WilmerHale Advises Accuidity Capital on Sale to Forge Global for Over $10 Million

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Posted: 10th July 2025

Natalie Sherman

WilmerHale Advises Accuidity Capital on Sale to Forge Global for Over $10 Million

WilmerHale advised Accuidity Capital Management in its strategic sale to Forge Global Holdings, Inc. (NYSE: FRGE), a leading provider of infrastructure, data, and investment solutions for the private market. The agreement and plan of merger was signed and closed on July 1, 2025.

The transaction includes $10 million in cash, subject to customary adjustments, and 1.15 million newly issued shares of Forge common stock in a private placement. A potential earn-out of up to 1 million additional shares may be issued upon the achievement of performance milestones through the end of 2027.

Accuidity, a specialist asset manager focused on private market co-investment vehicles and early-stage venture funds, reported approximately $5.7 million in revenue during the twelve-month period ending May 31, 2025, and managed $220 million in AUM at closing.

Forge expects the acquisition to be accretive to EPS and central to its strategy of expanding investment offerings through registered investment advisors and wealth platforms.

“Accuidity accelerates our strategic vision by enabling the launch of innovative financial products and strategies that broaden investor access to the private markets, while delivering primary and secondary capital solutions for private companies. Leveraging our data, technology and global network alongside Accuidity’s expertise, we aim to deliver new investment opportunities to our growing global client base, with a strategic focus on the wealth channel.” said Kelly Rodriques, CEO of Forge.

As part of the integration, Forge and Accuidity plan to transition the Megacorn Fund - Accuidity’s flagship institutionally managed index fund into a registered interval fund under the Investment Company Act of 1940, pending SEC approval. The revised structure is intended to improve access to diversified private market exposure at lower cost and reduced investment minimums.

“Forge has been a leader in creating the indexes and pricing innovations on which new financial products are being built.” said Vince Gubitosi, Co-President of Accuidity.

“We see enormous potential to scale Accuidity’s strategies across new investor segments and channels. We chose Forge as a partner because of their trusted reputation, scale, and operational integrity. Jointly, we’re unlocking the infrastructure needed to meet growing demand with flexible, transparent private market investment solutions.” added Mark DeNatale, Co-President of Accuidity.

With Forge Global Advisors managing $1.1 billion in AUM and Forge Custody overseeing $17.6 billion in assets under custody, the acquisition of Accuidity represents a meaningful expansion of Forge’s private market ecosystem.

The WilmerHale team advising Accuidity was led by Stephanie Evans, Tim Silva, J.C. Minko, Justin Flaumenhaft, and Matt O’Malley, with support from Bill Caporizzo and Ben Kelsey (tax), Ciara Baker, Amanda Albert, and Meredith Brenton (employment and benefits), Stephen Gillespie (intellectual property), and Kirk Nahra and Ali Jessani (data privacy).

Accuidity is a private-market asset manager founded in 2021 and based in Wellesley, Massachusetts. The firm manages institutional index funds, single-issuer vehicles, and early-stage venture offerings designed to improve access, liquidity, and transparency in private investing. Its flagship “Megacorn” strategies focus on systematic exposure to high-quality, late-stage private companies.

Forge Global Holdings, Inc. (NYSE: FRGE) is a San Francisco–based fintech company providing infrastructure, data, trading, and custody solutions for the private markets. Founded in 2014, Forge enables investors, employees, and companies to buy, sell, and manage private company equity through its digital platform and fund products.

WilmerHale (Wilmer Cutler Pickering Hale and Dorr LLP) is a leading international law firm with over 1,100 lawyers across 12 offices in the U.S. and Europe. Co-headquartered in Washington, D.C. and Boston, the firm provides premier counsel in litigation, regulatory matters, corporate transactions, intellectual property, and government affairs. Formed through a 2004 merger, WilmerHale has a long history of advising on high-stakes, high-impact legal matters, from landmark government investigations to complex cross-border deals.

The firm is recognized for its commitment to public service, pro bono work, diversity, and innovation, and is regularly ranked among The American Lawyer’s A-List firms. WilmerHale’s collaborative culture and cross-disciplinary expertise position it as a trusted advisor to global corporations, institutions, and government entities.