Former director-general of the CBI and Editor of the FT Richard Lambert looks at what the £1.5bn raised by Nat Rothschild and Tony Hayward’s company Vallares means for the global economy.

First, he notes that there is a commodities boom. The Valleres’ directors believe that supply of oil and gas will not rise to meet demand.

Second, if companies want to find value they will have to look in “murky waters”. Transparent markets are no longer viable, profitable discoveries will be made in riskier locations.

Finally, with a FTSE 100 listing, respectable directors and managers with a strong following in the financial markets, Vallares has conferred respectability on an uncertain enterprise.

Richard asks whether it is time for the FTSE 100 to rethink its purpose. It wasn’t started 27 years ago to give credence to companies in this way. Vallares also raised more capital in one month than all UK companies combined last year. Why can the fund management industry achieve this while it remains difficult to find equity capital for the long-term investment on which the UK’s economy depends?