diff --git a/CHANGELOG.md b/CHANGELOG.md
index 4909a5f..f50f33c 100644
--- a/CHANGELOG.md
+++ b/CHANGELOG.md
@@ -5,6 +5,7 @@ All notable changes to the IPTF Map are documented here.
 ## [Unreleased]
 
 ### Added
+- feat(pattern): [Private Shared State](patterns/pattern-private-shared-state.md) - Umbrella pattern for multi-party private state (FHE, MPC+ZK, TEE comparison)
 - feat(approach): Enhanced [Private Bonds](approaches/approach-private-bonds.md) with PoC learnings, coprocessor model analysis (co-SNARKs vs FHE), comparison matrix, and implementation guidance
 - chore(vendors|approaches): add taceo merces and update private payments approach: [TACEO Merces](vendors/taceo-merces.md) - MPC + ZK approach for private stablecoin transfers
 - feat(approach): [Privacy Standards Survey](approaches/approach-privacy-standards-survey.md) - Standards catalog, gap analysis, and decision guidance ([#64](https://github.com/ethereum/iptf-map/pull/64))
diff --git a/patterns/pattern-private-shared-state.md b/patterns/pattern-private-shared-state.md
new file mode 100644
index 0000000..b812064
--- /dev/null
+++ b/patterns/pattern-private-shared-state.md
@@ -0,0 +1,84 @@
+---
+title: "Pattern: Private Shared State"
+status: draft
+maturity: PoC
+layer: hybrid
+privacy_goal: Multiple parties jointly maintain shared state (balances, positions, orders) while each party's data remains private from the others
+assumptions: Specialised privacy infrastructure (FHE coprocessor, MPC network, or TEE cluster), Ethereum L1/L2 for settlement and state-root anchoring
+last_reviewed: 2026-02-17
+works-best-when:
+  - Multiple institutions share a ledger, pool, or order book and must hide individual positions from each other
+  - State updates require multi-party input (e.g. bilateral settlement, joint compliance checks)
+  - Regulatory audit must be possible without exposing raw data to all participants
+avoid-when:
+  - Single-party privacy is sufficient (use shielding or confidential transfers instead)
+  - Fully trustless client-side proving is required with no external infrastructure dependency
+  - Sub-second latency is critical and no hardware trust is acceptable
+dependencies: [co-SNARK protocols, FHE schemes (TFHE/BFV), TEE platforms (SGX/SEV-SNP/Nitro), threshold cryptography]
+---
+
+## Intent
+
+Enable **N parties to jointly read and write shared on-chain state**; balances, positions, order books, collateral pools, while keeping each party's individual data private from the others **and** from the infrastructure operator. Unlike single-party privacy (shielding, where one owner hides their own data), private shared state requires computation *across* multiple parties' secrets. 
+
+## Ingredients
+
+- **FHE-based**: Encrypted state on-chain; homomorphic computation on ciphertexts; threshold decryption network
+- **MPC + ZK (co-SNARKs)**: Secret-shared state off-chain; collaborative ZK proving; on-chain Groth16/STARK verification
+- **TEE-based**: Encrypted state decrypted inside hardware enclave; attestation-verified execution
+- **Common**: Ethereum L1/L2 for state-root anchoring and settlement finality; commitment schemes (Pedersen, Poseidon) for on-chain state representation; regulatory disclosure mechanism (viewing keys, selective ZK proofs, or enclave-mediated access)
+
+## Protocol
+
+1. **Setup**: Parties establish shared cryptographic infrastructure (threshold FHE key, MPC key shares, or attested TEE cluster).
+2. **Deposit**: Parties deposit assets into PSS contract; balances converted to private representation.
+3. **Request**: A party submits an encrypted or secret-shared state transition (transfer, trade, margin call).
+4. **Compute**: Privacy layer processes the transition without revealing inputs to any single party.
+5. **Commit**: Correctness proof and new state commitment posted on-chain.
+6. **Audit**: Regulators access scoped disclosure without seeing all participants' data.
+
+## Approach Comparison
+
+| Dimension | FHE | MPC + ZK (co-SNARKs) | TEE |
+|---|---|---|---|
+| **Trust model** | Cryptographic (threshold decryption) | Honest majority among MPC nodes | Hardware vendor + operator |
+| **Latency** | High (FHE computation overhead) | Medium (MPC rounds + proving) | Low (hardware speed) |
+| **Throughput** | 500–1000 TPS (shared across apps) | ~200 TPS (batched) | Chain-limited |
+| **Maturity ** | Testnet | Testnet | Pilot |
+| **Key failure mode** | Threshold breach leads to bulk decryption | Dishonest majority leads to state corruption | Side-channel attacks lead to secret leakage |
+| **Addresses hidden?** | No | No | Partially (enclave-mediated) |
+
+## Guarantees
+
+- **Input privacy**: No party learns another's balances, positions, or trade intent.
+- **State correctness**: On-chain proof ensures transitions follow protocol rules.
+- **Settlement finality**: Anchored to Ethereum L1/L2 for irreversibility.
+- **Auditability**: Scoped disclosure path for regulators without full-state exposure.
+
+## Trade-offs
+
+- All approaches require specialised off-chain infrastructure (FHE coprocessor, MPC network, or TEE cluster).
+- No approach hides sender/receiver addresses by default; combine with stealth addresses ([EIP-5564](https://eips.ethereum.org/EIPS/eip-5564)), and other primitives listed in [patterns](./patterns) to improve privacy guarantees.
+- FHE and MPC introduce batch latency; TEE trades latency for hardware trust.
+- All approaches are PoC/testnet as of Feb 2026; UTXO shielding is production-ready but covers single-party privacy, not shared state.
+- **Liveness**: FHE requires the threshold decryption committee to be online for any state read; MPC halts if fewer than the required quorum of nodes respond; TEE depends on the host continuing to schedule the enclave. All three degrade to unavailability, not to privacy loss, on liveness failure.
+
+## Example
+
+**Consortium Collateral Pool**
+
+- Three banks deposit tokenised bonds into a shared collateral pool on an Ethereum L2.
+- Each bank's deposit amount is hidden from the others via the PSS privacy layer.
+- A margin call triggers private computation: the pool contract verifies sufficient aggregate collateral without revealing individual positions.
+- A correctness proof and new state commitment root are posted on-chain.
+- The regulator uses a scoped viewing key to audit one bank's position without learning the others'.
+
+## See also
+
+- [co-SNARKs (Collaborative Proving)](pattern-co-snark.md): MPC+ZK instantiation of PSS
+- [TEE-Based Privacy](pattern-tee-based-privacy.md): Hardware-based privacy foundation
+- [MPC Custody](pattern-mpc-custody.md): MPC for key management (distinct from shared state)
+- [ZK Shielded Balances](pattern-zk-shielded-balances.md): Single-party private balances (not shared state)
+- [Shielding](pattern-shielding.md): Single-party UTXO privacy
+- [Threshold Encrypted Mempool](pattern-threshold-encrypted-mempool.md): Threshold encryption for transaction privacy
+- Vendor: [TACEO Merces](../vendors/taceo-merces.md): PSS reference implementation (co-SNARKs)
diff --git a/vendors/taceo-merces.md b/vendors/taceo-merces.md
index 01c851d..9de483c 100644
--- a/vendors/taceo-merces.md
+++ b/vendors/taceo-merces.md
@@ -15,6 +15,7 @@ TACEO Merces is an implementation of **Private Shared State (PSS)** for confiden
 - [co-SNARKs (Collaborative Proving)](../patterns/pattern-co-snark.md): Core proving mechanism; MPC nodes jointly generate Groth16 proofs
 - [ZK Shielded Balances](../patterns/pattern-zk-shielded-balances.md): Balances stored as Pedersen commitments; amounts hidden from observers
 - [Private Stablecoin Shielded Payments](../patterns/pattern-private-stablecoin-shielded-payments.md): Confidential transfer amounts (partial fit; see limitations below)
+- [Private Shared State](../patterns/pattern-private-shared-state.md)
 
 ## Not a substitute for