IFLR interviews Jean-Baptiste Beauvoir-Planson on our role advising the first PISCES share sale
min readIn March, Charles Russell Speechlys advised TPE on the Luxembourg aspects of the first-ever share sale on the Private Intermittent Securities and Capital Exchange System (PISCES). This pioneering transaction unlocks liquidity in Oxford Science Enterprises (OSE) and establishes a new paradigm for private market investment within regulated exchange infrastructure.
The transaction involved the creation and launch of a TPEIC, an innovative application of the Luxembourg securitisation undertaking regime that provides investors with access to Oxford Science Enterprises (OSE), a £1.3 billion investment company commercialising cutting-edge research from the University of Oxford, through the London Stock Exchange's PISCES platform, the Private Securities Market, which launched in late 2025.
As the UK’s first regulatory framework for private share trading, PISCES enables shareholders in private companies to access liquidity through regulated trading events run by FCA‑approved operators, without the ongoing compliance obligations of public markets.
Jean-Baptiste Beauvoir-Planson, Partner in our Corporate Team, speaks with IFLR about guiding the client through this historic transaction:
The opportunity with PISCES appeared, and it was a given: the Luxembourg vehicle we’d been dealing with was the key point. Using this securitisation, we created a two-layer system that’s transparent for investors and customers.
What is different and innovative in the present case is the way we use the vehicle itself. The vehicle is designed to be a passive way to allocate a specific pool of risk. It can be assets or debt – the idea is to put risk in a vehicle. But the regime allows for compartments: credit and creditors protection, bankruptcy, remoteness; all those features that are part of the regime are put to use with the overall transaction.
Read the full article in IFLR here (subscription required), and find out more about our work on this transaction here.
