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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.

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.

Rothschild & Co and O.C.O Technology announce new carbon removal offtake agreement

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.

Rothschild Martin Maurel is pursuing its growth strategy by strengthening its presence in the Provence-Alpes-Côte d’Azur region with the opening of a new office dedicated to its Wealth Management activity in Nice.

Despite President Trump’s pressure and a criminal probe into Jerome Powell, the Fed’s independence largely held. Market reaction stayed muted, legal limits constrain Trump’s influence, and any politicised rate cuts risk credibility, inflation, and broader financial instability for global markets 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.

The global economy has maintained dynamic growth since early 2022, despite shocks linked to supply chain disruptions caused by Russia’s invasion of Ukraine (2022–2023), the synchronized tightening of global monetary policy (2023–2024), and the sharp increase in U.S. tariffs (2025). Will this impressive trajectory continue in 2026?

Despite protectionism, conflict, and fiscal concerns, 2025 delivered resilient growth, falling rates, and easing geopolitical risks. Stocks soared, bonds rebounded, gold surged, and fundamentals strengthened, driving broad market gains despite dollar weakness and fragmented AI-driven momentum.

Rothschild & Co receives two prestigious 'Deal of the Year' awards from IFR

In our latest geopolitical blog, Mark Sedwill, Chair of Geopolitical Advisory at Rothschild & Co offers his reflections on six strategic reasons for Christmas confidence.

2025 delivered modest growth, easing inflation, and falling rates amid geopolitical tension, fragile ceasefires, and populist pressures. AI hype dominated markets, gold surged, and resilience prevailed despite tariffs, political drama, and valuation risks, setting cautious optimism for 2026.

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.

Senior hires bolster the firm’s GP Solutions team.

Five Macro Myths: AI drives U.S. growth but with limits; layoffs fears overstated; Trump’s influence wanes; UK remains stable, not emerging; and year-end market optimism persists despite uncertainty.

Rothschild & Co has won two "Deal of the Year" awards for infrastructure and energy sectors at the 2025 IJGlobal Investor Awards.

Under new leadership and a broader investment offering, Rothschild & Co is further developing its business in Germany and strengthening its support for clients.

The 2025 Budget increases taxes on dividends, savings, and rental income while leaving capital gains unchanged. Despite headline noise, changes are moderate; investors should focus on stability and maintain a long-term strategy.

Longevity, driven by healthy and connected lifestyles, is emerging as a megatrend. It is reshaping economies and opening new avenues for ESG investing.

This is the November 2025 Growth Equity Update from Patrick Wellington, Vice-Chairman of Equity Advisory. The market has started to contemplate a potential bubble in AI valuations even as the AI industry continues to drive forward fund raising in US growth equity. In this edition we look at the role of Nvidia, the world’s largest company, in the AI ecosystem and its growth raises, at the accelerating rate of unicorn creation and the improving exit market in 2025.

Industry veteran to bolster Rothschild & Co's North American presence in communications and digital infrastructure advisory.

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’s UK Wealth Management business has appointed Ben Gulliford to lead its team in the Midlands, based in Birmingham, and support growing demand for its services in the region.

European growth needs more than demand-side fixes, it requires focus on output and products. Innovation, targeted government support, and sustainable production are key to driving inclusive, lasting economic development.

Rothschild Martin Maurel continues its growth strategy by strengthening its presence in the Western region of France with the opening of a new office dedicated to its Wealth Management business in Nantes.

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.

Global economic conditions remain complex as we enter the final quarter of 2025. While growth has shown an unexpected resilience since Liberation Day, the interplay of trade frictions, inflation dynamics, and policy uncertainty continues to shape a challenging environment. Central banks, particularly the Fed, face a delicate balancing act: sustaining economic momentum without reigniting inflationary pressures.

James Morrell became Deputy CEO in 2024 and brings a deep knowledge of the business and clients. He previously led the Front Office for seven years, having joined Rothschild & Co as a Client Adviser in 2010. After more than a decade as CEO, Helen Watson will continue to play a key strategic role for the UK Wealth Management business, supporting the management team and maintaining key client relationships, alongside her Rothschild & Co Group responsibilities.

Companies with healthy cultures outperform peers, adapt to change, and deliver exceptional service. Preserving culture through growth ensures stability and continuity, benefiting both clients and the business itself. This Quarterly Letter explores how cultural strengths underpin our approach at Rothschild & Co and guide our investment decisions.

The US government entered a partial shutdown due to healthcare funding disputes. Economic impact depends on duration; markets remain stable, but worker furloughs and data delays pose risks.

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.