Sapphire can today announce that QPLAY, a portfolio company held within the Velocity Capital EIS Fund managed by Sapphire, will participate in the first-ever PISCES liquidity event on the JP Jenkins Private Market.
The landmark event marks a significant milestone for UK private markets and highlights Sapphire’s commitment to providing innovative liquidity pathways for high-growth portfolio companies.
Under the new PISCES (Private Intermittent Securities and Capital Exchange System) framework, introduced less than a year ago, eligible investors will be able to buy and sell shares in eligible private companies through regulated trading windows. JP Jenkins secured its PISCES operator licence in November 2025 and will host the inaugural event with QPLAY as the launch company.
The collaboration between Sapphire and JP Jenkins establishes a new route for Sapphire-related portfolio companies to access secondary-market liquidity while remaining privately held.
QPLAY is the creator of Outsmarted, a hybrid board game combining physical gameplay with a connected digital ecosystem. The game has sold over one million copies worldwide, reached more than five million players, and launched regional editions in multiple international markets.
Through this initiative, Sapphire aims to expand the options available to founders and early investors by enabling controlled liquidity without requiring a full public listing.
At Sapphire, we actively support the long-term development of our funds and portfolio companies. Our approach extends beyond capital provision to governance oversight, operational expertise and access to structured capital market solutions.
Supporting QPLAY through this initiative forms part of Sapphire’s broader portfolio management activities, which may, from time to time, include assessing structured secondary trading arrangements for existing shareholders where appropriate. Any liquidity mechanism remains subject to regulatory requirements, market conditions and investor demand. There is no assurance that liquidity will be available at a particular time or at a particular valuation.
This marks an important first step in our collaboration with JP Jenkins. We will continue to assess further opportunities within the portfolio where structured secondary trading may be suitable.
This communication is provided strictly for information purposes regarding corporate developments within the Sapphire portfolio. It does not constitute, and should not be construed as, an offer to sell, an invitation to subscribe for, or a solicitation to buy any securities. No investment decision should be based solely on the information contained in this announcement.
Past performance is not a reliable indicator of future results.
The value of investments can fall as well as rise, and investors may not recover the amount originally invested.
Shares in private companies may be illiquid and difficult to value.
Tax treatment depends on individual circumstances and may change in future.