Creating new investment vehicle as part of first-ever PISCES share sale

We worked with client Pebble Capital to create TPEICs, launching the first share sale on the LSE's PISCES market.

We have advised Pebble Capital on developing an innovative structure – named TPEIC (pronounced "T-pick") – specifically designed for trading on PISCES markets, in this instance on the London Stock Exchange's Private Securities Market (PSM). This pioneering structure will make its debut on 25 March 2026 in the first-ever share auction on the PSM.

PISCES represents the world's first regulated private stock market, enabling companies to access capital through share trading within a regulated framework, whilst avoiding the continuous trading obligations characteristic of public markets.

William Garner, Financial Services Partner said: "We have helped our client to create an exciting new structure to facilitate secondary trading in private equity investment companies. This is a world-first, granting shareholders access to liquidity and investors access to unique investments. We're looking forward to doing it again.

"We worked particularly closely on guiding our client through the legal and regulatory complexities of creating the TPEIC structure, which provides investors with single asset exposure to underlying private equity investments.

"This has been a long-term project for our client to create a useful tool for the private equity market, and we have been delighted to help with the many legal and regulatory challenges along the way."

Our team consisted of William Garner (Partner) and Neil Millar (Senior Associate) in the Financial Services team. Paul Thorpe (Partner) led the Corporate team, supported be Ben Eaves (Associate) and Amy Hughes (Associate).