The Missing Middle: Why Growth Companies are Stuck Between Private and Public Markets.

19 May 2026

The term private market is at risk of being misunderstood. It’s a symptom of many factors and whilst historically access to these investments has been limited, the industry globally is now evolving at pace. 

IPOs are no longer the default route to growth, so more businesses are staying private for longer. Yet to ensure private markets can continue to grow and provide an alternative to address the needs of investors and companies alike, venue providers are becoming increasingly sophisticated, so the line between private and public markets will continue to blur.

At JP Jenkins, their well-known private market historically operated on a manual basis. The 2023 acquisition by InfinitX revolutionised the approach, with upgrades allowing any broker or institution connected to public market infrastructure to place orders over industry standard Order Management Systems. This seamless integration means it’s as easy for a broker or fund manager to price and place orders for privately listed stocks as it is for blue chips. Yes, there are challenges with liquidity, but the ability to place these orders is fully embedded into the public market infrastructure, with deals exchanged electronically and settlement taking place with the usual CREST registrars.

Further, in March 2026, JP Jenkins conducted the first ever liquidity event under the new PISCES (Private Intermittent Securities and Capital Exchange System) regulatory regime. Using our newly formed private market and existing public market infrastructure, our success here reinforced the UK Government’s commitment to the growth potential of private markets.

Enabling liquidity events to take place in a structured manner is fundamental to growing private markets. We’re at the start of this journey now, but the path ahead is a bright one and the functionality JP Jenkins delivers as part of our PISCES offer gives participating companies unparalleled levels of control. Companies set the parameters for the price channel where their shares can trade to minimise volatility, choose between auction events and trading periods and can also specify timing. Whether that’s once a month or once a year, the client decides, giving them control of the process. 

Further, the removal of stamp duty and preservation of employee rights under EMI schemes, the PISCES framework looks to ensure private companies can scale efficiently whilst providing liquidity and capital reallocation across the growth company segment. 

Private markets are no longer a niche play. They are moving mainstream, driven by a combined desire for companies to stay away from public markets, investors seeking liquidity and technology and venue providers stepping up, realising that there’s an alternative route to IPO or trade sale. The genre may be Private Markets, but the reality is already looking closer to Public Markets lite.

Mike McCudden, CEO at JP Jenkins