Structured secondary liquidity for private companies, without a public listing.
As companies stay private for longer, liquidity becomes a strategic consideration rather than an exit event. The Private Securities Market gives founders greater choice-unlocking liquidity for employees and investors while preserving the freedom to build for the long term.”
EMILY WATTS Head of Corporate Development, Cavendish
As companies remain private for longer, the importance of well-functioning secondary markets continues to grow. Secondary liquidity events can help companies manage their shareholder base, provide long-term shareholders and employees with liquidity, and offer new investors access to high-growth businesses before a public listing
The Private Securities Market operates within the UK’s new PISCES regulatory framework, which introduces a regulated environment for company-led secondary transactions while maintaining proportionate disclosure requirements.
Importantly, the platform combines the efficiency and price discovery mechanisms of public markets with the flexibility of private company ownership. Auctions utilise proven London Stock Exchange technology and benefit from established settlement infrastructure, creating a more streamlined process for issuers, shareholders and investors.
The UK Government has also confirmed two significant measures designed to support the development of private secondary markets:
Taken together, these changes provide private companies with a new route to shareholder liquidity that does not require a company sale or public listing, representing a significant evolution in the UK’s capital markets infrastructure.
Why this matters for boards
For private company boards, the emergence of regulated secondary markets offers an increasingly practical mechanism to reward employees, support shareholder succession planning and manage liquidity expectations, while allowing the business to remain focused on long-term growth.
As private company lifecycles continue to lengthen, we expect company-led liquidity programmes to become an increasingly important part of the governance and capital allocation toolkit.
“PISCES adopts a pragmatic ‘private-plus’ approach – enhancing existing private market disclosure practices rather than imposing public market standards.”
