UK investors interested in high-growth technology companies can sometimes buy private shares before an initial public offering (IPO). However, access depends on investor eligibility, platform availability, minimum investments, transfer restrictions, and tax treatment.
The Financial Conduct Authority (FCA) introduced rules for the UK’s Private Intermittent Securities and Capital Exchange System (PISCES) in 2025, creating a framework for periodic trading in private-company shares. It does not guarantee access to every private company or make these investments suitable for all investors. Updated October 2026, here is how some platforms go about it:
EquityZen
EquityZen gives eligible investors access to private-company shares through structured offerings, often using funds.
Pricing and fees: EquityZen states that standard investment fees are 2.5% for investments up to $1 million and 2% above that threshold. Check the terms of the specific offering.
Accredited or sophisticated investor criteria: UK investors must meet the relevant offering and financial-promotion requirements. US accreditation rules may also apply, depending on the structure.
Liquidity mechanics: Investments may use funds or special-purpose vehicles (SPVs). Reselling can require company approval or compliance with transfer restrictions.
Valuation methods: Compare the offering price with the company’s latest funding round, while accounting for share-class differences and the possibility that the last-round valuation is outdated.
Risk factors: Private shares can be difficult to sell, and public information may be limited. A future funding round at a lower valuation could reduce the value of an investment.
Regulatory and tax treatment for UK investors: Do not assume an offering qualifies for an ISA, EIS, or SEIS relief. Capital gains tax (CGT) may apply when shares are sold at a profit.
Use cases: Potential uses include employee-shareholder liquidity, access to private-company opportunities, and exposure through structured funds.
Cerebras-specific considerations: Cerebras’s February 2026 funding round valued the company at $23.1 billion. That historical valuation is not a current share-price benchmark or evidence that pre-IPO shares remain available.
Pros:
Lower entry point on selected offerings
Structured access to private companies
Cons:
Fund structures can limit control over when investors receive their money
Hiive
Hiive operates a private securities marketplace where eligible participants can explore opportunities involving private-company shares.
Pricing and fees: Confirm the minimum investment, transaction fees, currency-conversion costs, and bid-ask spread for each opportunity before proceeding. The minimum investment amount is set at $25,000. Visit Hiive on LinkedIn for further research.
Accredited or sophisticated investor criteria: Eligibility depends on the offering, applicable US requirements, and UK financial-promotion rules. UK residency alone does not establish eligibility.
Liquidity mechanics: Transactions may involve direct secondaries, in which existing shareholders sell shares. Company approval and rights of first refusal can delay or prevent a transfer.
Valuation methods: Review recent funding rounds, comparable companies, and the difference between seller asking prices and completed transaction prices.
Risk factors: Limited trading activity can make prices difficult to verify. Investors may also face information gaps and prolonged holding periods.
Regulatory and tax treatment for UK investors: Check FCA-related eligibility restrictions and the specific investment’s structure. EIS and SEIS relief generally should not be assumed for secondary purchases; CGT may apply.
Use cases: Hiive may suit eligible investors researching private-share opportunities, as well as shareholders seeking liquidity and market participants assessing secondary-market prices.
Cerebras-specific considerations: Cerebras’s funding history and AI-chip market position can inform research, but its May 2026 IPO means investors must distinguish historical private-market data from its current public-market status. Hiive’s liquidity thesis on Cerebras offers company-specific context.
Pros:
- A marketplace focused on private securities
- Company-specific analysis
Cons:
- Available shares vary by opportunity
Forge Global
Forge Global provides access to private-market opportunities and data. Its typical minimums are around $100,000; some fund offerings have lower minimums.
Pricing and fees: Forge reports typical direct-secondary fees of 2%–4%. Confirm the minimum and all charges for the particular transaction.
Accredited or sophisticated investor criteria: Requirements vary by offering and jurisdiction. UK investors should check both the platform’s criteria and any applicable US investor restrictions.
Liquidity mechanics: Forge supports private-market transactions, including secondary sales. Settlement remains subject to transaction terms and relevant company restrictions.
Valuation methods: Use Forge’s market information alongside funding-round valuations and comparable businesses. Indicative pricing may not reflect an executable offer.
Risk factors: Private-company data may be incomplete, and shares can remain illiquid for years. Down-rounds can materially affect expected returns.
Regulatory and tax treatment for UK investors: Eligibility does not automatically make an investment tax-efficient. Check ISA eligibility, relief conditions, and CGT obligations independently.
Use cases: Forge may be relevant to institutional investors, eligible individuals making larger investments, and shareholders exploring secondary liquidity.
Cerebras-specific considerations: Cerebras’s $23.1 billion February 2026 valuation is a historical reference point, not a current private-share opportunity or guarantee of investment value.
Pros:
- Private-market data supports valuation research
- Some fund offerings provide lower entry points
Cons:
- Minimums can be high for individual investors
Nasdaq Private Market
Nasdaq Private Market provides infrastructure for private-company liquidity programs, including tender offers and secondary transactions.
Pricing and fees: Costs depend on the company’s program and services used. NPM charges a flat 1% commission fee per transaction. Investors should confirm any fees before participating.
Accredited or sophisticated investor criteria: Eligibility depends on the transaction and applicable securities rules. Participation is not automatically open to all UK retail investors.
Liquidity mechanics: Tender offers and other secondary programs let eligible shareholders sell during defined opportunities. They do not guarantee continuous trading.
Valuation methods: Tender-offer prices reflect the terms of that transaction. They may differ from the last funding-round valuation or a later public-market price.
Risk factors: Trading windows can be limited, and transfer restrictions may apply. Investors may have little control over when another liquidity event occurs.
Regulatory and tax treatment for UK investors: UK investors should check applicable FCA rules and personal tax treatment. A private-market transaction does not automatically qualify for EIS, SEIS, or ISA treatment.
Use cases: The platform is particularly relevant to employee liquidity programs, company-organised tender offers, and institutional secondary transactions.
Cerebras-specific considerations: Cerebras completed its IPO in May 2026 and now trades publicly under the ticker CBRS. Nasdaq Private Market’s company information reflects that status, so pre-IPO access is no longer the appropriate framing.
Pros:
- Supports structured company liquidity programs
- Transaction-specific processes can help coordinate buyers and sellers
Cons:
- Access depends on company participation
Platform Comparison
| Platform | Access model | Best suited to | Main limitation |
|---|---|---|---|
| EquityZen | Structured offerings and funds | Eligible investors seeking private-company exposure | Fund structure and exit timing |
| Hiive | Private securities marketplace | Investors researching secondary opportunities | Availability and transfer restrictions |
| Forge Global | Secondary transactions and funds | Eligible investors, including larger investors | High typical direct-investment minimum |
| Nasdaq Private Market | Tender offers and transaction infrastructure | Company-led liquidity programs | Depends on company participation |
Conclusion
The Problem: Private tech investing can provide access to businesses before they reach public markets, but it brings barriers that ordinary share trading does not. Pricing can be opaque, resale opportunities are uncertain, and cross-border rules may complicate eligibility and tax treatment.
Key Takeaways
- Compare platforms by eligibility, fees, minimum investment, and transaction structure.
- Treat funding-round valuations as reference points, not guaranteed market prices.
- Do not assume private shares qualify for ISA, EIS, or SEIS relief.
- Cerebras is now publicly traded, so historical pre-IPO analysis should not be mistaken for a current private-share offer.
Next Steps: Before investing, review the offering documents, verify transfer restrictions, calculate fees and currency costs, and consult a UK tax professional if necessary.
Frequently Asked Questions
Can UK investors buy private tech shares before an IPO?
Potentially. Access depends on investor eligibility, the platform, the offering structure, and applicable securities laws. Not every private company has shares available for resale.
Can I hold private-company shares in a Stocks and Shares ISA?
Do not assume so. Direct private-company shares generally do not qualify for a standard Stocks and Shares ISA. Check the exact investment and provider rules.
Can I claim EIS or SEIS relief on secondary shares?
Usually, buying existing shares from another shareholder does not qualify for the relief available on qualifying new share subscriptions. Check the current HMRC rules and the specific transaction.
Can I still buy Cerebras before its IPO?
No. Cerebras completed its IPO in May 2026. Investors considering it now need to research its publicly traded shares rather than treat it as a pre-IPO opportunity.