Financial Services
The LSE's Pisces private market turns one, with just three companies signed up
Source: City AM, 10 Sep 2026
The London Stock Exchange's Pisces platform, launched to give private companies periodic access to public-style share trading, marked its first birthday this week having signed up just three companies — AI firm Wayve, fintech Moneybox, and a vehicle tied to Oxford Science Enterprises — running four share auctions between them.
Pisces' predicament echoes Goldman Sachs' GSTrUE, a nearly identical platform launched in 2007. GSTrUE landed two marquee names, Apollo and Oaktree, who raised over $1bn between them — then the platform folded within four years once, as one participant put it, shares "traded by appointment." Building the infrastructure was never the hard part. For anyone marketing a new venue or category, thin early adoption is a communications problem as much as a commercial one.
Address weak uptake before commentators do it for you. Publish real usage numbers, however modest, and treat early members as proof points to court the next cohort — three companies with a story to tell beats three companies and silence about why more haven't joined.