Lincoln International

What Lincoln International does

Lincoln International is a global mid-market investment banking advisory firm headquartered in Chicago, founded in 1996 and listed on the NYSE under ticker LCLN following its May 2026 IPO. The firm operates across seven industry groups — Business Services, Consumer, Energy Transition / Power & Infrastructure, Financial Services, Healthcare, Industrials, and Technology — and four core service lines: M&A advisory (sell-side and buy-side), Capital Advisory & Restructuring (debt placement, refinancing, recapitalizations), Private Funds Advisory (primary funds, co-invest vehicles, GP-led continuation vehicles), and Valuations & Opinions (independent valuations for alternative asset managers plus fairness opinions for boards and special committees). The Financial Services vertical was materially extended by the September 2025 acquisition of MarshBerry, the #1-ranked advisor in U.S. insurance brokerage M&A.

The firm's operating platform is anchored by a senior-banker direct-engagement model with no third-party distribution, supplemented by proprietary research IP including the Lincoln Private Market Index (a database of 25,000+ annual portfolio company valuations, now in its 21st consecutive quarter of growth) and the S&P Lincoln Senior Debt Index Series co-developed with S&P Dow Jones Indices. Lincoln employs approximately 1,400 professionals across more than 30 offices in 14 countries spanning the Americas, Europe, Asia, the Middle East, and Oceania, and markets itself primarily through proprietary thought-leadership publications and the annual Lincoln Private Capital Markets Conference, which attracted nearly 4,000 attendees with ~1,300 investor meetings and ~100 company presentations in 2024.

Lincoln International generates revenue on a transaction-fee and professional-services-fee basis tied to deal value and engagement scope, and reported $783.8 million of revenue and $214.1 million of net income in full-year 2025 (up 35% and 31% year-over-year, respectively), reflecting a ~16% revenue CAGR since 2015. The customer base is diversified across private equity sponsors (the largest segment), private business owners, public corporates, venture capital firms, and lenders, with engagements spanning sell-side and buy-side M&A, capital raises, fairness opinions, and independent valuations.

Name

Lincoln International

Legal name

Lincoln International LLC

Website

https://lincolninternational.com

Company type

Public

Founded year

1996

Operating status

Ipo

Headcount range

1,001–5,000 employees

Short description

Lincoln International is a global mid-market investment banking advisory firm offering M&A, capital advisory, private funds advisory, and valuations & opinions services across seven industry groups for private equity sponsors, private companies, and public corporates via 1,400+ professionals in 30+ offices across 14 countries.

Ownership category

akta.pro rank

Product category

Investment Banking Advisory Services

NAICS

Management Consulting Services (54161), Portfolio Management and Investment Advice (523940), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Services-Management Consulting Services (8742), Investment Advice (6282)

akta.pro primary industry

M&A Advisory (Buy-Side & Sell-Side) (BPAHAOAA)

akta.pro secondary industries

M&A Advisory (Buy-side/Sell-side) (BPAHADAC), Fairness Opinions & Independent Financial Advice (BPAHAOAF), Corporate Development & Strategic Partnerships Advisory (JVs, Alliances, Carve-outs) (BPAHAOAG)

Keywords

• Mergers and acquisitions advisory
• Investment banking services
• Capital markets advisory
• Business valuation services
• Private funds advisory

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices16 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. M&A Advisory: Sell-side and buy-side M&A advisory services for private equity firms, corporations, and private business owners. Revenue generated through transaction completion fees based on deal value.
2. Capital Advisory: Debt placement, refinancing, growth capital, and structured capital solutions. Includes acquisition financing, dividend recapitalizations, and restructuring advisory.
3. Valuations & Opinions: Independent valuations for alternative asset managers, fairness opinions for boards, and transaction opinions for special committees and fiduciaries.
4. Private Funds Advisory: Fundraising advisory for private equity including primary funds, single asset vehicles, co-invest vehicles, and GP-led structures such as continuation funds.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels6 records

Core offering

Lincoln International is a global mid-market investment banking advisory firm that delivers sell-side and buy-side M&A advisory, capital advisory and restructuring, private funds advisory (fundraising and continuation vehicles), and independent valuations and fairness opinions. The firm serves private equity firms, corporations, private business owners, venture capital firms, and lenders across seven industry groups, executing transactions with senior-level banker attention on every engagement.

Product overview

Lincoln International is a global investment banking advisory firm offering a unified platform of four core services: Mergers & Acquisitions advisory, Capital Advisory & Restructuring, Private Funds Advisory, and Valuations & Opinions. The firm operates across seven industry groups (Business Services, Consumer, Energy Transition, Financial Services, Healthcare, Industrials, and Technology) and serves private equity firms, private companies, public companies, venture capital, and lenders. Following its 2025 acquisition of MarshBerry, the firm expanded into insurance brokerage and wealth management consulting. Key sub-products include the Lincoln Private Market Index (PMI) for private market performance tracking and the S&P Lincoln Senior Debt Index Series for private credit benchmarking.

Differentiator

Problem solved

Functional benefit

Products and services

• Mergers & Acquisitions Global M&A advisory services providing sell-side and buy-side advisory across seven industry groups including Business Services, Consumer, Energy Transition, Financial Services, Healthcare, Industrials, and Technology.
• Capital Advisory & Restructuring Integrated advisory services spanning the entire capital structure, including growth capital, minority equity, acquisition financing, dividend recapitalization, refinancing, structured products, and financial restructuring.
• Private Funds Advisory Partners with private equity firms to raise capital and create tailored private capital solutions supporting strategic growth objectives, including single asset funds, primary funds, co-invest vehicles, and structured/continuation vehicles.
• Valuations & Opinions Accurate valuations and opinions delivered by 175+ dedicated professionals combined with 800+ investment banking advisors, serving alternative asset managers, special committees, and public/private company boards of directors.
• MarshBerry Investment banking and strategic consulting for the Financial Services industry, specializing in insurance brokerage, distribution, underwriting, wealth advisory, retirement planning, and accounting & tax services.
• Transaction Opinions & Board Advisory Independent fairness opinions, solvency opinions, and other transaction opinions to boards of directors, special committees, fiduciaries and general partners of asset management funds.
• Asset-Backed Finance Advisory Delivers high-quality insights and advisory services across collateral types and asset classes for asset-backed finance transactions.
• Disputes Advisory Specializes in post-close purchase price adjustment resolution (working capital and earnouts) and serving as experts in accounting, valuation or other M&A-related matters.
• S&P Lincoln Senior Debt Index Series Jointly launched with S&P Dow Jones Indices, providing transparent benchmarks for private credit investments in U.S. and European markets, tracking fair value of direct lending credit investments.
• Lincoln Private Market Index (PMI) Quarterly private market performance index tracking the performance of private market investments utilizing a proprietary database of over 25,000 annual portfolio company valuations.

Quantifiable outcome

• 21 consecutive quarters of earnings-driven growth in Lincoln Private Market Index
• +3 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• S&P Dow Jones IndicescoreStrategic or Co-development Partner · 23 February 2026Strategic collaboration to launch the S&P Lincoln Senior Debt Index Series, providing transparent benchmarks for private credit investments in U.S. and European markets. Combines Lincoln's private market credit data with S&P DJI's index design and governance expertise.
• L.E.K. ConsultingminorStrategic or Co-development PartnerCo-authored market analysis on healthcare logistics positioning it as a high-opportunity investment vertical, citing a $140 billion market in 2026 expected to exceed $200 billion by 2030.
• Ti InsightminorStrategic or Co-development PartnerPublished joint market report on global food and beverages logistics sector forecasting market to grow 5.9% year-on-year to €2,430.1 billion in 2025.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Piper Sandler: Investment bank and asset manager with a middle-market M&A and capital markets franchise. Direct competitor in the same mid-cap advisory space across consumer, healthcare, and technology sectors.
• Houlihan Lokey: Publicly listed global investment bank with a leading middle-market M&A, capital markets, and financial restructuring practice. Direct competitor in the mid-market advisory segment with overlapping client base of private equity firms, corporations, and private business owners.
• William Blair: Private global investment bank with a strong mid-market M&A, capital raising, and equity research franchise. Direct competitor across many of Lincoln's industry verticals, particularly technology, healthcare, and business services.
• Stifel Financial: Diversified brokerage and investment bank with a significant middle-market M&A and capital markets franchise. Competes directly with Lincoln across multiple industry verticals and in the private equity sponsor coverage space.
• Jefferies Financial Group: Diversified investment bank with a large middle-market M&A advisory and capital markets franchise, particularly strong in healthcare, technology, and consumer. Comparable in serving mid-cap and large-cap private equity clients with similar transaction-based revenue model.
• Robert W. Baird: Private employee-owned financial services firm with a strong middle-market investment banking practice. Direct competitor in M&A advisory and capital raising for mid-sized private and public companies.
• Raymond James Financial: Diversified financial services firm with a sizable investment banking division focused on mid-market M&A, equity capital markets, and debt advisory. Overlaps with Lincoln in middle-market advisory serving private and public companies across multiple sectors.

Broad incumbents

• Rothschild & Co: Global independent financial advisory group with deep M&A, restructuring, and capital advisory expertise. Larger incumbent that competes with Lincoln on cross-border mid-market and large-cap deals, particularly in Europe.
• Lazard: Global bulge bracket advisory firm with a substantial M&A advisory and capital markets practice. Larger incumbent that competes with Lincoln on larger mid-market and small-cap deals, with broader geographic and product reach.
• Evercore: Independent investment banking advisory firm focused on M&A, restructuring, and capital markets. While larger and focused on the upper end of the market, it competes with Lincoln for larger middle-market mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/lincoln-international
• Xx.com/lincolnint

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries3 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lincoln International