Of interest to investors funding growth stage companies and to founders and other shareholders in growth stage UK private companies, the Government is consulting on a proposed new exchange platform (to be known as PISCES) for secondary share sales. We are interested in your views on whether this new liquidity arrangement appeals and invite you to respond to our short survey below. We intend to reply to the full government consultation and recognise that many interested stakeholders may have views on the proposals but lack time to prepare and submit their own formal responses. Our survey is not a detailed exploration of the granular aspects, but a high-level temperature test of likely appetite of companies and investors to explore this avenue, compared with other choices. Much of the detail is yet to be worked out and the consultation is an opportunity to shape outcomes. We are keen to hear your thoughts on how this proposal maps to your commercial outlook and liquidity preferences. In November 2023 we published some initial commentary on this PISCES initiative, before the Chancellor's March 2024 Spring Statement peaked public interest. By responding to our survey you can be first in line to receive our further professional views and insights as the PISCES arrangement is further developed over the course of this year.