Greg Stonefield writes in Funds Europe about PISCES and the evolution of market structure
min readThe first transaction on the London Stock Exchange’s Pisces platform is notable less for its size than for what it signals about the evolution of market structure.
Rather than concentrating solely on the transition from private to public markets, the platform seeks to introduce liquidity earlier in a company’s lifecycle.
This is illustrated by the admission of a tradable company holding interests in underlying private assets, allowing investors to trade exposure to those assets through a dedicated vehicle rather than via a listed operating company.
The implications extend beyond the UK. As platforms such as Pisces develop, access is unlikely to remain purely domestic. International financial centres with expertise in cross-border fund structuring are well positioned to support participation, with jurisdictions such as Luxembourg offering established frameworks for pooling and distributing capital across borders.
Greg Stonefield, Partner in our Corporate team, comments:
Instead of a binary progression from private to public, companies may move through stages. Liquidity could be introduced earlier and more selectively, with public markets serving a more defined role in capital formation, scale and visibility rather than acting as the first meaningful liquidity event.
Read the full article in Funds Europe here. Read more about our Firm's role advising on the first PISCES share sale here.
