Charles Russell Speechlys advises TPE on first PISCES share sale: Unlocking Liquidity in Oxford Science Enterprises
Charles Russell Speechlys has advised TPE on the Luxembourg aspects of the first-ever share sale on the Private Intermittent Securities and Capital Exchange System (PISCES) — a pioneering transaction that 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 FCA's PISCES platform, which launched in late 2025. PISCES represents the UK's first regulated private stock market, enabling companies to access capital through regulated share trading without the ongoing compliance obligations associated with public markets.
An Innovative Application of the Luxembourg Securitisation Regime
A TPEIC is structured as a Luxembourg securitisation deployed in an innovative manner to provide secondary liquidity for private companies within a regulated market framework. Whilst remaining legally and operationally separate from the underlying business, this pioneering application of the securitisation regime bridges the gap between private market investment and public market accessibility, offering professional investors a standardised pathway to gain exposure to high-growth private assets.
OSE's portfolio comprises over 100 companies spanning deep tech, artificial intelligence, quantum computing, life sciences, health tech, and other frontier technologies — all originating from Oxford's world-renowned research ecosystem.
Innovative Cross-Border Structuring: Connecting Luxembourg and Oxford to the UK Market
Charles Russell Speechlys advised TPE on the critical Luxembourg law aspects of this transaction, demonstrating the firm's capacity to deliver seamless cross-border solutions at the forefront of financial innovation. The Luxembourg-domiciled vehicle was instrumental in creating a robust and efficient structure capable of providing liquidity in Oxford-originated assets on the UK market, whilst leveraging the flexibility and robustness of Luxembourg's well-established securitisation framework.
The team was led by Luxembourg-based Corporate Partner Jean-Baptiste Beauvoir-Planson, with support from Corporate Senior Associate Imran Moutaabbid and Junior Associate Pierre Picaud.
Fred Bouverat, CEO & Founder of TPE said:
CRS has been instrumental in the development of TPEICs, leading on the Luxembourg legal aspects from concept through to execution. Led by Jean-Baptiste Beauvoir-Planson, Partner, and supported by Imran Moutaabbid, the team brought exceptional technical depth and commercial clarity to the structuring process. Their work was central to ensuring that the Luxembourg elements aligned seamlessly with the UK’s new PISCES regime and the London Stock Exchange’s Private Securities Market.
