Insights

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory reviews an extraordinary February. $181bn raised in US Growth equity was the biggest monthly total ever, a 24-fold yoy increase and means YTD US fundraising of $216bn is just $18bn short of the total for all of 2025. Into March conflict in Iran is leading to volatile public markets.

The military conflict between the US, Israel, and Iran has crossed a decisive economic threshold. The closure of the Strait of Hormuz has transformed a geopolitical risk into a global supply shock affecting energy markets, supply chains, inflation dynamics, and monetary policy worldwide. The resulting environment could evolve into one of elevated inflationary pressure with weakening growth, increasing the likelihood of slowflation and raising the tail risk of stagflation.

The global economy is characterised by a fragile combination of resilience and vulnerability, with the US continuing to act as the main anchor of global growth. Markets are facing an environment in which inflation dynamics remain uneven and geopolitics have re-emerged as a central source of risk, while resilience is increasingly concentrated in a narrow set of drivers – most notably artificial intelligence.

The latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory reviews an extraordinary February. $181bn raised in US Growth equity was the biggest monthly total ever, a 24-fold yoy increase and means YTD US fundraising of $216bn is just $18bn short of the total for all of 2025. Into March conflict in Iran is leading to volatile public markets.

A sharp divide has emerged beneath headline markets, with AI expectations driving a widening gap between winners and laggards. While infrastructure beneficiaries lead, software and other knowledge-based sectors face mounting pressure as disruption fears outpace observable change.

Amid rapid shifts driven by AI, changing market leaders and stretched tech valuations, we break down the forces steering today’s investment landscape. From gold’s standout run to a weakening dollar and renewed geopolitical debate, we show why staying disciplined and anchored in fundamentals is key to navigating 2026.

Aging and debt fears are overstated. Economies can grow through productivity, sensible policies, and innovation. Debt shifts resources but isn’t catastrophic. Crises stem from liquidity, not insolvency, and gold‑standard nostalgia is misplaced.

The global economy enters 2026 navigating an unusual mix of resilience and structural tension, reflecting the enduring capacity of firms and households to absorb shocks. The key question is how long headwinds from shifting trade policies, geopolitical uncertainty, and weakening labour markets can continue to be offset by tailwinds from surging business investment and ongoing fiscal and monetary support.

Equity markets remain resilient despite geopolitical turmoil, supported by robust earnings and high US margins. Growth is broadening across sectors and regions, though sustaining elevated US profitability may prove challenging as conditions evolve further ahead.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. The US growth equity market grew 2.1x by value in 2025 to $234bn (2024 $109.7bn). The growth was fuelled by AI raises which grew 3.3x yoy and accounted for 57% of total proceeds. Europe, where the AI effect was less marked and the leading sector was software, saw the value of raises grow by 44% in 2025 to $49.2bn.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. 52% of the $63.4bn raised by the US growth equity market in Q4, up 31% yoy, was for AI companies. Datacentres, defence and crypto made strong showings. In this edition we look at the rise of the prediction marketplaces, Polymarket and Kalshi. Polymarket’s $2bn November raise at an $8bn valuation was up from $1.2bn in January. Kalshi’s valuation was $2bn in June and $11bn in November. We predict what’s ahead for them in 2026.

Rothschild & Co Redburn have shared their final review of 2025, where they discuss all these questions, and more.

Despite geopolitical tensions and trade frictions, GDP growth in 2025 proved surprisingly resilient, slowing only slightly compared to 2024. However, vulnerabilities remain, as several factors that have supported the global economy thus far may prove to be temporary.

After years of pandemic-related disruptions, inflationary pressures, and geopolitical instability, the emergence of artificial intelligence (AI) as a general-purpose technology is reshaping economic dynamics. While it offers upside potential, AI also evokes memories of the dot-com boom of the late 1990s.

Rothschild & Co Wealth Management UK provides globally diversified, preservation-focused wealth management for US clients. Our bottom-up investment approach prioritises prudent growth and long-term security.

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.

The 2025 Finance Act abolished the non-dom regime, increasing tax exposure. Former non-doms must reassess investment strategies, consider wrappers, review offshore accounts, and explore the FIG regime for potential tax relief and planning opportunities.

In this edition of Insights – The Swiss Edge, we explore how Switzerland blends tradition with adaptability to remain a trusted home for wealth.

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.

Our wealth framework brings clarity and structure to personal finances by dividing wealth into distinct “pots,”. This approach helps individuals visualise their wealth in a more meaningful way, moving beyond abstract numbers to focus on real-life goals, such as lifestyle needs, long-term security, growth opportunities, and business interests.

Our Electrification Sphere brings clarity to the energy transition by convening industry leaders to address the challenges of powering AI and digital infrastructure sustainably. Through expert dialogue, the report explores how innovative grid solutions, renewable integration, and strategic investment can shape a resilient, decarbonised future for data-driven industries.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. In September’s update we dive into the world of venture capital investment in emerging sports leagues; look at how the German government is supporting VC investment in the Federal Republic; and review the big investors who have supercharged the $131bn invested in US and European AI LLM and foundation models since the start of 2023.

Investors are hoping for accommodative monetary policy in a stable economic environment, with “insurance” or “normalization” rate cuts. However, the Goldilocks scenario is increasingly being tested as adverse inflation dynamics clash with a weakening labour market.

This is the latest Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. YTD global VC investment in defence businesses is up 2.5x yoy at $28.4bn. In August’s update we dive into the renewed growth in defence spending in Europe and the US, the changing technologies and methods of conducting warfare and the new opportunities this presents for private capital.

Rothschild & Co Wealth Management hosted Ed Conway and Fiona Howarth to explore how six key materials - sand, salt, iron, copper, oil, and lithium - underpin sustainability, and the global transition to cleaner energy.

No parent wants to pass on wealth to their children and watch them fritter it away. Here’s how to give your family the best chance in life while ensuring your wealth is protected for generations to come.

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.

Not all AI. The strength of VC funding growth (up 3x ytd in the US, up 20% In Europe) is led by AI but it’s not the whole story. To the end of April funding for ‘non-AI’ companies is up 67% yoy in the US and 14% in Europe. Software, biotech and fintech are all prominent – we look at what’s driving this.