In a major development for the UK’s financial landscape, Crowdcube and the London Stock Exchange Group (LSEG) have launched their first transaction on the Private Securities Market (PSM). The offering is structured as a Tradable Private Equity Investment Company (TPEIC), a novel framework developed by TPE.
The transaction is enabled by the Financial Conduct Authority’s Private Intermittent Securities and Capital Exchange System (PISCES), which opened earlier this year.
Opening doors to Oxford Science Enterprises
For the first time, PISCES is being utilised to support a TPEIC. This single-asset structure provides structured secondary liquidity in private companies while allowing them to remain private.
The first underlying asset available to eligible private investors through this structure is Oxford Science Enterprises (OSE). OSE is a £1.3bn balance-sheet investment company that holds a unique agreement securing equity in every scientific spinout originating from the University of Oxford.
By participating in this offer, investors gain diversified exposure to the commercial output of Oxford’s research across several transformative sectors. These include:
- Artificial Intelligence (AI) and machine learning.
- Life sciences and health tech.
- Deep technology.
With more than £850million raised and a further £1.8billion in co-investment from global institutions, OSE is widely regarded as one of the most advanced single-ecosystem venture builders in the world.
Solving the liquidity challenge for private markets
As companies are increasingly choosing to stay private for longer, access to structured liquidity solutions has become critical for both shareholders and investors.
Operating as a Registered Auction Agent and Public Offer Platform (POP), Crowdcube is helping to bridge this gap. The TPEIC structure operates alongside established market infrastructure, allowing private-company exposures to be traded through permissioned auctions.
The combined use of PISCES and LSEG’s Private Securities Market brings several key benefits to the private ecosystem:
- Intermittent liquidity and transparent price discovery.
- Electronic settlement capabilities.
- Standardised governance and disclosure processes designed specifically for private markets.
Industry leadership perspectives
Matt Cooper, co-CEO of Crowdcube, commented on the milestone: “This offer provides Crowdcube investors with exclusive access via a newly approved structure, the TPEIC, to world-class deep-tech and life sciences companies founded on peer-reviewed scientific breakthroughs from the University of Oxford, the world’s top-ranked research institution.”
He added: “We look forward to working closely with LSEG through 2026 to create more pathways for investors to buy shares in the most productive UK assets.”
Frederick Bouverat, founder and CEO of TPE, highlighted the strategic alignment of the partnership:
“We are proud to collaborate with Crowdcube on this inaugural TPEIC. Their platform has played a meaningful role in expanding participation in private markets, and their involvement strengthens the distribution framework supporting structured liquidity within LSEG’s PSM ecosystem.”
Crowdcube currently stands as Europe’s largest private market investment platform. It manages more than £1.1bn worth of securities for 435,000 investors, with over £1.5bn invested into private markets on its platform to date. Its historical portfolio includes major fintech and technology brands such as Revolut, Monzo, Moneybox, Chip, Nothing Technology, and Qonto.
