<p>作者：Steve Gelsi</p>
<p>个人投资者预计将增加对私募市场的投资，这促使施瓦布以 6.6 亿美元收购 Forge Global，一家专注于交易非上市公司股票的公司。</p>
<p>施瓦布表示，它正在收购私募市场平台 Forge Global，就在摩根士丹利宣布收购 EquityZen 的一周后，这两家竞争对手公司正在扩大其在不断增长的另类投资领域的产品。</p>
<p>施瓦布公司正在为其百万富翁客户提供在私营公司上市前获取潜在收益的机会，因为对另类投资的兴趣——即传统股票和债券以外的投资——持续增长。</p>
<p>施瓦布（SCHW）周四表示，它以 6.6 亿美元收购 Forge Global Holdings Inc.，每股支付 45 美元，较周三收盘价 26.12 美元溢价 72.3%。</p>
<p>施瓦布周四宣布的交易，收购总部位于旧金山的上市公司（FRGE），该公司为 “合格投资者” 运营一个私募市场股票交易平台，恰好是在摩根士丹利（MS）宣布收购私有的 EquityZen，一个私有股票交易平台的一周后。合格投资者由监管机构定义为满足特定财富门槛的客户，包括净家庭资产超过 100 万美元（不包括其主要居所的价值）。</p>
<p>私募市场通常由风险投资和私募股权公司主导，以及机构投资者和企业支持的投资者——基本上是除了散户投资者以外的所有人。如果公司表现良好，它们可以提供丰厚的回报，散户投资者在此之前没有机会投资。</p>
<p>扩大对这一领域的访问通常被描述为私募市场的民主化，尽管一些人认为，由于与更广泛持有的产品（如交易所交易基金或股票）相比，费用更高，且私营公司不需要公开披露其业务，因此这并不是散户投资者的理想之地。</p>
<p>另请阅读：'我对退休账户拟议的变更感到高度警惕'：我不想在我的 401(k) 中投资比特币或私募股权。我该怎么办？</p>
<p>尽管如此，随着越来越多的私人财富资本被分配到另类资产类别，这一领域正在迅速增长。根据施瓦布提供的估计，个人在这一领域的持有量预计将从 2025 年的 4 万亿美元增加到 2032 年的 13 万亿美元。</p>
<p>目前尚不清楚这部分增长是否会来自 401(k) 退休资金——这一举措得到了特朗普政府的支持，但遭到了行业专家的批评。</p>
<p>施瓦布甚至警告说，私募市场 “流动性极低”，并建议投资者在投入资金之前做好功课，包括寻求独立的专业建议。</p>
<p>另请阅读：观点：私募股权和私募信贷可能适合您的 401(k) 退休计划——但您需要了解这些。</p>
<p>Forge 的股票在最近的早盘交易中飙升 67.7%，有望创下自 2024 年 1 月 4 日以来的最高收盘价。</p>
<p>在周四的反弹之前，该股票自摩根士丹利在 10 月 29 日开盘前宣布收购 EquityZen 以来，已经上涨了超过 25%。</p>
<p>施瓦布表示，收购 Forge Global 将加速其 “为零售和顾问客户提供全面整合的私募市场能力” 的努力。</p>
<p>摩根士丹利则在不断壮大其 Morgan Stanley at Work 计划，该计划为银行的商业客户提供财富管理服务，并允许他们出售私有股票。</p>
<p>总部位于纽约的 EquityZen 成立于 2013 年，运营着一个私有股票市场，具有 “简化的操作处理”，摩根士丹利计划对此进行扩展。</p>
<p>根据公司提供的信息，EquityZen 目前拥有超过 80 万注册用户，并与超过 450 家私营公司进行了交易。</p>
<p>摩根士丹利表示，其 2000 万客户对私募市场的兴趣日益上升。</p>
<p>EquityZen 首席执行官 Atish Davda 表示，这笔交易将使其能够扩大 “将私募市场带入公众视野” 的使命。</p>
<p>摩根士丹利的股票在 2025 年上涨了 31.4%，而施瓦布的股票上涨了 27.7%。标准普尔 500 指数今年上涨了 15.2%。</p>
<p>-Steve Gelsi</p>
<p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
<p>（完）道琼斯新闻通讯</p>
<p>11-06-25 1031ET</p>

嘉信理财

FRGE

<p>嘉信理财以 6.6 亿美元收购 Forge Global，支付 72.3% 的溢价，以扩大其针对富裕客户的私募市场产品。这一举措紧随摩根士丹利最近收购 EquityZen 之后，两家公司都旨在抓住对另类投资日益增长的兴趣。嘉信的交易将增强合格投资者对私营公司的访问，尽管人们对更高的费用和缺乏透明度表示担忧。预计私募市场将显著增长，个人持有的资产预计到 2032 年将达到 13 万亿美元。嘉信建议投资者在投资这些流动性较差的市场之前寻求专业建议</p>

<p>By Steve Gelsi</p>
<div class="lb-trans"><p>作者：Steve Gelsi</p>
</div><p>An expected surge in private-market exposure by individual investors is motivating Schwab to pay $660 million for Forge Global, a specialist in trading shares of non-public companies</p>
<div class="lb-trans"><p>个人投资者预计将增加对私募市场的投资，这促使施瓦布以 6.6 亿美元收购 Forge Global，一家专注于交易非上市公司股票的公司。</p>
</div><p>Charles Schwab said it's buying private-markets platform Forge Global just a week after Morgan Stanley said it would buy EquityZen, as the two rival firms expand their offerings into the growing realm of alternative investments.</p>
<div class="lb-trans"><p>施瓦布表示，它正在收购私募市场平台 Forge Global，就在摩根士丹利宣布收购 EquityZen 的一周后，这两家竞争对手公司正在扩大其在不断增长的另类投资领域的产品。</p>
</div><p>Charles Schwab Corp. is moving to offer its millionaire clients access to potential windfalls generated by private companies before they go public, as investor interest for alternative investments - those outside of traditional stocks and bonds - continues to grow.</p>
<div class="lb-trans"><p>施瓦布公司正在为其百万富翁客户提供在私营公司上市前获取潜在收益的机会，因为对另类投资的兴趣——即传统股票和债券以外的投资——持续增长。</p>
</div><p>Schwab (SCHW) said Thursday it is buying Forge Global Holdings Inc. in a deal valued at $660 million. It is paying $45 a share for Forge's outstanding shares, which represents a 72.3% premium over Wednesday's closing price of $26.12.</p>
<div class="lb-trans"><p>施瓦布（SCHW）周四表示，它以 6.6 亿美元收购 Forge Global Holdings Inc.，每股支付 45 美元，较周三收盘价 26.12 美元溢价 72.3%。</p>
</div><p>Schwab's deal, announced Thursday, to purchase the publicly held San Francisco-based company (FRGE), which operates a private-market stock-trading platform for &#34;qualified investors,&#34; comes about a week after Morgan Stanley (MS) said it was buying privately held EquityZen, a private-shares trading platform. Qualified investors are defined by regulators as clients that meet certain wealth thresholds, including $1 million in net household worth outside the value of their primary residence.</p>
<div class="lb-trans"><p>施瓦布周四宣布的交易，收购总部位于旧金山的上市公司（FRGE），该公司为 “合格投资者” 运营一个私募市场股票交易平台，恰好是在摩根士丹利（MS）宣布收购私有的 EquityZen，一个私有股票交易平台的一周后。合格投资者由监管机构定义为满足特定财富门槛的客户，包括净家庭资产超过 100 万美元（不包括其主要居所的价值）。</p>
</div><p>Private markets are a realm that venture capital and private-equity firms typically dominate, along with institutional investors and corporate-backed investors - essentially everyone except retail investors. They can offer big returns if the companies do well, before individual investors have a chance to invest.</p>
<div class="lb-trans"><p>私募市场通常由风险投资和私募股权公司主导，以及机构投资者和企业支持的投资者——基本上是除了散户投资者以外的所有人。如果公司表现良好，它们可以提供丰厚的回报，散户投资者在此之前没有机会投资。</p>
</div><p>Opening up wider access to this world is often described as democratizing private markets, though some argue that it's not a great place for individual investors due to higher fees, compared with more widely held products such as exchange-traded funds or stocks, and since private companies aren't required to make public disclosures about their businesses.</p>
<div class="lb-trans"><p>扩大对这一领域的访问通常被描述为私募市场的民主化，尽管一些人认为，由于与更广泛持有的产品（如交易所交易基金或股票）相比，费用更高，且私营公司不需要公开披露其业务，因此这并不是散户投资者的理想之地。</p>
</div><p>Also read: 'I am highly alarmed by the proposed changes to retirement accounts': I don't want bitcoin or private equity in my 401(k). What can I do?</p>
<div class="lb-trans"><p>另请阅读：'我对退休账户拟议的变更感到高度警惕'：我不想在我的 401(k) 中投资比特币或私募股权。我该怎么办？</p>
</div><p>Nevertheless, it's a rapidly growing world as more private-wealth capital is allocated to alternative asset classes. Holdings in this bucket by individuals are expected to increase to $13 trillion by 2032 from $4 trillion in 2025, according to estimates provided by Schwab.</p>
<div class="lb-trans"><p>尽管如此，随着越来越多的私人财富资本被分配到另类资产类别，这一领域正在迅速增长。根据施瓦布提供的估计，个人在这一领域的持有量预计将从 2025 年的 4 万亿美元增加到 2032 年的 13 万亿美元。</p>
</div><p>It's still not clear if some of that increase could come from 401(k) retirement money - a move that has drawn support from the Trump administration but has drawn criticism from industry experts.</p>
<div class="lb-trans"><p>目前尚不清楚这部分增长是否会来自 401(k) 退休资金——这一举措得到了特朗普政府的支持，但遭到了行业专家的批评。</p>
</div><p>Even Schwab cautioned that private markets are &#34;highly illiquid,&#34; and recommended investors do their homework, including seeking independent professional advice, before committing money.</p>
<div class="lb-trans"><p>施瓦布甚至警告说，私募市场 “流动性极低”，并建议投资者在投入资金之前做好功课，包括寻求独立的专业建议。</p>
</div><p>Also read: Opinion: Private equity and private credit may fit your 401(k) retirement plan - but here's what you need to know.</p>
<div class="lb-trans"><p>另请阅读：观点：私募股权和私募信贷可能适合您的 401(k) 退休计划——但您需要了解这些。</p>
</div><p>Forge's stock soared 67.7% in recent morning trading, to put it on track for its highest close since Jan. 4, 2024.</p>
<div class="lb-trans"><p>Forge 的股票在最近的早盘交易中飙升 67.7%，有望创下自 2024 年 1 月 4 日以来的最高收盘价。</p>
</div><p>Prior to Thursday's rally, the stock had already run up more than 25% since Morgan Stanley said before the Oct. 29 opening bell that it was buying EquityZen.</p>
<div class="lb-trans"><p>在周四的反弹之前，该股票自摩根士丹利在 10 月 29 日开盘前宣布收购 EquityZen 以来，已经上涨了超过 25%。</p>
</div><p>Schwab said its acquisition of Forge Global will speed its effort to &#34;deliver fully integrated private markets capabilities to retail and advisor clients.&#34;</p>
<div class="lb-trans"><p>施瓦布表示，收购 Forge Global 将加速其 “为零售和顾问客户提供全面整合的私募市场能力” 的努力。</p>
</div><p>For its part, Morgan Stanley has been building up its Morgan Stanley at Work program, which offers company employees among the bank's roster of business clients its wealth-management services, along with the ability to sell their privately held stock.</p>
<div class="lb-trans"><p>摩根士丹利则在不断壮大其 Morgan Stanley at Work 计划，该计划为银行的商业客户提供财富管理服务，并允许他们出售私有股票。</p>
</div><p>New York-based EquityZen, which was founded in 2013, operates the private shares marketplace with &#34;streamlined operational processing&#34; that Morgan Stanley plans to grow.</p>
<div class="lb-trans"><p>总部位于纽约的 EquityZen 成立于 2013 年，运营着一个私有股票市场，具有 “简化的操作处理”，摩根士丹利计划对此进行扩展。</p>
</div><p>At last check, EquityZen had more than 800,000 registered users and has handled transactions with more than 450 private companies, the companies said.</p>
<div class="lb-trans"><p>根据公司提供的信息，EquityZen 目前拥有超过 80 万注册用户，并与超过 450 家私营公司进行了交易。</p>
</div><p>Morgan Stanley said its 20 million clients have signaled rising interest in private-markets exposure.</p>
<div class="lb-trans"><p>摩根士丹利表示，其 2000 万客户对私募市场的兴趣日益上升。</p>
</div><p>EquityZen Chief Executive Atish Davda said the deal will allow it to scale up its mission to bring &#34;private markets to the public.&#34;</p>
<div class="lb-trans"><p>EquityZen 首席执行官 Atish Davda 表示，这笔交易将使其能够扩大 “将私募市场带入公众视野” 的使命。</p>
</div><p>Morgan Stanley's stock has rallied 31.4% in 2025, while Schwab's stock has climbed 27.7%. The S&amp;P 500 SPX has gained 15.2% this year.</p>
<div class="lb-trans"><p>摩根士丹利的股票在 2025 年上涨了 31.4%，而施瓦布的股票上涨了 27.7%。标准普尔 500 指数今年上涨了 15.2%。</p>
</div><p>-Steve Gelsi</p>
<div class="lb-trans"><p>-Steve Gelsi</p>
</div><p>This content was created by MarketWatch, which is operated by Dow Jones &amp; Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.</p>
<div class="lb-trans"><p>本文由 MarketWatch 创作，MarketWatch 由道琼斯公司运营。MarketWatch 与道琼斯新闻通讯和《华尔街日报》独立出版。</p>
</div><p>(END) Dow Jones Newswires</p>
<div class="lb-trans"><p>（完）道琼斯新闻通讯</p>
</div><p>11-06-25 1031ET</p>
<div class="lb-trans"><p>11-06-25 1031ET</p>
</div>

嘉信理财以高额溢价收购 Forge Global，强势进军私人市场