Press Release

Forge UK to Become a Registered Auction Agent on the London Stock Exchange’s Private Securities Market

New partnership expands access to private-market liquidity in Europe and enables Forge UK customers to participate in the London Stock Exchange’s new Private Securities Market under the UK’s PISCES framework

SAN FRANCISCO / LONDON — Dec. 11, 2025 Forge Global Holdings, Inc. (“Forge”), a leading global private securities marketplace, today announced that its UK subsidiary, Forge Europe UK Ltd, has become a Registered Auction Agent (RAA) on the London Stock Exchange’s newly launched Private Securities Market.

“The London Stock Exchange’s Private Securities Market marks a major milestone in unlocking regulated, technology-driven private-market liquidity in Europe,” said Kelly Rodriques, CEO of Forge Global. “Forge’s mission has always been to bring transparency, efficiency and access to private markets globally. By becoming a Registered Auction Agent, Forge will empower our customers with earlier, more consistent liquidity events and access to some of Europe’s most innovative private companies — within a framework that leverages the trusted infrastructure of one of the world’s leading exchanges.”

As an RAA, Forge UK will seek to provide eligible investors with streamlined access to buy and sell private company shares through the London Stock Exchange’s auction-based market structure, which is enabled by the UK government’s innovative PISCES (Private Intermittent Securities and Capital Exchange System) legislation. The Private Securities Market is designed to introduce efficient, intermittent trading windows for private companies — bringing the infrastructure, technology and safeguards of public markets to the private domain for the first time in the UK.

“We are delighted to welcome Forge UK as the latest RAA to join our Private Securities Market, and support its mission to broaden access to private markets globally,” said Charlie Walker, Deputy CEO of the London Stock Exchange. “For the first time, private companies will be able to utilise the London Stock Exchange’s public market infrastructure to offer intermittent liquidity to existing investors as well as evolve their shareholder base. The breadth of Forge UK’s network across private markets provides companies using the Private Securities Market with further choice to achieve this, as well as enable new investors access to growth companies.”

Following this announcement, Forge UK customers — institutional investors, qualified high-net-worth investors and private company shareholders — will gain access to a new channel of regulated European private-market liquidity and enhanced investment opportunities.

“Private companies, founders, employees and investors are increasingly seeking sophisticated, predictable paths to liquidity without the pressure to go public before they’re ready,” said Charlie Grimes, Head of Capital Markets at Forge and Head of Forge UK. “The PISCES framework creates precisely that opportunity. As an RAA, Forge UK aims to connect eligible investors to auctions on the Private Securities Market, help companies tailor their shareholder base through permissioned or open auctions, and provide a repeatable structure for liquidity that aligns with the evolving needs of Europe’s high-growth private sector.”

A New Era for Private Market Liquidity in Europe

Europe’s private market ecosystem continues to expand rapidly. According to industry analyses, European private technology companies are staying private longer and growing in value – accounting for $1.7T in value¹, according to the State of European Tech report produced by venture firm Atomico. Europe is home to more than 180 unicorns, according to data collected by CBInsights², and private-market investment participation among institutional and alternative investors continues to accelerate.

At the same time, Europe boasts a growing investor base—with more than €2 trillion in assets³ managed across European private equity and venture capital firms, positioning the region as a natural next step for Forge’s global expansion.

The London Stock Exchange’s Private Securities Market represents one of the most significant structural evolutions in European private markets to date, creating a regulated, repeatable mechanism for liquidity in private company shares.

About Forge

Forge (NYSE:FRGE) is a leading provider of marketplace infrastructure, data services and technology and investment solutions for private market participants. Forge Securities LLC is a U.S. registered broker-dealer and a Member of FINRA that operates an alternative trading system. Learn more at forgeglobal.com. Forge UK is a majority-owned subsidiary of Forge Global. Forge Europe UK Ltd is an Appointed Representative of Sapeno Partners LLP which is authorized and regulated by the Financial Conduct Authority.