About the Specialist Fund Market
The Specialist Fund Market is the London Stock Exchange’s regulated market for highly specialised investment entities that wish to target institutional, professional and highly knowledgeable investors only.
The Specialist Fund Market further enhances London’s appeal to specialist investment managers seeking a flexible and adaptable route to accessing permanent capital from a highly sophisticated global investor base.
The Specialist Fund Market appeals to variety of different types of investment managers, including those managing large hedge funds, private equity funds, and certain emerging market and specialist property funds, seeking admission to a public market in London.
Updated Guidance for Admission to Trading
Please note that a revised version of the Guidance for Admission to Trading for new applicants is now available.
Intermediaries conducting designated investment business
FCA-authorised firms conducting designated investment business with retail customers under FCA Conduct of Business rules are reminded that securities admitted to trading on the Specialist Fund Market will be securities that may have characteristics such as:
- variable levels of secondary market liquidity
- sophisticated corporate structures
- highly leveraged structures
- sophisticated investment propositions with concentrated risks
and are therefore intended for institutional, professional and highly knowledgeable investors.
Applicants and their advisers not subject to FCA Conduct of Business Rules are responsible for compliance with equivalent conduct of business or point of sale rules in the jurisdiction in which they are based or in which they are marketing the securities concerned (if applicable).
Potential issuers and their advisers
The Specialist Fund Market is not intended as an admission route to a regulated market for investment entities that are intending to make a retail offering in the UK.
The Specialist Fund Market is not open to trading companies.
Specialist Fund Market - Factsheet (file pdf - 39 KB)
Specialist Fund Market - Guidance for admission to trading for new applicants (file pdf - 535 KB)
Specialist Fund Market - Summary Sheet (file pdf - 35 KB)
Specialist Fund Market - Public vs private funds (file pdf - 122 KB)