Independent research for private markets

Last updated — April 2026

1. Introduction

Pie Capital Partners ("the Firm", "we", "us", "our") respects your privacy and is committed to handling personal data in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018 (collectively, "Applicable Data Protection Law"). This Privacy Policy describes how we collect, use, and safeguard personal data received in connection with our website and our business activities as an independent research firm focused on the late-stage private markets. It does not form part of any contract between you and the Firm.

2. Data controller

Pie Capital Partners is the data controller in respect of the personal data described in this policy. Enquiries regarding this policy, or the exercise of any rights under Applicable Data Protection Law, should be directed to [email protected].

3. Scope of activities

The Firm operates exclusively as an independent research and information provider focused on late-stage private companies and related private market themes. The Firm does not provide investment advice or personal recommendations, does not exercise discretion over any person's assets, does not make investment decisions on behalf of any person, does not act as an investment adviser, investment manager, fiduciary, broker, dealer, placement agent, introducer for transaction-contingent consideration, or trustee, does not arrange, intermediate, negotiate, or settle transactions in any security, and does not hold or handle client money or client assets. Personal data we process is used solely for the purposes of operating our research business, maintaining our subscriber and contact relationships, meeting legal and regulatory obligations, and communicating with recipients at their request.

4. Categories of personal data

Depending on the nature of your interaction with the Firm, we may collect: (a) identification data (name, professional title, employer); (b) contact data (business email, telephone, business address); (c) professional data (role, professional classification, regulatory status, jurisdiction of operation); (d) eligibility data (information confirming your status as a professional client, institutional investor, eligible counterparty, or equivalent classification under applicable law); (e) communications data (correspondence, enquiry form submissions, meeting notes, feedback on research); and (f) technical data (IP address, device identifiers, browser type, and aggregated website usage data).

5. Sources of personal data

We collect personal data directly from you, from persons acting on your behalf with appropriate authority, from public registers and databases, and from sanctions and politically-exposed-persons screening providers where required for compliance purposes. Where we obtain data from third parties, we rely on those parties to have collected the data lawfully and to have provided any required notices.

6. Purposes and legal bases

We process personal data on one or more of the following legal bases: (a) the performance of a contract to which you are a party, or to take steps at your request prior to entering into a contract; (b) compliance with a legal or regulatory obligation to which the Firm is subject, including record-keeping, sanctions screening, and applicable tax reporting obligations; (c) our legitimate interests in operating, protecting, and developing our research business and managing relationships with our network, provided such interests are not overridden by your rights and freedoms; and (d) your consent, where processing is based on consent (in which case you may withdraw that consent at any time without affecting the lawfulness of prior processing).

7. Disclosure of personal data

We do not sell personal data. We may disclose personal data to: (a) regulated professional advisers (legal counsel, auditors, tax advisers, compliance consultants); (b) service providers engaged to support our operations (IT and cloud infrastructure providers, distribution platforms, customer relationship management providers), each of which is bound by written confidentiality and data-processing obligations; (c) regulators, law enforcement agencies, and other public authorities, where disclosure is required or permitted by law; and (d) any successor in interest in the event of a corporate reorganisation, sale, or transfer of the Firm's business. We do not share personal data with any party for the purpose of marketing securities or financial products to you.

8. International transfers

Where personal data is transferred outside the United Kingdom, we do so only where an adequate level of protection is ensured through one or more of the safeguards permitted by Applicable Data Protection Law, including adequacy decisions, the International Data Transfer Agreement, the UK Addendum to the EU Standard Contractual Clauses, or an applicable derogation.

9. Retention

We retain personal data only for as long as necessary for the purposes set out in this policy, or for longer periods where retention is required to comply with legal, regulatory, tax, or reporting obligations. Records relating to subscriber relationships and compliance documentation are typically retained for at least six years from the termination of the relevant relationship.

10. Your rights

Subject to Applicable Data Protection Law and any exemptions, you may have the right to: (a) access personal data we hold about you; (b) request rectification of inaccurate data; (c) request erasure of personal data in certain circumstances; (d) restrict or object to certain processing; (e) receive a portable copy of data you have provided to us; and (f) lodge a complaint with the UK Information Commissioner's Office (ico.org.uk). Requests should be sent to [email protected]. We may request information to verify your identity before responding.

11. Security

We implement technical and organisational measures appropriate to the risks posed by our processing activities, including access controls, encryption in transit, and staff confidentiality obligations. No system can, however, be guaranteed to be entirely secure, and you acknowledge that transmission of data over the internet carries inherent risk.

12. Cookies

Our website uses only strictly necessary cookies and, where enabled, aggregated analytics cookies. We do not use advertising, profiling, or cross-site tracking cookies. You may control cookies through your browser settings.

13. Changes to this policy

We may update this Privacy Policy from time to time. The "Last updated" date above reflects the most recent revision. Continued use of the Site following publication of an updated policy constitutes acceptance of that revised policy.

Last updated — April 2026

1. Agreement to these terms

These Terms of Use ("Terms") govern your access to and use of the website operated by Pie Capital Partners ("the Firm", "we", "us", "our"), located at piecapitalpartners.com and any associated subdomains (together, the "Site"), and any research, publications, or other materials made available through the Site or by the Firm (together, the "Materials"). By accessing or using the Site or any Materials, you agree to be bound by these Terms. If you do not agree to these Terms, you must not access or use the Site or any Materials. We may amend these Terms at any time by posting a revised version; continued use of the Site following publication constitutes acceptance of the amended Terms.

2. Nature of the Firm's role

Pie Capital Partners operates exclusively as an independent research firm. The Firm does not: (a) provide investment advice, personal recommendations, or suitability assessments to any person; (b) act as an investment adviser, investment manager, fiduciary, custodian, broker, dealer, placement agent, or trustee; (c) make investment decisions on behalf of any person; (d) hold, custody, receive, transmit, or transact in any client funds, client assets, or securities; (e) arrange, intermediate, negotiate, structure, or settle transactions in any security; (f) solicit any person to buy, sell, subscribe for, or otherwise transact in any security; (g) receive transaction-contingent consideration from any issuer, counterparty, or third party in connection with any specific transaction; (h) guarantee the accuracy, completeness, currency, or future performance of any information published; or (i) hold itself out as a regulated investment professional or authorised person. Any decision by a reader to act on, or refrain from acting on, any information contained in the Materials is made independently by the reader on the basis of its own judgement and its own professional advisers, and at the reader's own risk.

3. Informational purpose only; opinions and forward-looking statements

All Materials, including all content on the Site, are provided for general information only. Nothing in the Materials constitutes, or should be construed as: (a) an offer, invitation, recommendation, inducement, or solicitation to buy, sell, subscribe for, or otherwise transact in any security or financial instrument; (b) investment, legal, tax, accounting, or regulatory advice; (c) a recommendation to pursue any particular strategy or transaction; (d) a representation that any investment is suitable or appropriate for any person; or (e) a research report within the meaning of any rule that would impose specific authorisation, inducement, or unbundling requirements unrelated to the Firm's research activities. Any opinions, projections, estimates, or forward-looking statements in the Materials reflect the Firm's view as at the date of publication, are based on assumptions that may not prove correct, and are subject to change without notice. The Firm is under no obligation to update Materials following publication. Past performance and historical observations are not a reliable indicator of future results. Where any third party may from time to time offer securities, that offering will be made exclusively by means of definitive private offering documentation delivered by the relevant offeror, and not by the Firm.

4. Eligibility and restricted audience

The Site and the Materials are intended solely for persons who qualify as professional clients, eligible counterparties, institutional investors, high-net-worth or sophisticated investors, or equivalent classifications under the laws of their jurisdiction of residence (collectively, "Eligible Persons"). The Site is not directed at, and its contents must not be relied upon by, retail investors or the general public. You represent and warrant, by accessing the Site or any Materials, that (i) you are an Eligible Person; (ii) you are accessing the Site on your own initiative and not in response to any solicitation by the Firm; (iii) access does not contravene any law, regulation, or rule applicable to you or in your jurisdiction; and (iv) you have not been induced to access the Site by any representation, warranty, or undertaking by the Firm. The Firm reserves the right to require evidence of your eligibility at any time and to deny or revoke access without notice.

5. No warranty

The Site and all Materials are provided on an "as is" and "as available" basis. To the fullest extent permitted by law, the Firm expressly disclaims all warranties, representations, and conditions of any kind, whether express, implied, or statutory, including (without limitation) warranties of accuracy, completeness, currency, fitness for a particular purpose, non-infringement, merchantability, uninterrupted availability, and freedom from error or malicious code. Any reliance you place on the Site or the Materials is strictly at your own risk. The Firm is not obliged to update any Materials following publication.

6. Risks of private market activity

Pre-IPO securities and other private market instruments involve substantial risk. The Firm's research is descriptive and analytical only and does not assess suitability for any individual reader. Without limitation: (a) such securities are typically unregistered, illiquid, and subject to contractual and regulatory transfer restrictions; (b) reliable current valuations may not exist and prices may be highly volatile; (c) information available on underlying issuers may be limited, stale, or incomplete; (d) rights of first refusal, co-sale rights, transfer restrictions, and issuer consent requirements may frustrate any contemplated transaction; (e) there is no guarantee of a liquidity event; and (f) any participant in such markets may lose the entire amount allocated. Past performance and historical observations are not indicative of future results. Any person considering action in respect of these markets must consult their own independent professional advisers.

7. Limitation of liability

To the fullest extent permitted by applicable law, the Firm, its affiliates, and their respective directors, officers, employees, agents, consultants, and contractors (the "Protected Persons") shall not be liable to any person for any loss, damage, cost, or expense of any kind, whether direct, indirect, incidental, special, consequential, or punitive, including (without limitation) loss of profits, loss of opportunity, loss of goodwill, loss of data, or loss of anticipated savings, arising out of or in connection with: (a) access to or use of, or inability to access or use, the Site or any Materials; (b) any information, opinion, statement, or omission in the Materials; (c) any decision made or action taken in reliance on the Site or the Materials; (d) any transaction entered into between any third parties, whether or not such transaction concerns an issuer referenced in the Materials; or (e) the acts or omissions of any third party, including any issuer, counterparty, service provider, introducer, or regulatory authority. Nothing in these Terms excludes or limits liability that cannot lawfully be excluded or limited, including liability for death or personal injury caused by negligence, or for fraud or fraudulent misrepresentation.

8. Indemnity

You agree to indemnify and hold harmless the Protected Persons from and against any claim, liability, loss, damage, cost, or expense (including reasonable legal fees) arising out of or in connection with: (a) your breach of these Terms; (b) your violation of any law or regulation; (c) your misrepresentation of your eligibility, status, or authority; or (d) any onward transmission, redistribution, or use of the Materials in breach of these Terms.

9. Intellectual property

All content on the Site and in the Materials, including text, graphics, logos, marks, images, data, and design elements, is owned by or licensed to the Firm and is protected by copyright, database right, trade mark, and other intellectual property laws. You are granted a limited, non-exclusive, non-transferable, revocable licence to access the Site and to use the Materials for your own internal business purposes only. You may not reproduce, distribute, publish, transmit, modify, create derivative works from, or commercially exploit any content without the Firm's prior written consent. Onward redistribution of the Materials to any third party is expressly prohibited without the Firm's prior written consent.

10. Third-party links and content

The Site and the Materials may contain links to, or references to, third-party websites, services, or sources. The Firm does not endorse, monitor, or control such third-party content and accepts no responsibility for its accuracy, legality, or any loss or damage arising from reliance on it. Access to third-party sites is at your own risk and subject to their own terms.

11. Prohibited conduct

You must not use the Site or the Materials to: (a) breach any applicable law or regulation; (b) infringe the rights of others; (c) upload or transmit malicious code; (d) attempt to gain unauthorised access to any part of the Site; (e) reverse engineer or scrape content except as permitted by law; (f) use the Site to transmit unsolicited communications; or (g) on-share, republish, or commercialise the Materials in any form not expressly permitted by these Terms.

12. Suspension and termination

The Firm may, at its sole discretion and without notice or liability, suspend, restrict, or terminate your access to the Site or to any Materials at any time.

13. Governing law and jurisdiction

These Terms and any non-contractual obligations arising out of or in connection with them are governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction to resolve any dispute arising out of or in connection with these Terms, save that the Firm reserves the right to bring proceedings against you in the courts of any jurisdiction in which you are resident or in which your relevant assets are located.

14. Severability and entire agreement

If any provision of these Terms is held to be invalid or unenforceable, that provision shall be modified to the minimum extent necessary to render it enforceable, or shall be severed, without affecting the remainder of these Terms. These Terms, together with any document expressly referred to in them, constitute the entire agreement between you and the Firm in respect of the Site and the Materials and supersede all prior understandings in relation to such subject matter.

Last updated — April 2026

1. Nature of the Firm's business

Pie Capital Partners ("the Firm") is an independent research firm. The Firm's activities consist of producing and distributing proprietary analysis and commentary on late-stage private companies and related private market themes, and maintaining a relationship network of founders, family offices, general partners, limited partners, registered broker-dealers, and other qualified institutional and professional market participants who consume that research. The Firm's communications are for informational purposes only and are directed at recipients who are themselves capable of forming their own independent judgement and who are responsible for conducting their own due diligence and obtaining their own independent advice.

2. No regulated activities; no advice

The Firm does not hold itself out as, and does not act as, an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA") or any equivalent legislation in any other jurisdiction. The Firm does not perform, and will not be deemed to have performed: (a) the giving of investment advice, personal recommendations, or suitability assessments to any person; (b) the management of investments on a discretionary or advisory basis; (c) the safeguarding or administration of client assets; (d) the arrangement, intermediation, negotiation, or execution of deals in any security; (e) the making of arrangements with a view to transactions in investments; (f) the receipt or transmission of orders; (g) the operation of a multilateral trading facility, organised trading facility, or any other regulated venue; (h) the safeguarding of, or holding out as willing to safeguard, any client money; or (i) any other activity that would constitute a regulated activity requiring authorisation. Where any particular interaction would, in the Firm's reasonable assessment, require authorisation, the Firm will either decline to proceed or refer the interaction to an appropriately authorised third party. The Firm does not produce "research" within the meaning of any regulatory definition that would impose specific authorisation, inducement, or unbundling obligations unrelated to its activities described above, and does not accept any form of inducement from any issuer or transacting party in exchange for, or in connection with, coverage.

3. Eligible audience only

The Firm communicates exclusively with persons who represent themselves to be, and whom the Firm reasonably classifies as, professional clients, eligible counterparties, institutional investors, high-net-worth individuals or companies, sophisticated investors, or qualified investors in each case under the laws of their jurisdiction. In the United Kingdom, to the extent any communication issued by the Firm constitutes a financial promotion within the meaning of section 21 FSMA, that communication is directed only at persons falling within the exemptions in Articles 19 (investment professionals), 48 (certified high net worth individuals), 49 (high net worth companies, unincorporated associations and trusts), or 50/50A (sophisticated investors) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended, or other applicable exemption, and must not be acted on or relied upon by any other person. The Firm does not direct its activities at, and expressly disclaims any intention to direct its activities at, retail investors or members of the general public. Recipients accessing the Site from jurisdictions other than the United Kingdom do so on their own initiative and are responsible for ensuring that such access is lawful under the laws of their jurisdiction.

4. No offer, no solicitation, no inducement

Nothing on the Firm's website or in any research, commentary, or communication issued by the Firm constitutes (a) an offer to sell, or a solicitation of an offer to buy, any security in any jurisdiction; (b) an inducement to engage in any investment activity within the meaning of section 21 FSMA or equivalent foreign-law concept; or (c) an offer of services that would require authorisation under FSMA or equivalent foreign-law concept. The Firm does not receive any monetary or non-monetary inducement from any issuer or transacting party in exchange for, or in connection with, coverage, mention, or reference in the Materials. Where the Firm references the existence of a transaction or offering, that transaction or offering will be effected exclusively by the persons properly authorised to do so under definitive transaction documentation delivered directly by them, and not by the Firm.

5. No reliance on Firm statements

Recipients of the Firm's research read it solely on the basis of their own independent investigation, due diligence, and the advice of their own professional advisers. The Firm makes no representation or warranty, express or implied, as to the accuracy, completeness, fairness, currency, or reliability of any information relating to an underlying issuer, security, valuation, capitalisation, or potential transaction, whether such information originates from the issuer, a counterparty, a third party, or the Firm itself. No statement made by the Firm should be relied upon as investment advice, a recommendation, an inducement, a representation of suitability, or as a basis for any investment, financial, legal, tax, or commercial decision. Information may be derived from sources the Firm believes to be reliable but has not independently verified, and may include estimates, projections, and forward-looking statements that are inherently uncertain.

6. Anti-Money Laundering, sanctions, and information-handling compliance

The Firm complies with all anti-money laundering, counter-terrorist financing, and sanctions obligations applicable to its activities, including (where applicable) the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, as amended, and the Proceeds of Crime Act 2002. The Firm undertakes appropriate due diligence on counterparties to its commercial relationships, including identity verification, beneficial ownership verification where required, and screening against applicable sanctions and politically-exposed-persons lists. The Firm also maintains information barriers and handling procedures designed to address the receipt, identification, and protection of material non-public information, and will decline to receive or use information where to do so would in its reasonable judgement be inconsistent with its legal or ethical obligations.

7. Conflicts of interest

The Firm maintains a written conflicts of interest policy designed to identify, prevent, and (where appropriate) disclose or manage actual or potential conflicts arising in the course of its activities. By engaging with the Firm, counterparties acknowledge that the Firm may, subject to applicable law, maintain commercial relationships with multiple counterparties referenced in or relevant to its research, may receive subscription or service fees from persons within its network, and may have commercial relationships with service providers referenced or used in the course of its activities. The Firm does not accept payment from issuers in consideration for the inclusion or exclusion of coverage.

8. Risk warnings

Activity in private market securities involves significant risk and is suitable only for persons able to bear a complete loss of any amount they allocate. Without limitation: (a) pre-IPO securities are typically unregistered, illiquid, and subject to transfer restrictions, rights of first refusal, and issuer consent requirements; (b) reliable market valuations and timely financial information may not be available; (c) there is no guarantee of any liquidity event, and exit timing is outside the control of the Firm or any counterparty; (d) tax treatment depends on individual circumstances and may change; and (e) fees, expenses, and structuring costs charged by third parties may materially affect net outcomes. Prospective participants should obtain independent legal, tax, and financial advice before taking any action.

9. Complaints

Whilst the Firm does not carry on regulated activities and is accordingly outside the jurisdiction of the Financial Ombudsman Service, the Firm takes all expressions of dissatisfaction seriously. Complaints should be directed in writing to [email protected]. The Firm will acknowledge complaints within five business days and aim to provide a substantive response within eight weeks. Nothing in this paragraph creates or implies any entitlement to compensation outside the express terms of a written agreement between the complainant and the Firm.

10. No client money; no Financial Services Compensation Scheme

The Firm does not hold client money or client assets. Recipients of the Firm's research and counterparties to the Firm's commercial relationships are not entitled to the protections of the Financial Services Compensation Scheme or to any equivalent statutory compensation scheme in any other jurisdiction in respect of the Firm's activities.

11. Changes

The Firm may update this Regulatory Information page at any time. The "Last updated" date reflects the most recent revision. Recipients of the Firm's research should review this page periodically.