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Growth Equity Update - August 2026 (Edition 53) (Rothschild & Co)

ReportRothschild & CoAugust 202626 pages39 min readOriginal source

Summary

  • In 2025, 74% of UK VC investment by deal value originated from outside the UK, the highest level in ten years.p.1
  • UK pension funds' allocation to domestic equities fell to 4.4% compared to over 50% in 2000.p.1
  • In H1 2026, 73% of US venture funding was concentrated in rounds of $1bn or more.p.1

Key insights

  1. UK startups raised $23.7bn in 2025, reaching that level for the third consecutive year.p.2
  2. UK pension funds allocate 4.4% to domestic equities, whereas pension funds in Canada, Australia, Japan, and Europe invest between 20-40% in domestic companies.p.1
  3. The UK government grants over £50 billion in pension tax relief and more than £10 billion in ISA tax relief each year.p.7
  4. Europe recorded ten VC deals of $1bn+ in the first seven months of 2026, twice the aggregate number of such deals from 2023 to 2025.p.13
  5. Corgi Insurance achieved a reported valuation of $4bn in July 2026 after raising $374m within five months.p.11

Topics and entities

EuropeUKUSPrivate marketsStartup ecosystemsStartup fundingVenture capitalBritish Business BankCorgi InsuranceDealroomDepartment for Science, Innovation and TechnologyHelsingOpenAIQuantum SystemsRothschild & CoSafe SuperIntelligence

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