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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.

FADP IV closes at €2.4 billion, more than 70% larger than predecessor fund and meaningfully above €2.0 billion target. The Fund provides senior and junior debt financing to mid-market companies in Europe and North America.

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.

Rothschild & Co is delighted to announce two new client focused senior appointments in its UK Wealth Management business.

France faces political uncertainty as PM Bayrou’s minority government risks collapse ahead of a 8 September confidence vote. Budget issues, rising populism, and high debt challenge stability, but market impacts remain limited—for now.

In this Market Perspective, resilient markets continue to mask global uncertainty. AI optimism fuels tech stock momentum, but valuations remain stretched. With inflation sticky and tariffs rising, strategic caution persists in a shifting investment landscape.

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.

Gold has surged over 25% in 2025, outperforming major asset classes. Its rise defies traditional drivers like real yields and the dollar, instead reflecting geopolitical tensions, central bank buying, and investor uncertainty.

The global economy started 2025 on a solid footing as businesses and consumers rushed to front-run US tariffs by producing and buying more goods. Although several factors have unfolded more constructively than feared, was the drop in economic activity averted, or only delayed?

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.

Trump threatens new tariffs from August; markets react cautiously. Compromise expected, but trade tensions, volatility, and uncertainty remain elevated globally.

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.

Bitcoin dominates crypto’s $3.4tn market but lacks utility, stability, and intrinsic value. Stablecoins may offer a more viable, less volatile path for decentralized digital payments and broader financial inclusion.

The acquisition expands Rothschild & Co's portfolio of services for Swiss Wealth Management clients across succession planning, taxation services and real estate consulting. The existing management of Tenalis AG remains in place.

Rooted in our long-term philosophy, this Quarterly Letter explores the full arc of an investment - from idea generation to divestment. Illustrated through a case study of Canadian Pacific Kansas City (CPKC).

President Trump’s “One Big Beautiful Bill” proposes ~$3tn in tax cuts and spending, plausibly one of the single biggest fiscal handouts in US history. However, there are ongoing political and economic considerations.

Rothschild & Co has been named Best Debt Advisory Firm for Companies by GlobalCapital at its 2025 Bond Awards, marking our third consecutive win in this category.

2025 finds the Environmental, Social and Governance (ESG) investment landscape in transition, shaped by shifting policies, mixed fund flows, and continued technological progress.

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.

Since the end of World War II, the ties between political decisions, economics and financial markets have become central to the dynamics that shape our societies: this interdependence can clearly be witnessed through the multiple, complex and complementary mechanisms at work.

Rothschild & Co announced that Ralph Lerman has joined the firm’s North American Global Advisory business as a Managing Director on the Business Services team, effective immediately. Mr. Lerman will be based in New York. This expansion of the team underscores Rothschild & Co’s commitment to growing its U.S. Business Services practice and delivering best-in-class advisory services to both sponsor-backed and corporate clients.

Achieving a successful business exit is a significant milestone, and navigating this complex process requires careful planning and expert advice. We are proud to support Boardwave in its mission of accelerating success by offering insights and guidance on optimising exits for entrepreneurs.

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.

Rothschild & Co is pleased to announce the expansion of its Wealth Management activities in Luxembourg. This strategic move is part of Rothschild & Co's ongoing commitment to providing first class Private Banking services to its clients across Europe.

In this Market Perspective we discuss the economic impact of Trump's second term, focusing on tariffs, inflation, and market volatility, while highlighting potential geopolitical shifts and the uncertain outlook for global growth and investment strategies.

Rothschild & Co’s Wealth Management business in Spain continues to grow steadily. José Luis Muñoz joins with immediate effect to meet increasing demand from clients.

Rothschild & Co Wealth Management Belgium is pleased to announce the appointment of Jean-Baptiste Van Ex as Senior Adviser.

Rothschild & Co wins 'Latin American ESG Deal of the year' at Global Capital’s Latin America Bond Awards 2025 for our advisory role to the Government of The Bahamas on its US$300m Debt Conversion for Marine Conservation.

The dollar weakened despite initial strength from Trump’s trade policies. Skepticism about the administration’s credibility and potential shifts in global reserve currency status contributed to its decline. The dollar’s future remains uncertain amid ongoing economic and governance issues in Europe.

Global growth remained relatively resilient in early 2025. However, front-loading of global trade flows, particularly between Asia and North America, greatly distorted the reality. In fact, stagflation and recession risks have both increased significantly.