London Stock Exchange’s PSM confirms first PISCES auction

On Friday, 20 February 2026 investment structure provider, Tradable Private Equity (TPE), announced that it has chosen the London Stock Exchange’s Private Securities Market (PSM) for its first permissioned auction. This will also be the first entity to use the PSM, a trading venue which has been developed under the PISCES framework (see our PISCES hub here for more information about the PSM, including information about its fees, Rulebook and Handbook).

The transaction is structured through a ‘Tradable Private Equity Investment Company’ (TPEIC), an exchange-enabled investment structure that facilitates structured secondary liquidity in private markets. The sole underlying asset of the TPEIC will be shares in Oxford Science Enterprises, an investment company established to commercialise research from the University of Oxford, and which is valued at £1.3bn. and includes a portfolio of over 100 companies.

Further information about the auction can be found on the PSM’s Disclosure Portal here.

If you are interested in finding out more about the PSM or PISCES, please visit our dedicated PISCES hub or reach out to one of our PISCES team members at Burges Salmon: AJ Venter, Nick Graves, Guy Francis, Charlotte Hamilton, or Eleanor Furlong.

This is a clear example of how companies, and structures such as TPEIC, can use our new market and the PISCES framework in innovative ways to access the solutions that best suit their needs. Dame Julie Hoggett, CEO, London Stock Exchange plc