Equiniti's role helps establish the technical and procedural foundation for regulated private share liquidity events in the UK
Key facts
- What's happening: The first PSM trading event has gone live on the LSE disclosure portal, marking a transition from regulatory design to live market operation under the Private Intermittent Securities and Capital Exchange System (PISCES)
- Who is involved: Equiniti, the LSE, and TPEIC are collaborating to enable the inaugural PSM auction.
- Why it matters: As UK companies remain private for longer, boards and investors are seeking well-governed mechanisms that can support periodic liquidity in a regulated environment.
LONDON, Feb. 23, 2026 (GLOBE NEWSWIRE) -- Equiniti ("EQ") today announced that it is powering the first auction on the London Stock Exchange's ("LSE") Private Securities Market ("PSM"), in collaboration with the LSE and Tradable Private Equity Investment Company ("TPEIC"). Operating under the UK's Private Intermittent Securities and Capital Exchange System (PISCES) framework, the PSM enables structured, intermittent liquidity auctions for private company shares using public markets infrastructure.
"The first PSM auction is a landmark moment that fundamentally changes the physics of private ownership in the UK," said Jo Palmer, CEO of Investment Services at Equiniti. "For decades, Equiniti has served as the trusted backbone of the UK's financial infrastructure, and we are now applying that storied legacy to solve the 'liquidity trap' for a new generation of high-growth companies. By engineering the regulated 'highway' that allows private shares to trade with the scale and precision of the public markets for the first time in history, we are ensuring that founders and employees can finally unlock the value of their success within a framework built on institutional-grade trust and operational excellence."
PISCES in practice: how the inaugural structure works
TPEIC is a new type of investment company designed to enable trading under the PISCES framework. It will hold shares in a single UK private company, Oxford Science Enterprises ("OSE"), with liquidity occurring at the TPEIC level on the PSM, rather than OSE listing directly. This structure demonstrates how PISCES can support scalable, repeatable private market liquidity models for eligible issuers and shareholders.
As TPEIC enters the marketing phase of the auction lifecycle, Equiniti will continue supporting the project through auction day and beyond.
"Equiniti have been instrumental in bringing TPEIC to market. Their technical expertise, operational precision and ability to navigate complex settlement and registry mechanics have been critical to transforming an innovative concept into a fully executable structure. As we pioneer a new model for scalable, repeatable private market liquidity, having a partner with Equiniti's depth of experience and commitment to excellence has been invaluable. They are not just a service provider - they are a key enabler of the TPEIC platform and its readiness for institutional-grade market execution."
Fred Bouverat
Founder, TPE (Tradable Private Equity)
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"The company's Private Securities Market disclosure (including any corrections to such disclosure or any company responses to investor questions) is available to be reviewed by eligible investors who access the Private Securities Market Disclosure Portal (PSM Disclosure Portal) atPrivate Securities Market | Disclosure Portal | Issuer Services | LSEG. Investors should be aware that only company information disclosed on the PSM Disclosure Portal is part of the Private Securities Market disclosure arrangements. Information regarding the Private Securities Market company which is communicated outside of the PSM Disclosure Portal is not part of the Private Securities Market disclosure arrangements and is beyond the scope of the Private Securities Market rules."
Media Contact:
Nicholas Ledford
Tel: +1 513 833 4528
Email: nicholas.ledford@equiniti.com
