FESE response to the Commission Consultation on private equity exits

FESE welcomes the opportunity to respond to the Commission’s consultation on private equity exits and a potential establishment of an EU platform for the intermittent trading of private company shares. Such an initiative could expand investment opportunities, support capital formation in private companies, and enhance secondary‑market liquidity without requiring a full public listing.

At the same time, this type of platform must complement, not substitute, public markets, which remain essential for long‑term capital formation, broad investor participation, transparency, and strong governance. We view this initiative as “private markets plus,” not “public markets minus.”

Crucially, it remains too early to determine the platform’s added value, as comparable models, such as the UK PISCES, are still at an early stage and have yet to demonstrate clear outcomes. Any new EU framework should therefore be designed carefully and with a clear understanding of its potential benefits and limitations.

Moreover, it is essential that Financial Market Infrastructures (FMIs) have access to any new model and that it remains fully compatible with existing trading, clearing, and settlement processes to ensure a level playing field across the EU market ecosystem.