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Recent Editions
Risk Channel
North America
Venture capital fundraising in the U.S. fell 35% in 2025 to $66bn, the weakest showing in at least six years, as start-ups remain private longer and capital concentrates in top-tier firms, according to PitchBook. Fundraising is down 70% from 2022’s record high, with large players like Lightspeed and Founders Fund securing billions, while new managers struggle. The trend is driving cash-heavy AI start-ups toward alternative backers like sovereign wealth funds and hedge funds, amid a record $222bn raised for U.S. AI firms last year. Upcoming IPOs from companies including SpaceX and OpenAI could help revive the VC ecosystem.
Full Issue
Risk Channel
UK/Europe
HSBC will pay €300m to settle a tax fraud investigation involving its French unit. The Parquet National Financier (PNF) accused the bank of facilitating 'cum-cum' trading, allowing foreign investors to evade taxes on dividends from 2014 to 2019. The settlement ends a lengthy probe into these transactions. HSBC said it is "pleased to have resolved this matter" and noted its cooperation with the investigation and corrective measures taken.
Full Issue