The new Pisces market for trading shares in private companies has moved significantly closer to launch, following a strategic partnership announced between trading venue operator JP Jenkins and London-based investment firm Sapphire Capital Partners.
A Strategic Partnership for Private Company Liquidity
This collaboration will allow Sapphire's portfolio companies, which include popular juice shot brand Moju, to opt to have their shares traded on JP Jenkins' private marketplace. The deal, unveiled on Tuesday 2 December 2025, enables these firms to broaden their investor base to include a wider scope of institutional investors, high-net-worth individuals, and sophisticated investors.
JP Jenkins secured its operator licence for the Pisces market from the Financial Conduct Authority (FCA) in November 2025. This made it the second entity to receive such approval, after the London Stock Exchange Group (LSEG) was granted the first licence in August 2025.
Addressing the Liquidity Gap for Growth Companies
The Pisces marketplace is a government-backed initiative designed to let investors buy and sell shares in large private companies. It aims to solve a persistent liquidity gap for growth-stage businesses and their early investors. Furthermore, it provides a potential stepping stone for companies considering a future public listing on a main stock index.
Boyd Carson, founder and chairman of Sapphire Capital, commented on the partnership: "We realised that the launch of the new PISCES operator licences would present us with a unique opportunity. We have partnered with JP Jenkins to provide new liquidity options and exit opportunities for investors in private companies."
Technology and Flexibility at the Forefront
Andrew Foster, a director at JP Jenkins, stated: "This partnership with Sapphire Capital underlines the flexibility of the JP Jenkins offering, the relevance of the Pisces operator licences to today’s market need, and the power of the technology that sits behind it all."
JP Jenkins has hailed the Pisces framework as a system that can attract a greater variety of businesses and drive investor opportunities by making trading in private companies more straightforward. Other companies already trading on JP Jenkins' platform include mining firm Omega Minerals and wine producer Gusbourne.
The Treasury first proposed the creation of the Pisces market two years before these first licences were awarded, marking a significant evolution in the UK's financial landscape for private capital.
