Insights
Year-End Review 2025
Reflecting on the past twelve months, it is difficult to find the precise words to capture the sheer scale of global upheaval we have witnessed. Nothing about 2025, or the volatile opening months of 2026, has followed a predictable script. From the dramatic shift in US trade policy and the subsequent imposition of significant global tariffs, to the continued geopolitical fractures across Europe and the Middle East, we find ourselves operating in a landscape where the only constant is the erosion of normality.
The global economy and, in turn, the private investment industry, depend on one fundamental pillar above all else, and that’s stability. Periods of profound difficulty can still be navigated if the horizon is somewhat visible, since market turbulence is a known variable in investment. However, when it becomes impossible to foresee the next turn, the traditional mechanics of smart decision-making that enable progress throughout difficult periods are pushed to their limits. It is this day-to-day–sometimes even hour-to-hour– unpredictability that makes the current era feel so unprecedented.
If the traditional market rules no longer provide reliable direction, how do you continue to operate effectively? For us, the answer is not found in reacting to the morning’s headlines or the latest emerging trends, but in an unwavering loyalty to our identity.
We recognise that in distressed or volatile markets, the instinctive response for many is to seek refuge in the perceived safety of legacy organisations, which are viewed as least likely to succumb to such pressure. Pitchbook’s 2025 Global PE outlook confirms this flight to safety: while total fundraising declined 23% year-over-year to $259 billion through the first three quarters of 2025, the industry’s ten largest funds still raised $118.3 billion, capturing 45% of all capital raised.
And yet, Squircle Capital has done more than just endure the chaos; in fact, it has defied the trend. We turned this period into a record-breaking year of growth through a steadfast commitment to what we do best: deep specialisation that uncovers opportunities others overlook.
In 2025, while many firms battled a widespread flight of capital, we successfully closed our fourth fund. This milestone is now powering a project that epitomises our ethos of transforming assets to meet the fast-evolving demands of the modern luxury consumer. We also commenced the full-scale refurbishment of the iconic Park Gstaad Hotel, which is set to reopen as a Four Seasons property and as Gstaad’s first hotel managed by an international luxury hotel operator.
Our growth is not limited to our portfolio. A building pipeline of global opportunities has led to a significant expansion of the Squircle Capital team across our investment, legal, and fund administration functions. With seven new hires and four key promotions, the strength of our position as we entered a new year is reflected in the world-class talent driving it forward.
The volatility of 2025 has proven that stability is no longer a market condition to be relied upon, but an internal discipline. While predictability may remain elusive, our performance has reaffirmed the strength of our investment strategy as we navigate what is set to be our busiest year to date.
