LSEG Launches Pisces: UK's First Private Equity Market
The London Stock Exchange Group has launched Pisces, a private equity market, in partnership with Crowdcube. This move allows private companies to access the same infrastructure and technology as the public stock market, making the UK more attractive for private company growth and investor participation.
Previously, similar private market platforms were only available outside the UK, such as Nasdaq Private Market. The new platform, Pisces, aims to provide an organized and liquid secondary market for share sales in private companies.
The Financial Conduct Authority (FCA) has approved Pisces, initially limiting access to institutional investors, wealthy private investors, sophisticated investors, and company employees. Notably, family members of employees are also admitted to participate on the platform for trading shares of private companies. This expands the pool of potential investors to hundreds of thousands, including qualified Crowdcube investors.
The framework for Pisces was first introduced by Conservative Chancellor Jeremy Hunt in spring 2024. Preparations continued under the Labour government, leading to the recent launch. Crowdcube's Co-CEO, Matt Cooper, has expressed a desire to make the UK the most attractive place for private company growth and investor participation.
The partnership between the London Stock Exchange Group and Crowdcube for Pisces is expected to foster growth in the UK's private equity market. By providing access to the same infrastructure and technology as the public stock market, Pisces aims to create a more inclusive and connected financing continuum for private companies and investors.
