London Stock Exchange welcomes TPE the first user of the Private Securities Market
We were pleased to welcome TPE to the London Stock Exchange as it launched the first transaction on the Private Securities Market (PSM) under the FCA’s PISCES framework, a landmark moment for UK private markets.
Delivered through a Tradable Private Equity Investment Company (TPEIC), the transaction provides an exchange‑enabled route to structured secondary liquidity at the asset level, while allowing private companies to remain private. The inaugural transaction uses Oxford Science Enterprises (OSE) as its sole underlying asset, offering investors access to a £1.3bn‑valued portfolio spanning deep tech, artificial intelligence, quantum computing, life sciences and health tech.
“For TPE, being first is validation that the market is ready and that the problem we set out to solve is real. For the first time, the UK private markets ecosystem now has a proven, regulated infrastructure capable of supporting asset‑level liquidity in a manner which can truly scale.”
Frederick Bouverat
CEO & Founder, TPE
The transaction demonstrates how asset‑level liquidity for private companies can be delivered through an exchange‑operated framework, providing investors, shareholders and companies with a structured, scalable alternative to traditional private market pathways. Through PSM, private assets can trade while companies remain private, combining proportionate disclosure with the confidence of a recognised market venue.
Operating within the London Stock Exchange’s market infrastructure, liquidity is achieved through permissioned auctions at the investment company level, preserving the integrity of the underlying company.
The successful completion of this first PSM transaction represents an important proof point for private market liquidity and establishes a scalable, repeatable framework for future transactions.
