Crowdcube’s PISCES Pipeline Hits £543 Million Is Secondary Liquidity the Future
Updated: 4 days ago
Crowdcube’s latest pipeline figure suggests a change in what private market platforms may be asked to do next. The company says £543 million of secondary share sales are working through its pipeline under the UK’s Private Intermittent Securities and Capital Exchange System, known as PISCES. It also says that number could reach £750 million across 29 listings over the next two quarters if current talks become completed deals.
That matters because secondary sales are not new fundraising. They let existing shareholders sell some or all of their shares in private companies. For founders, early staff and investors, that can mean liquidity without forcing a sale or public listing. For platforms such as Crowdcube, it may also point to a larger business than primary crowdfunding rounds.
The numbers show a shift from fundraising to liquidity
Crowdcube disclosed the pipeline in a company blog post, later reported by Crowdfund Insider. The headline numbers are unusually direct for a young private market system.
Measure | Figure |
Current secondary share sale pipeline | £543 million |
Possible pipeline across the next two quarters | £750 million |
Potential listings under discussion | 29 |
PISCES transactions on LSE’s Private Securities Market, all involving Crowdcube (of four across PISCES so far) | 3 |
The scale is the important part. Crowdcube built its name by helping private companies raise money from retail and other investors. Secondary sales are different. They create a way for shareholders to sell shares after a company has already raised money and remained private.
In the UK, that need has grown as private companies stay private for longer. A decade ago, a successful venture-backed company might have treated an initial public offering as the obvious next step once it reached a certain size. Today, many companies delay that move. They may have access to private capital, want to avoid public market scrutiny, or prefer to mature before listing.
That leaves investors and employees with paper gains that may be hard to turn into cash. A structured secondary market addresses that gap.
For founders, the benefit is control. A company can provide some liquidity without launching a full fundraising round or selling the business. For investors, the benefit is choice. They can hold, buy more, or sell, depending on their fund cycle and view of the company.
Why Crowdcube is well placed
Crowdcube’s co-chief executive Matt Cooper linked the company’s position to work done before the framework existed.
“We built the infrastructure for this before PISCES existed, and that is why these transactions are coming to us.”
His point is practical. Secondary markets depend on more than a buyer and a seller. They need records of who owns what, clear rules around who can trade, processes for company approval, and a pool of investors who understand private company risk.
Crowdcube already has several of those pieces in place:
Shareholder registers from past crowdfunding rounds
Relationships with companies that used the platform
A known investor base
Experience handling private company share offers
Cap table knowledge, meaning records of company ownership
That does not remove execution risk. Private shares remain harder to price than listed shares. Information may be limited. Companies may restrict who can buy. But the infrastructure matters because secondary transactions often fail on process rather than demand.
What makes the UK framework different
The UK framework is designed for intermittent trading in private company shares. In plain English, that means companies do not trade every day like public stocks. Instead, they open windows where eligible investors can buy and sell.
That structure aims to balance two needs. Private companies want control over information and ownership. Investors want some route to liquidity. An intermittent system can sit between a fully private company and a public listing.
According to Crowdfund Insider, PISCES has so far enabled four transactions, three of them on the London Stock Exchange’s Private Securities Market, and Crowdcube was involved in all three. The platform has also worked alongside venues including JP Jenkins and Asset Match, both names already linked with private company share trading in the UK.
This matters because the market is not being built by one firm alone. It involves platforms, trading venues, company advisers and regulators. Early activity does not guarantee long-term success, but it suggests that the plumbing is starting to work.
The next test will be repeatability. A few transactions can prove a concept. A pipeline approaching £750 million would suggest a more regular market, if the deals complete.
Why secondary liquidity could become the main business
The biggest commercial question is whether secondaries become larger than new crowdfunding rounds. Crowdcube’s own figures make that plausible.
Primary fundraising depends on companies needing fresh capital and being willing to accept the terms available at the time. Secondary sales can be driven by a wider set of needs:
Early employees may want to realise value from vested shares.
Angel investors may want to return capital after holding for years.
Venture funds may need liquidity as their funds approach the end of their life.
Later-stage investors may want access to companies before a public listing.
Founders may want to tidy up old share registers.
Those use cases can appear even when a company does not need more money. That makes the addressable market potentially broader.
There is also a behavioural point. Once shareholders know that liquidity windows may exist, expectations change. Employees may value equity differently. Investors may be more willing to back private companies if they believe there may be a managed route out before an exit event.
TOKENISATION could also become relevant over time if regulated systems use digital records to improve settlement and ownership tracking. But the main issue today is more basic. The market needs trust, fair information and reliable execution.
The risks are still real
Secondary liquidity should not be confused with public market liquidity. Private company shares may still be difficult to value and sell. Trading windows may be limited. Companies may choose not to participate. Buyers may require detailed information before committing capital.
There is also a fairness question. If some shareholders sell, who gets access to company information, and when? Public markets have strict disclosure rules because investors need a shared base of information. Private markets have more discretion. That can work, but only if the rules are clear.
Founders also need to think about signalling. A secondary sale can be healthy, especially when early backers or staff have waited many years. But a poorly explained sale may raise questions about confidence in the company. The best programmes will explain who is selling, why a window exists, and how pricing has been set.
For investors, the key point is simple. Liquidity does not remove risk. It changes the shape of risk.
The takeaway for the private market
Crowdcube’s £543 million pipeline is not just a large number. It is evidence that secondary share sales are moving from occasional side activity towards a more formal part of UK private capital.
If the possible £750 million across 29 listings converts over the next two quarters, Crowdcube may find that helping shareholders sell becomes as important as helping companies raise. That would mark a clear change in the role of crowdfunding platforms.
For startups, the message is that liquidity planning may need to start earlier. For investors, the message is that private market exits may become more varied, but not risk-free. This post is for general information only and is not financial advice.
How we got here
PISCES was created by the Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025, which came into force on 5 June 2025. The FCA published its final rules in policy statement PS25/6 on 10 June 2025, opening a sandbox that runs for five years.
The first live trades came in March 2026. JP Jenkins Private Market opened the first PISCES order window on 18 March 2026, for shares in QPLAY Ltd, a UK board game maker. On 25 March 2026 the London Stock Exchange confirmed the first permissioned auction on its Private Securities Market. That trade was in a Tradeable Private Equity Investment Company holding secondary shares in Oxford Science Enterprises. It was Crowdcube's first offering under its partnership with the exchange, with a Crowdcube nominee holding the shares on behalf of investors.
Key facts at a glance
5 June 2025: the PISCES sandbox regulations come into force.
10 June 2025: the FCA publishes its final rules in PS25/6, and the five-year sandbox opens.
18 March 2026: JP Jenkins opens the first PISCES order window, for QPLAY Ltd.
25 March 2026: the first permissioned auction completes on the London Stock Exchange Private Securities Market.
Crowdcube acts as a Registered Auction Agent on the Private Securities Market.
24 September 2026: Crowdfund Insider reports Crowdcube's £543 million PISCES pipeline.
What it means for UK founders
The Oxford Science Enterprises deal shows that early PISCES transactions can be structured products rather than simple share sales. According to Crowdfund Insider, that offering carried a 3% investor fee, a 0.5% annual management fee and a 5% exit fee. Founders weighing a PISCES window should look at the full cost to sellers and buyers, not only the headline price.
The sandbox also has a time limit. A five-year term that began in June 2025 means the current rules run to mid-2030 unless the government extends or replaces them. Companies planning repeat liquidity windows over several years may want to take professional advice on how the regime could change, and on how a trading window interacts with their articles, pre-emption rights and shareholder agreements.
Frequently asked questions
How much is in Crowdcube's PISCES secondary share sale pipeline?
Crowdcube says £543 million of secondary share sales are working through its pipeline under PISCES. It says this could reach £750 million across 29 listings over the next two quarters if current talks become completed deals.
What is PISCES in the UK?
PISCES, the Private Intermittent Securities and Capital Exchange System, is a UK framework designed for intermittent trading in private company shares. Companies do not trade every day like public stocks. Instead, they open windows where eligible investors can buy and sell.
How are secondary share sales different from crowdfunding rounds?
Secondary sales are not new fundraising. They let existing shareholders sell some or all of their shares in a private company after it has already raised money and remained private.
How many transactions has Crowdcube been involved in on the London Stock Exchange's Private Securities Market?
According to Crowdfund Insider, PISCES has so far enabled four transactions, three of them on the London Stock Exchange's Private Securities Market, and Crowdcube was involved in all three. It has also worked alongside venues including JP Jenkins and Asset Match.
Does secondary liquidity under PISCES remove the risk of holding private company shares?
No. Private company shares may still be difficult to value and sell, trading windows may be limited and companies may choose not to participate. Liquidity changes the shape of risk rather than removing it.
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