Andrew Carnwath, incoming lead manager at Columbia Threadneedle’s Private Equity Trust, comments on the first PISCES trades going live.
The launch of PISCES reflects the continued demand for ways to provide liquidity in private markets, particularly for employees and early investors. Providing a mechanism to realise value without a full listing or sale addresses a genuine need in that part of the market. These early transactions should be seen as a test of how the model works in practice rather than evidence of long-term success. It will take time to see how consistently this type of market functions across different companies and conditions.
More broadly, this reflects the continued evolution in how private assets are accessed and traded. It is important that potential investors are aware of the risks of investing through PISCES, including the potential for illiquidity and lower disclosure requirements compared to more established markets.
From an allocator’s perspective, this is best seen as an additional tool rather than a replacement for existing structures. Established vehicles such as closed-ended funds and investment trusts have evolved over many years to manage illiquidity in a disciplined way, providing long-term capital with appropriate governance and transparency.
Ultimately, structure matters. Ensuring that the vehicle is well matched to the assets it holds is fundamental to delivering consistent long-term returns.
