Summer 2025

Capital is fragmenting. The dollar is no longer unchallenged, sovereign debt is a gatekeeper, defence budgets are surging, and digital rails are reshaping who gets funded.

• Defence and energy security are being crowded in as fiscal priorities.
• Subsidy battles are redrawing industrial maps.
• Digital currencies are fragmenting liquidity flows.

For business leaders, the competitive edge comes not from raising funds, but from designing access.