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.