Alternative Thinking from GrowthInvest · 2025-10-01 · 22 min
We’re excited to share Part 2 of our Private Market podcast mini-series! In this episode, we welcomed back Iain Baillie, Executive Chairman and Co-Founder at Asset Match, and Veronika Oswald, Commercial Director at JP Jenkins, as we explore PISCES, a Treasury and FCA-backed initiative aiming to reshape how unquoted equities are traded in the UK. The goal? To create a regulated, transparent environment that broadens access to private markets. Key topics we covered include: 1. What is PISCES?An introduction to the initiative and its potential to support liquidity and transparency in private equity trading.2. Expanding the Investor BaseWe discuss the shift from high-net-worth individuals to a more diverse group including family offices, smaller institutions, and potentially pension funds. 3. Challenges in UK Capital MarketsFrom declining AIM listings to reduced IPO activity, we unpack the structural issues impacting growth and investor confidence. 4. Barriers to Going PublicHigh costs and limited appetite for smaller companies are pushing firms to consider staying private longer - could PISCES offer a viable alternative? 5.
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