Our firm (Sapphire) is pleased to announce a groundbreaking partnership with JP Jenkins, the UK’s largest liquidity venue for unlisted assets. By leveraging JP Jenkins’ recently awarded PISCES operator licence, our portfolio companies can now choose to access a fully regulated secondary market structure.
Boyd Carson, co-founder and chairman of Sapphire, commented:
“We have been successfully supporting the financing of growth businesses for many years. We realised that the launch of the new PISCES operator licenses would present us with a unique opportunity, so we have partnered with JP Jenkins to provide new liquidity options and exit opportunities for investors in private companies. We are confident that this partnership presents a winning combination when it comes to providing greater flexibility for our clients.”
Boyd Carson
Co-founder and chairman, Sapphire
Under the partnership, JP Jenkins and Sapphire will create a first-of-its-kind private-markets solution in the UK to help high-quality growth companies broaden their investor base, support orderly secondary trading, and offer shareholders more frequent and transparent opportunities to realise value.
Andrew Foster of JP Jenkins, added:
“This partnership with Sapphire underlines the flexibility of the JP Jenkins offering, the relevance of the PISCES operator licenses to today’s market need and the power of the technology that sits behind it all. Sapphire’s portfolio companies can now benefit from improved liquidity options with equity ownership transfers being processed using a regulated trading model that best suits their own needs and those of investors.”
Andrew Foster
Director, JP Jenkins
JP Jenkins was the second operator to be awarded a PISCES license and is the first to announce a wholesale collaboration to address the real-world challenge faced by thousands of investors, including those backing EIS and SEIS companies. The streamlined access to a controlled environment for intermittent trading of shares provides a unique solution for asset valuation, exiting investments and recycling capital.
To ensure access to the broadest possible pool of investors, JP Jenkins has integrated its technology into the existing electronic financial ecosystem, enabling any approved broker or institution to connect to its order books. For more information, go to https://privatesecuritiesmarket.com
Frequently Asked Question:
What are the benefits for companies
PISCES enables controlled liquidity for shareholders, making your shares more attractive to investors and employees. It also provides valuation visibility, governance discipline, and increased credibility with potential institutional investors.
How is this different from AIM, Aquis, or using a private broker?
Unlike AIM or Aquis, PISCES allows intermittent trading rather than continuous trading, meaning companies maintain privacy and flexibility. Compared to informal secondary brokers, it offers FCA oversight, price transparency, and a compliant trading framework under JP Jenkins’ regulatory umbrella.
Is this meant to be a step toward a public listing, or simply an internal liquidity mechanism?
It can serve either purpose. For some companies, PISCES is a preparatory step toward public markets building governance, pricing history, and investor discipline. For others, it’s a long-term liquidity tool for managing shareholders without seeking a listing.
Does this make us a “public” company?
No. You remain a private company. PISCES provides a private market with controlled access under FCA oversight, not a public listing.