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02 Mar 2026

Charles Russell Speechlys Advises TPE on First PISCES Share Sale Unlocking Liquidity in Oxford Science Enterprises

"Charles Russell Speechlys advised TPE on the Luxembourg aspects of the first-ever share sale on the FCA's PISCES platform, using a Luxembourg-domiciled TPEIC to provide secondary liquidity in Oxford Science Enterprises and enable UK market access for private assets."

Charles Russell Speechlys advised TPE on the Luxembourg law aspects of the transaction, assisting TPE in relation to the first-ever share sale executed on the FCA’s PISCES platform that provides secondary liquidity in Oxford Science Enterprises (OSE). The transaction involved the creation and launch of a TPE Investment Company (TPEIC), a novel application of the Luxembourg securitisation undertaking regime. The TPEIC was deployed to give professional investors access to OSE — a £1.3 billion investment company commercialising research from the University of Oxford — through the FCA’s Private Intermittent Securities and Capital Exchange System (PISCES). PISCES, which launched in late 2025, is the UK’s first regulated private stock market, enabling regulated share trading and capital access without the ongoing compliance obligations of public markets. Structured as a Luxembourg-domiciled securitisation vehicle, the TPEIC remains legally and operationally separate from the underlying businesses while bridging private market investment and regulated market accessibility. The arrangement leveraged Luxembourg’s established securitisation framework to create a robust, efficient cross-border structure capable of delivering liquidity for Oxford-originated assets into the UK market. OSE’s portfolio comprises more than 100 companies across deep tech, artificial intelligence, quantum computing, life sciences, health tech and other frontier technologies, all originating from Oxford’s research ecosystem. Charles Russell Speechlys represented client TPE with a team composed by: Jean-Baptiste Beauvoir-Planson, Partner, Corporate; Imran Moutaabbid, Senior Associate, Corporate; Pierre Picaud, Junior Associate, Corporate.
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