Don’t invest unless you’re prepared to lose all the money you invest. These are high-risk investments and you are unlikely to be protected if something goes wrong. Take 2 mins to learn more.

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Risk summary for non-readily realisable securities which are shares:

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

Last updated: 01 August 2026

What are the key risks?
  1. 1. You could lose all the money you invest

    If the business you invest in fails, you are likely to lose 100% of the money you invested. Most start-up businesses fail.

  2. 2. You are unlikely to be protected if something goes wrong

    Protection from the Financial Services Compensation Scheme (FSCS), in relation to claims against failed regulated firms, does not cover poor investment performance. Try the FSCS Investment Protection Checker or visit: www.fscs.org.uk/check/investment-protection-checker.

    Protection from the Financial Ombudsman Service (FOS) does not cover poor investment performance. If you have a complaint against an FCA-regulated firm, FOS may be able to consider it. Learn more about Financial Ombudsman Service Protection or visit: www.financial-ombudsman.org.uk/consumers .

  3. 3. You won’t get your money back quickly

    Even if the business you invest in is successful, it may take several years to get your money back. You are unlikely to be able to sell your investment early.

    The most likely way to get your money back is if the business is bought by another business or lists its shares on an exchange such as the London Stock Exchange. These events are not common.

    If you are investing in a start-up business, you should not expect to get your money back through dividends. Start-up businesses rarely pay these.

  4. 4. Don’t put all your eggs in one basket

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    A good rule of thumb is not to invest more than 10% of your money in high-risk investments. Read more at FCA InvestSmart Guide or visit: www.fca.org.uk/investsmart/5-questions-ask-you-invest .

  5. 5. The value of your investment can be reduced

    Putting all your money into a single business or type of investment, for example, is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

    The percentage of the business that you own will decrease if the business issues more shares. This could mean that the value of your investment reduces, depending on how much the business grows. Most start-up businesses issue multiple rounds of shares.

    These new shares could have additional rights that your shares don’t have, such as the right to receive a fixed dividend, which could further reduce your chances of getting a return on your investment.

    If you are interested in learning more about how to protect yourself, visit the FCA website: FCA InvestSmart or visit: www.fca.org.uk/investsmart .

    Please find the PDF version of the Risk Summary .

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Thinking About PISCES? The Questions Our Clients Ask Most

Since PISCES went live, it has become one of the most common topics in our conversations with fund managers, founders and boards at Sapphire. Most people now understand the headline idea: PISCES is a regulated way to buy and sell existing shares in a private company during set trading windows, without the company going public. What they want to know next is how it works in practice. Below are the questions we hear most often, with answers drawn from our own PISCES transactions and our work with JP Jenkins, the PISCES market operator we partnered with to expand access to the PISCES secondary market.

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