The Lincoln Private Market Index rose 1.9% in the second quarter, recovering most of a 2.2% first-quarter decline, as earnings growth rather than higher valuation multiples drove the gain. Enterprise value multiples on new buyouts slipped to 12.0x EBITDA in the first half of 2026 from 12.8x a year earlier, though they remain above the 11.5x long-term average. Private-company revenue grew 6.9% and EBITDA 5.6% year over year, both up from the prior quarter.
Private markets also turned more selecti...
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