The Lincoln Private Market Index (LPMI) increased 1.9% in the fourth quarter of 2025, marking the slowest quarter-over-quarter growth of the year as EBITDA expansion moderated and enterprise value multiples remained relatively flat. The LPMI, published by investment bank Lincoln International, tracks changes in the enterprise value of U.S. privately held companies.
Private Markets vs. Public Markets Performance
The fourth-quarter gain compared with 2.3% enterprise value growth for the S&P 50...
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