Growth Equity Update - September 2026 (Edition 54) (Rothschild & Co)

Summary

• Pitchbook issued its latest global VC ranking, placing Accel, Index Ventures, Sequoia, Benchmark, and Andreessen Horowitz in its top five.p.1
• Mistral completed a $3.5bn Series D raise at a $24bn valuation, marking the largest venture capital raise ever in Europe.p.1
• US venture raises reached almost $21bn in August 2026, compared to $6.5bn in August 2025.p.1
• European venture raises reached $3.8bn in August 2026, doubling the total recorded in August 2025.p.1
• European venture capital deployment in 2025 was €66.2bn, representing 22% of the amount invested in the US.p.8

Key insights

1. Sequoia and Andreessen Horowitz lead the Strebulaev-Jackson Venture Ranking score, with Sequoia achieving 2.2x the score of the third-ranked firm.p.2
2. Mistral plans to establish 200MW of computing capacity in Europe by the end of 2027 to support its sovereign AI strategy.p.5
3. European scaleups rely heavily on non-EU capital, which provides 70-90% of funding in certain countries.p.7
4. European venture funds achieved an annual return rate of 8.6% in recent decades, compared to 14.6% for US funds.p.8
5. The Bay Area captured half of global AI venture funding in 2024, double its typical 25% share of overall venture capital.p.8
6. Venture-backed defense companies in Europe raised $1.5bn in H1 2026 amid increased focus on defense rearmament.p.9
7. The British Business Bank committed £75m in the first close of £175m for Molten Ventures' £350m Growth Fund.p.10