Last year, it was revealed that online investment platform Crowdcube had teamed up with the London Stock Exchange to provide access to late-stage, high-growth private firms listed on LSEG’s new Private Securities Market (PISCES).
PISCES, or Private Intermittent Securities and Capital Exchange System, is a new regulatory framework designed to support periodic trading of private company shares. Private companies may offer liquidity to employees and investors without a full public listing.
The London Stock Exchange is the first marketplace to be approved to operate a PISCES marketplace. Crowdcube is recognized as a Registered Auction Agent.
In a blog post, Crowdcube stated:
“The boundary between private and public markets just got a lot thinner. In a landmark move for the UK’s financial ecosystem, Crowdcube and the London Stock Exchange Group (LSEG) have officially launched their first transaction under a new partnership.”
Matt Cooper, Crowdcube co-CEO, called the partnership the “right infrastructure” for “late-stage companies to keep innovating in the UK.” The collaboration also allows a broader base of investors to participate, while early shareholders may gain access to a full or partial exit.
PISCES is part of a broader policy aimed at reinforcing London’s status as a global financial center and maintaining its competitiveness. Final rules for a PISCES marketplace were published in June 2025.
Recently, Crowdcube listed its first offering under the arrangement, Oxford Science Enterprises (OSE).
Shares of OSE are being made available in a Tradable Private Equity Investment Company (TPEIC). A TPE Investment Company is a Luxembourg société anonyme trading via the PISCES framework.
OSE holds shares in every scientific spinoff from the University of Oxford. According to the listing, the company holds a portfolio of over 300 companies across a wide range of sectors, including Quantum and Artificial Intelligence (AI). They anticipate its current £1.3 billion net asset value to grow by 2.5X over the next five years. Reportedly, OSE had its first unicorn exit with Oxford Ionics’ acquisition by IonQ, generating $352 million with a 30x money multiple.
While the offering is not available to everyone, it is aimed at HNWs and sophisticated and institutional investors, although Crowdcube notes that “eligible retail” investors may participate. The offering is a solid step toward greater access to the private securities markets, which have grown dramatically. Meanwhile, public markets have been moribund.
Shares in TPEIC that hold OSE shares will be traded on auction day, 25 March. Investors who transact on the Crowdcube platform will accept funds that represent a binding order to purchase shares on auction day. A Crowdcube Nominee will hold the shares in TPEIC on the investor’s behalf. The share price has been set at £1.055. Investors will pay a 3% investor fee, followed by an annual 0.5% management fee. Upon exit, a 5% fee is applied to the transaction.
Like other markets, the UK has experienced a situation in which private firms seek the least-cost funding, which means private markets. In the UK, from 2020–2024, private equity/VC delivered nearly 3× more new equity funding to UK companies than public markets. Private markets supported 73% of all equity capital raised from 2020 to 2024 and 81% in 2024 alone.
Public equity has declined by 17% from 2013 to 2024, while VC and PE have grown by 13% from 2020 to 2024. If the UK wants to remain competitive in capital markets, it must improve both private and public markets. Still, public markets win on liquidity while private firms win on growth.
In regard to Crowdcube, the online investment platform is pursuing a smart trend in investment crowdfunding, offering securities in more mature firms to investors, including more sophisticated ones. Investors want access to private firms at all stages of development. In 2025, Crowdube listed multiple more mature firms, including Bolt, Atom Bank, Chip, and others. Proven business models and scale can help mitigate risk when compared to startups. Crowdcube reports that this TPEIC is just the first offering, and they anticipate multiple similar offerings throughout 2026 as private markets become more like past public markets.
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