The acquisition adds Forge Trust's alternative asset classes and account types as well as established client and partner relationships to Alto's leading technology, custody, and investment infrastructure. The result is a platform spanning custody, compliance, an SEC-registered broker-dealer and FINRA member, private market investment marketplace, and API-enabled enterprise capabilities––creating the operating system for how retirement capital connects to private markets.
"The joining of Alto and Forge Trust brings together the best elements of the past, present, and future of private market retirement investing. We see an enormous opportunity to bring alternative assets into the financial mainstream by making retirement capital easier to put to work," said Eric Satz, Founder and CEO of Alto. "Forge Trust's alternative asset offerings are complementary to Alto's modern, user friendly, and API-enabled infrastructure, and together reduce the friction that has kept retirement capital out of private markets. This is the platform that delivers what private market retirement investing has needed."
Expanding Access to Private Markets
More than $19.9 trillion sits in IRAs today, yet the vast majority of that capital remains locked out of private markets. Demand is accelerating: global alternative assets under management are approaching $32 trillion by 2030, and 74% of registered investment advisors ("RIAs") say they want to increase client allocations to private markets, according to KKR. But access remains the bottleneck. Historically, investors have faced complicated and lengthy processes; advisors have lacked visibility into client SDIRA activity; and legacy custodial infrastructure has lacked the connectivity modern fintech platforms require.
Alto's platform is built to close that gap by digitizing and automating the documentation and execution workflows behind private market retirement investing. The acquisition adds Forge Trust's capabilities, asset classes, and account types to that infrastructure, expanding Alto's ability to serve advisors, issuers, investors and enterprise partners across the growing $32 trillion alternative asset market.
Forge Trust is a South Dakota-chartered custodian and a subsidiary of Forge Global, Inc., which Schwab acquired in March 2026. Its custodial depth and client relationships represent exactly what Alto's modern infrastructure was built to scale.
The combined platform serves advisors and investors who access private markets through the Alto Marketplace and recently launched Alto Private Deal Room for RIAs, which enables the execution of private market investments inside self-directed IRAs on an invite-only basis. Enterprise partners embed Alto's custody, compliance, and investment infrastructure into their own workflows through API-enabled Custody-as-a-Service and Marketplace-as-a-Service offerings. Alto's platform uses AI to automate documentation and execution workflows, compressing processes that have historically taken weeks into minutes.
"Our priority throughout this process has been to ensure continuity for our clients and our people while positioning the business to serve them even better over time," said Liz Alexander, Chief Operating Officer at Forge Trust. "By joining Alto, we will combine Forge Trust's deep custodial expertise and commitment to high-quality service with Alto's AI-powered technology and broader investment capabilities to best support all of our clients."
Forge Trust clients do not need to take any action at this time. Forge Trust will continue to service client accounts in the ordinary course, and clients will receive direct communication in advance of any changes.
The transaction is expected to close subject to approval by the South Dakota Division of Banking. Financial terms were not disclosed. J.P. Morgan Securities LLC is serving as financial advisor to Schwab and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Schwab. O'Melveny and Myers is serving as lead legal advisor to Alto.
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About Alto
Alto is a technology-led self-directed IRA custodian and broker-dealer making it easier to invest retirement capital in private markets. As a custodian and SEC-registered broker-dealer, Alto brings custody, compliance, investment execution, and technology together on one platform. Financial advisors execute private market deals inside client IRAs through Alto Private Deal Room, accredited individual investors access curated alternatives through Alto Marketplace, and enterprise partners use Alto's configurable, API-based infrastructure to embed retirement investing capabilities into their own platforms. Alto pairs AI-driven automation with deep alternatives expertise to streamline compliance, documentation, and execution workflows that have historically made private market retirement investing complex. Learn more at altoira.com.
*All data as of June 30, 2026.
DISCLAIMER: This communication is for informational purposes and does not constitute a solicitation of any securities. Private securities are intended for highly sophisticated investors. Private securities involve substantial risks, including loss of principal, lack of operating history, leverage, illiquidity, and concentration risk. Alto does not provide investment, legal, or tax advice. Investors should consult their own advisors and conduct due diligence before investing. Alto Solutions, Inc. is an administrator of IRAs and offers a platform to invest in private markets on its Private Deal Room. Alto Trust Co. is a state chartered trust company and passive custodian of IRAs. Alto Securities, LLC is a registered broker dealer, member of FINRA/SIPC and supports Alto Marketplace.
About Forge Trust
With over 40 years of experience, Forge Trust is a leading custodian for alternative assets that specializes in custodying alternative investments, including real estate, private stock, private equity, promissory notes, private placements, precious metals and more. Forge Trust is a subsidiary of Forge Global Inc., acquired by Charles Schwab in 2026.
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SOURCE Alto IRA
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