New framework prepares for inaugural transaction
The London Stock Exchange’s Private Securities Market is preparing to host its first transaction in the coming weeks, marking the debut deal under the UK regulator’s new PISCES framework. The development represents a milestone for Britain’s efforts to deepen access to private capital while revitalizing domestic capital markets.
The initial transaction will involve the creation of a Tradable Private Equity Investment Company, known as a TPEIC, established by TPE. The vehicle will hold shares in Oxford Science Enterprises, an investment firm affiliated with Oxford University.
Structure designed for auction based trading
The TPEIC will allow investors to trade exposure to Oxford Science Enterprises through structured auction processes facilitated on the exchange’s Private Securities Market. Oxford Science Enterprises is valued at approximately 1.3 billion pounds, or about 1.75 billion dollars, and maintains holdings in more than 100 companies across artificial intelligence, quantum computing and life sciences.
PISCES, short for private intermittent securities and capital exchange system, was introduced last year as a new market structure aimed at improving liquidity and visibility for private companies. The framework allows shares in qualifying firms to trade periodically without the full regulatory and disclosure requirements of a traditional public listing.
Part of broader UK market reforms
The London Stock Exchange was the first operator to secure regulatory approval to run a PISCES platform. The initiative forms part of wider Financial Conduct Authority reforms intended to boost investment flows, counter a slowdown in initial public offerings and stem the trend of companies delisting from UK markets.
By offering an alternative to a full initial public offering, PISCES is positioned to help smaller or growth oriented businesses raise capital and gain investor recognition without committing to the continuous obligations of public markets. Comparable private market structures have existed elsewhere, including segments operated by Nasdaq in the United States.
Exchange leadership signals momentum
LSE Chief Executive Dame Julia Hoggett said the upcoming transaction demonstrates how companies can use the new structure creatively to access capital solutions tailored to their needs. The exchange views the debut deal as an early validation of the framework’s potential to expand financing options for private enterprises.
As the first PISCES transaction approaches, market participants will be watching closely to assess liquidity, pricing dynamics and investor participation. Its performance may shape the pace at which additional private companies consider the route as an alternative capital markets pathway.
