluate whether a platform verifies seller ownership, supports appropriate transaction documentation and works to understand company-specific requirements such as transfer restrictions, fees and expected timelines before a transaction is too far along.
Platforms that maintain relationships with private companies and support structured liquidity programs can help improve coordination between buyers, sellers and issuers. While company approvals are never guaranteed, issuer-aware execution can help reduce avoidable friction and improve the likelihood that a transaction reaches completion.
Fees: Important, but secondary to outcomes
Fees remain an important consideration, but they should be evaluated in context.
For direct secondary transactions, platforms like Forge typically charge 2–4%, with fees that can be lower depending on:
- Transaction size
- Market conditions
- Customer relationship
Fees are generally only charged if a transaction successfully completes.
In more complex structures, such as fund-based investments, fees may be higher due to additional administrative requirements.
In practice, fees should be weighed alongside:
- Access to opportunities
- Pricing transparency
- Execution outcomes
Risks to consider
Private market investing involves several risks, including but not limited to:
- Loss of Investment: Investors may lose some or all of their investment.
- Failed or Unmatched Trades: Transactions are not guaranteed to execute.
- Issuer Approvals and Transfer Restrictions: Companies may approve or deny transfers.
- Limited Liquidity: Trading activity can be inconsistent, and pricing may be less transparent than in public markets.
Platforms that provide data, infrastructure and support can help investors navigate these challenges more effectively.
How to choose the right platform
As an investor, prioritize platforms that:
- Provide reliable pricing data and external validation
- Offer access to a broad and active marketplace
- Support transactions from interest through completion
- Have scale, track record, and regulatory infrastructure
- Understand company-specific requirements and help navigate issuer approval processes
Platforms that combine data, execution, and access can provide a more effective way to navigate the private market.
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Andrew Reynolds is Forge’s Product Marketing Manager, leading go‑to‑market and messaging strategies across the business. Prior to Forge, he spent five years at Goldman Sachs. Andrew holds a BA with Honors in Economics from the...
Andrew Reynolds is Forge’s Product Marketing Manager, leading go‑to‑market and messaging strategies across the business. Prior to Forge, he spent five years at Goldman Sachs. Andrew holds a BA with Honors in Economics from the University of Chicago. Read more from Andrew.
