Global Advisory Insights

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. October 12 2025 marked the third anniversary of the start of the current bull market that has seen the S&P500 rise by c90%, NASDAQ by c120% and the FTSE Venture Capital Index by 170%. At $7.1bn September was the biggest value month in European growth equity raises since 2021 while the $34.9bn ytd total already surpasses full year 2024.YTD US raises are $160.8bn, 1.5x 2024. AI and software lead the way on both sides of the Atlantic.

This issue explores how solar is fuelling the prospect of a new era of cheap energy; why beauty M&A is resurging, with indie brands like rhode at the forefront; and a split-screen AI debate: scepticism over productivity gains versus the promise of agentic AI transforming design engineering. Read these and more in September’s edition of the review.

Activity levels across our global market-leading debt advisory team remain at record levels, reflecting both constructive market conditions as well as the ever-increasing requirement for structuring creativity along with integrated sector expertise, particularly in complex situations. As always, we would be pleased to talk through the financing markets in more detail or discuss any specific situations.

The 20th-century distinction between security and economics has dissolved. The investors and businesses who adapt to this new reality - recognising co-dependence, building integration and demanding reform - will be those best placed to navigate volatility and seize opportunity in the contested decade ahead. In our latest geopolitical blog, Mark Sedwill, Chair of Geopolitical Advisory at Rothschild & Co, reflects on the context and opportunities for investment in the defence sector.

In the July edition we review Growth Equity activity in H1 2025. Led by AI, the value of US VC company fundraises rose 2.6x yoy to $121bn in H1 2025. European VC raises of $20m+ saw a 23% yoy advance in value. Exit value is picking up but new fundraising by VC firms remains subdued.

The latest Redburn Review examines the future of Medicaid, the current momentum in financial markets and the creative disruption caused by GenAI. It also covers the renewable energy storage, the atoms of analytics and many more.

Fall if you will, but rise you must. James Joyce. This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. Growth Equity is seeing some signs of valuation picking up while activity levels are strong In the US ytd 178 growth equity raises of $100m+ have garnered $90bn which compares with c80 IPOs raising $11.8bn.