Q2 2024 Forge Investment
Outlook

Road to Recovery: Private Market Accelerates in Q1

April 18, 2024

The private market gained momentum in Q1 2024, propelled by high-profile exits, increasing buyer demand, and optimism for a reawakening IPO market.

Inside the Report
  • 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 was up 4.5% in Q1

During Q1 2024, the Forge Private Market Index was up 4.5%, driven by prominent IPOs and 10 names that were marked up by more than 20%.

Forge Private Market Index posts most individual company markups since Q4 2021

The first quarter saw the highest percentage of marked-up companies in the Forge Private Market Index in over two years, while the magnitude of the positive performance of marked-up companies outpaced the negative performance of marked-down companies.

In notable shift, the proportion of Buy IOIs reached a 28-month high

In March, the percentage of buy-side IOIs on Forge Markets hit 61%, the highest level since August 2021. Forge also saw a 45% increase in the overall number of IOIs submitted to the platform in Q1 2024 compared to Q4 2023.

Authors
Andrew Alden
Senior Director of Quantitative Research, Forge

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).

Dan Chaparian
VP, Product Marketing, Forge

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.

Craig Derbenwick
Senior Director, Content Strategy, Forge

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.

Riley Martin
Senior Data Analyst, Forge

Before joining Forge, Riley was a Consultant for Strategy and Analytics at Deloitte assisting large tech clients with in-depth analysis of global data.

Disclaimers

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.

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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 calculated and disseminated by Forge Data and is a mark of Forge Data. 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 indication of interest inputs in its calculation. Brokerage products and services are offered by Forge Securities, a registered broker-dealer and member FINRA/SIPC. 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.