Lincoln Private Market Index Q3 2026 (Lincoln International)

Summary

• The Lincoln Private Market Index increased by 2.8% during the third quarter of 2026.p.3
• The index measures quarterly changes in the enterprise values of ~2,200 private companies, based on a population of 7,450+ companies.p.3
• S&P 500 enterprise values increased 3.8% during the quarter, while excluding the Magnificent Seven they decreased 2.8%.p.4
• 72% of companies grew revenue and 64% grew EBITDA year-over-year, with revenue growth of 7% and EBITDA growth of 5%.p.6
• Healthcare enterprise values rose 3.3% and business services 3.2% in Q3, leading growth.p.5
• Technology enterprise values were down 4.3% year-to-date.p.5

Key insights

1. The LPMI is the only index that tracks changes in the enterprise value of U.S. privately held companies.p.3
2. Since inception, the LPMI has a CAGR of 7.5%, compared with 11.1% for S&P 500 enterprise values.p.4
3. Over the last twelve months the LPMI rose 4.5%, against 17.5% for S&P 500 enterprise values.p.4
4. Energy enterprise values rose 9.5% year-to-date and 10.8% over the last twelve months.p.5
5. Smaller companies with EBITDA under $20 million experienced a lesser increase in enterprise value than their larger counterparts.p.7
6. Lincoln determines the enterprise fair value of over 7,450 portfolio companies for over 250 sponsors each quarter.p.9