Patrick Wellington

Patrick Wellington

Vice Chairman of Equity Advisory

Patrick Wellington is a Managing Director and a Vice Chairman of Equity Advisory at Rothschild & Co in London. Patrick Wellington joined Rothschild & Co in 2021. Previously he had spent 38 years working in equity analysis, always in the TMT sectors.

 

Prior to joining Rothschild & Co, Patrick was at Morgan Stanley, co-founded the UK equities business of Schroder Securities, was the Head of Pan European Research at NatWest Markets and began his career at Wood, Mackenzie. 

Read more from Patrick

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    Growth Equity Update

    Insights

    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.

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    Growth Equity Update

    Insights

    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.

  • GEU

    Growth Equity Update

    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.

  • gold bridge

    Growth Equity Update

    Insights

    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.

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    Growth Equity Update

    Insights

    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.

  • GEU Indigo

    Growth Equity Update

    Insights

    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.