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Access
Secondary Market Liquidity
Helping you solve your liquidity needs.
1 Company-sponsored events
PISCES launched in 2025 as the UK's first FCA-regulated venue for trading private company shares in structured, time-limited windows. It sits under SI 2025/583.
It gives a company's shareholders — employees, early investors, anyone who's been holding since a seed round — a real chance to sell, without the company needing to list.
For a first event, this is usually where companies start. It's the most direct route, and the one most of our conversations begin with..
“Sapphire has been the cornerstone of our investment operations.”
Mark Pearson, Fuel Ventures
2 Institutional deal flow
Fund managers get advance notice of upcoming events — sector, stage, size, timeline — before anything's public.
There's no SEIS or EIS relief on secondary purchases. Reliefs only ever apply to new share subscriptions, not shares bought second-hand. But there's also no cap on cheque size and no restriction on which companies you back.
You don't get an allocation from us. Your broker places the bid, same as any other order on the platform.
3 Employee & shareholder access
We also handle the individual side — employees and early shareholders selling existing holdings through their own broker during the window.
This suits people who've had options sitting there since before the company was worth anything, and don't want to wait for an acquirer to show up.
We run the event. The PISCES platform operates the order book. Your broker does the actual trade.
“Sapphire has been the cornerstone of our investment operations." Mark Pearson, Fuel Ventures
property funds
Set up a property fund with Sapphire. Sapphire will collaborate with you in setting up the traditional "LP/GP" structure for a property fund. LPs are the limited partners who invest in the fund, and the GP is the General Partner.
In addition to this, Sapphire is authorised to manage & operate Exempt Property/ Exempt Property Unit Trust ("EPUT") structure.
An indirect property investment means that the investor subscribes to shares in a company that, in turn, invests in properties. Through property funds, investors, therefore, have the opportunity to invest relatively small amounts in large-volume properties by way of professional fund companies.
Fuel Ventures came to us in 2015 as a team of three with no authorisation, and we are still their investment manager eight funds later. British Design Fund has launched six funds with us since 2016. Love Ventures used their three funds to build a track record that helped them obtain their own FCA authorisation in 2024, as did EMV Capital.
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MARK PEARSON
BEN ASHWORTH
PIPPA GAWLEY
ILIAN ILIEV
RUARI BELL
DAMON BONSER
STUART FERGUSON
RAJ SAXENA
MARCUS LOVE
