Lincoln International vs PitchBook

The Lincoln Private Market Index Rises 2.8% in Q3 as Earnings Growth Persists, but Credit Risks in Private Markets Continue to Surface

Lincoln International reported that the Lincoln Private Market Index (LPMI) increased by 2.8% in Q3 2026, driven by solid company earnings rather than valuation multiple expansion. While 72% of tracked private companies grew revenue and 64% expanded EBITDA, credit stress remains visible with 6% of loans utilizing 'Bad PIK' interest and concentrated pressure in sectors such as marketing technology and healthcare staffing. Overall private credit fundamentals held steady, but higher base interest rates continue to constrain debt service capacity and refinancing economics.

• The Lincoln Private Market Index increased by 2.8% in Q3 2026, while S&P 500 enterprise values excluding the Magnificent 7 dropped 2.8%.
• Across approximately 2,200 tracked private companies, 72% grew revenue (averaging 7% year-over-year) and 64% grew EBITDA (averaging 5% year-over-year).
• The size-weighted covenant default rate fell to 2.5% in Q3 from 2.7% in Q2, well below the six-year average of 3.8%.

10-Q Financial Filing Analysis for Lincoln International (2026-08-10)

Lincoln International, Inc. reported its second-quarter 2026 financial results, marking its first periodic filing following its initial public offering (IPO) on May 21, 2026. For the three months ended June 30, 2026, total revenues reached $225.69 million, an increase of 50.8% year-over-year from $149.66 million, driven by recovering private market M&A volume and the consolidation of the MarshBerry acquisition completed in October 2025. The company recorded an operating loss of $15.88 million and a net loss of $22.95 million (net income attributable to Lincoln International, Inc. was $0.46 million), pressured by post-IPO corporate reorganization adjustments, higher compensation, and a non-recurring $28.68 million expense for Liquidity Event share awards. Operating cash flow for the first half of 2026 strengthened to $103.30 million, and the company utilized net IPO proceeds to deleverage its balance sheet by repaying $195.8 million of term debt.

• Q2 2026 total revenues rose 50.8% year-over-year to $225.69 million, while six-month revenues grew 36.1% to $383.49 million.
• Operating income shifted to a loss of $15.88 million in Q2 2026 from an operating profit of $32.14 million in Q2 2025, primarily due to public company compensation structure changes and a $28.68 million non-cash charge for Liquidity Event Shares.
• Gross IPO proceeds of $484.1 million (net proceeds of $440.5 million to the company) enabled a $195.8 million repayment of the Term Loan Credit Facility, reducing long-term debt carrying value to $101.93 million as of June 30, 2026.

Lincoln Named “Debt Advisor of the Year” at Mergermarket’s 2026 European PE Awards

Lincoln International has been named Debt Advisor of the Year at the Mergermarket European Private Equity Awards 2026. The award acknowledges the firm's financing and capital advisory services for private equity clients across Europe. Lincoln's European Capital Advisory Group reported year-over-year transaction count growth of more than 40% in 2026.

• Lincoln International won Debt Advisor of the Year at the Mergermarket European Private Equity Awards 2026.
• The firm's European Capital Advisory Group achieved over 40% year-over-year transaction count growth in 2026.
• The European Capital Advisory practice is co-headed by Managing Directors Aude Doyen (London) and Daniele Candiani (Milan).

New PitchBook Research Reports: Top US Take-Private Candidates, Physical AI Software, Global CLO Weekly Wrap, and Inference Chip Startups

PitchBook published new research reports including 'Top US Take-Private Candidates' (Q3 2026), 'Physical AI Software and Data Infrastructure' (Q4 2026), 'Global CLO Weekly Wrap' (October 20, 2026), and 'Inference Chip Startups Are Just Starting Their Bull Run' (Q4 2026).

PitchBook Publishes New Research Reports: Global Private Debt, Oil & Gas, and More

PitchBook has released several new research reports, including the H1 2026 Global Private Debt Report, Q2 2026 Oil & Gas Report, Q3 2026 VC Quantitative Perspectives, and weekly credit market wraps.

PitchBook Publishes New Research Reports Including VC Quantitative Perspectives and India Private Capital Breakdown

PitchBook has published several new research reports, including the Q3 2026 VC Quantitative Perspectives, India Private Capital Breakdown, and various weekly credit market wraps, covering topics from venture liquidity to AI agent payments.