Crowdcube, LSEG Launch First TPEIC Offer on Private Securities Market

Britain’s private equity market lacks a continuous trading venue, leaving early investors and employees typically unable to cash out until a takeover or IPO. Crowdcube and London Stock Exchange Group (LSEG) are using the FCA’s PISCES framework and the Private Securities Market (PSM) to package unlisted shares through a TPEIC structure, opening participation to eligible retail, professional and institutional investors.

The first product is solely linked to Oxford Science Enterprises (OSE), whose portfolio has net assets of about £1.3 billion. Offering documents were disclosed on February 20, 2026, ahead of the PSM’s first permissioned auction on March 25 at £1.055 per share. Investors will also pay a 3% fee, an annual management fee of 0.5% and a 5% exit fee. Crowdcube will act as the registered auction agent.