A Turning Point for Private Markets
The debate around liquidity in private markets is intensifying, and recent developments highlight why this matters now more than ever.
A recent Bloomberg article pointed to a growing “day of reckoning” in private capital, as longer holding periods, constrained exits, and valuation pressures create challenges for investors and companies alike. As businesses stay private for longer, the need for flexible liquidity solutions is becoming increasingly clear.
Against this backdrop, JP Jenkins, powered by InfinitX, recently completed the world’s first transaction under the UK’s new PISCES framework, marking an important milestone for private market liquidity.
PISCES (Private Intermittent Securities and Capital Exchange System) is designed to enable periodic trading of private company shares within a regulated environment. Rather than forcing companies toward a full IPO, this model provides a flexible route to liquidity while allowing businesses to remain private.
This milestone demonstrates that new infrastructure for private markets is not only needed — but now operational.
Momentum is also building beyond the transaction itself. Recent media coverage highlighted JP Jenkins and InfinitX as a challenger to traditional market infrastructure, underscoring the growing role of technology-led platforms in reshaping capital markets.
For investors, improved liquidity in private markets offers several benefits:
- Greater flexibility in portfolio management
- Improved price discovery
- Reduced holding risk
- More efficient capital recycling
The completion of the first PISCES transaction is an important milestone, but more importantly, it signals the direction of travel for private markets.
