In the Headlines: Lincoln's Q3 2025 Indexes

Nov 2025

In the Headlines: Lincoln’s Q3 2025 Indexes

Insights and data from Lincoln’s Q3 indexes from our Valuations & Opinions Group were recently featured in several publications.

Bloomberg
Fortune
- Private Credit Sees Rise in “Bad PIK” Showing “Cracks” in the Market
LevFin
- U.S. Insight: Private Credit Yields Fall Below 10% for First Time in Three years, May Decline Further: Lincoln Data
Mergers&Acquisitions
- Banks Fight Back: Syndicated Loans Start to Mimic Private Credit
The Wall Street Journal
- Battery Backs Maybern | Clayton Dubilier & Rice in Talks With Sealed Air | Clearlake to Buy Pathway
- Business Development Companies Contain Credit Risks as M&A Revives

Summary

Lincoln International’s Valuations & Opinions Group explores findings from Lincoln's Q3 2025 Indexes in Bloomberg, The Wall Street Journal and more.
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Q3 2025 Lincoln Private Market Index™

Q3 2025 European Lincoln Private Market Index™

Q3 2025 European Lincoln Senior Debt Index™

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Contributors

I enjoy the opportunity to provide clients with insightful and unbiased advice that will help them make the most informed decisions possible.

Ron Kahn

Managing Director & Global Co-Head of Valuations & Opinions

Chicago

I enjoy sharing insights about market and valuation trends with my clients, while also leading a differentiated and high-touch process.

Brian Garfield

Managing Director & Head of U.S. Portfolio Valuations

New York

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I view working with clients as a partnership that is collaborative, insightful and transparent and deliver with the highest level of service, attention and execution.

Smitha Balasubramanian

Managing Director

Chicago

I enjoy navigating complex scenarios in real time to provide independent and trustworthy valuation advice.

Nick Baldwin

Managing Director

London

I enjoy being able to provide real value to clients by supporting them in the purchase price adjustment process, including the resolution of M&A disputes.

Charles Blank

Managing Director

New York

I find immense fulfillment in enabling clients to achieve their objectives and navigate the complexities of today's ever-changing landscape.

Chris Croft

Managing Director & Co-Head of Transaction Opinions

New York

Individual board members have different levels of sophistication and I find it my obligation to distill the financial information in sometimes complicated, bet-the-firm transactions into easy to understand presentations.

William Epstein

Managing Director

Los Angeles

I am committed to delivering ‘high touch’ client service and thoughtful advice, based on an analytical approach grounded in relevant transaction experience.

Michael Fisch

Managing Director

Chicago

I enjoy sharing insights about market and valuation trends with my clients, while also leading a differentiated and high-touch process.

Brian Garfield

Managing Director & Head of U.S. Portfolio Valuations

New York

I am happy to support our clients and their stakeholders by providing reliable valuation analyses and opinions that facilitate their strategic priorities.

Srividya Gopal

Managing Director

Dubai

I enhance my clients’ decision making and governance processes by providing independent and objective financial advice in a highly responsive manner.

Chris Gregory

Managing Director & Co-Head of Transaction Opinions

New York

Leading high-performing and engaged teams who share my enthusiasm for supporting client objectives with high quality work is a key motivator for me.

Varun Gupta

Managing Director

Mumbai

I find every day has a new opportunity or situation to solve. I seek to understand my clients’ point of view and how it fits with the market at the time of a valuation.

Neal Hawkins

Managing Director

Chicago

I am passionate about combining my background in capital markets and private credit transactions with sound valuation principles to provide clients with market-leading perspectives and advice.

Robert Horak

Managing Director

Chicago

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Related Perspectives

Q3 2025 Lincoln Senior Debt Index™

Fortune | Private Credit Deals See a Rise in ‘Bad PIKs’ Showing ‘Cracks’ in the Market for Corporate Debt

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