Interest in the LSE’s PISCES initiative has grown steadily as companies explore ways to provide structured liquidity without entering the full public markets. The appeal is clear. Intermittent trading offers access to capital and a pathway to price discovery, yet avoids some of the ongoing obligations that come with an AIM or Main Market listing. This middle ground brings opportunities, although it also introduces new expectations for leadership teams. Strengthening capability at the top becomes essential, particularly for organisations with limited experience of semi public market disclosure.

PISCES is not merely a technical framework. It signals a shift in the maturity of a company, even if it chooses not to list publicly. Leadership teams must demonstrate that the business can meet the demands of more formal governance. Investors participating in periodic auctions want clarity, discipline and confidence that management can navigate a higher level of scrutiny. The transition is therefore as cultural as it is operational. Boards are beginning to reassess the skills they need to support these changes.

The CFO often sits at the centre of this transition. Intermittent trading windows require the organisation to produce timely, accurate and well presented information. Finance teams must be able to support disclosure cycles that resemble a condensed version of public market reporting. Many firms find that additional experience is needed, particularly in forecasting, financial control and communication. CFOs who have worked in listed or private equity backed environments bring a familiarity with structured reporting and the calmness that investors value.

The CEO’s role also evolves. PISCES demands clear articulation of a company’s strategy, financial performance and future prospects. Communication becomes more measured, with less room for the informality that early stage businesses often adopt. CEOs who can provide thoughtful, transparent explanations of performance create a stronger foundation for market engagement. This is especially important for firms with complex business models or uneven revenue profiles.

Boards must also strengthen. PISCES companies benefit from the presence of independent directors who understand the expectations of institutional investors. These individuals help shape governance frameworks and provide guidance during trading windows. They also support founders through the shift from private decision making to a more structured environment. Chairs with public market or semi public experience are particularly valuable, as they understand both the pace and the pressures that accompany periodic liquidity events.

The wider leadership team should be prepared for changes too. PISCES introduces a rhythm of activity that affects operations, legal, risk, compliance and investor relations. Many firms begin by assessing whether their existing team can absorb these new responsibilities. Others add targeted leadership to strengthen capability ahead of their first auction. Organisations that prepare early usually find the process far smoother than those that address gaps reactively.

The cultural transition should not be overlooked. Teams that have grown organically often find the introduction of governance frameworks unfamiliar. This is not a criticism. It is a recognition that semi public markets require a greater degree of structure. Leaders who can guide teams through these adjustments with confidence and empathy help maintain stability. They set expectations clearly and position the business for repeated disclosure cycles without undue strain.

Liquidity events also place a spotlight on leadership behaviour. Investors want reassurance that management teams are steady, realistic and aligned with the long term interests of the company. This is one of the reasons why leadership planning becomes part of the broader PISCES discussion. Firms that consider future capability needs early send a positive signal to shareholders. They show a willingness to invest in the stability and resilience of their executive team.

Fram’s work with high growth and semi public organisations highlights the importance of measured leadership during periods of structural change. Companies preparing for PISCES benefit from individuals who are comfortable with increased transparency and who can maintain composure during event driven reporting cycles. These leaders provide the clarity needed to manage internal expectations while giving investors a clear understanding of performance.

Leadership requirements for PISCES are therefore not simply about compliance. They are about demonstrating discipline, maturity and readiness for a more structured future. Firms that approach this thoughtfully often find that the preparation strengthens their organisation in broader ways.

Governance improves. Communication sharpens. Teams gain confidence in their ability to operate to a higher standard.

Successful firms recognise that hiring well is not just about experience, but alignment, timing and intent. Contact Fram if we can ever assist you with insights on the issues raised.