“As Lincoln continues to invest in growing our geographic and service coverage, we are excited to welcome Ramakrishna as a Senior Advisor to our valuations team in India,” said Brian Garfield, Managing Director & Global Head of Portfolio Valuations. “Our clients and practice will be well-served by his years of experience in India’s venture capital and private equity industries.”

Over the last two decades, Ramakrishna has served on the boards of several companies, where he has adopted a collaborative strategy to establish best governance standards and help scale businesses while managing growth. His advisory focus is supporting talented entrepreneurs seeking exceptional growth opportunities and long-term value creation across high-growth sectors, including life sciences, technology, agriculture, manufacturing, consumer and infrastructure services.

“I am excited to welcome Ramakrishna as a Senior Advisor to our growing team of valuations professionals,” said Varun Gupta, Managing Director. “Throughout his distinguished career, he has earned a deep respect across our industry and gained a prominent position as a trusted voice in valuations.”

Prior to his appointment as Valuations Senior Advisor, Ramakrishna served as the Chief Executive Officer of the Kotak Private Equity, the private equity arm of Kotak Mahindra Group, where he was responsible for managing various growth funds with over $700 million of assets under management. Earlier in his career, he held roles at Carlyle Asia and ICICI Venture.

“I look forward to working alongside Lincoln’s esteemed Valuations & Opinions Group,” said Ramakrishna. “India’s capital leaders increasingly rely on research-backed analysis and third-party valuation processes, and I look forward to collaborating with the firm’s valuations professionals to meet this demand.”

The post Ramakrishna K.V. Joins Lincoln International as a Senior Advisor to Valuations & Opinions Group appeared first on Lincoln International LLC.

“We are thrilled to welcome Per as a Senior Advisor to our valuations professionals,” said Ron Kahn, Managing Director & Global Co-Head of Valuations & Opinions. “As our work and the global private markets continue to evolve, his expertise and highly regarded insights will be a valuable resource for Lincoln International and our clients.”

The appointment comes as demand for independent valuation support continues to grow across the private markets, including private equity and private credit. In addition, transaction opinions are playing an increasingly important role in sponsor-led activity, including continuation vehicles—an area where Per brings extensive experience and practical knowledge.

“Lincoln International’s valuations practice is a global leader, and as we continue to grow in scale and service areas, Per’s strategic insights will be invaluable,” said Nick Baldwin, Managing Director. “Data-driven strategy and research-backed analysis are ever more crucial in today’s market, and we look forward to collaborating with Per to continue delivering deep insights to our clients.”

Per is the Stockholm School of Economics Centennial Professor of Finance and Private Equity and an Adjunct Associate Professor of Finance at the University of Chicago Booth School of Business. He is a research affiliate of the Center for Economic Policy Research (CEPR), a research fellow of the European Corporate Governance Institute (ECGI), a vice president of the Royal Swedish Academy of Sciences, and a member of the Royal Swedish Academy of Engineering Sciences. Per also serves on the prize committee for the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel.

“This appointment comes at a pivotal time for the private markets,” said Per. “Demand for expert, outsourced valuation advisory and benchmarked market analysis of opaque private markets continues to grow. I am excited to collaborate with the Valuations & Opinions Group to help drive success and innovation.”

In his role, Per will serve on Lincoln International’s Technical Review Committee, offering valuable insight into the firm’s broader valuation processes, techniques and methodologies. He will also sit on several of the firm’s other valuation operating committees, where he will provide strategic insight into the Valuation & Opinions Group’s practices.

Per received his Ph.D. in Financial Economics from Carnegie Mellon University and holds an MBA (Civilekonom) from the Stockholm School of Economics. He is currently a board member of AP4, a public pension fund, and Nasdaq Clearing AB, a central clearing platform for Nordic derivatives.

The post Per Strömberg Joins Lincoln International as a Senior Advisor to Valuations & Opinions Group appeared first on Lincoln International LLC.

“Lincoln International marked our 30^th anniversary with a momentous entrance into the public markets, strengthening our platform and creating new opportunities for our people, clients and shareholders in the years ahead,” said Rob Brown, CEO of Lincoln International. “Alexandra’s appointment as Chief Marketing Officer and our first-ever Head of Investor Relations is emblematic of Lincoln’s continued growth and evolution as a global advisory platform.”

Alexandra will partner with firm leadership to advance strategic priorities and long-term growth, strengthening engagement with employees, clients and investors. She has more than three decades of experience across the capital markets, spanning investment banking, corporate strategy and investor relations.

“Lincoln International’s culture of partnership and entrepreneurialism aligns closely with my values and experience,” said Alexandra. “I look forward to elevating the firm’s distinct positioning, strategy and performance within the investment community as it continues to grow and serve clients across geographies, services and sectors.”

Prior to joining Lincoln International, Alexandra served as Head of Treasury and Investor Relations at Lazard. She is a former chair and current board member of NIRI: The Association for Investor Relations and a NIRI National Fellow.

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Lincoln International, a global investment banking advisory firm, announced today that the European Lincoln Private Market Index (PMI), the only index that tracks enterprise values (EV) of Europe’s privately held companies, declined 1.3% in Q1 2026. This marked the first quarterly decline since inception, as multiple contraction more than offset earnings growth. The contraction in Q1 was primarily driven by decreases in the EVs of technology companies following the accelerated pace of AI development and recent public market software sell-off. Technology companies constituted 15% of the European Lincoln PMI but contributed to over 50% of the overall decline this quarter.

Despite the Lincoln PMI’s decrease, private markets continued to demonstrate relative resilience in comparison to the public markets. The FTSE 250 and STOXX 600 EVs declined 5.0% and 2.9%, respectively. As with previous quarters, the return was almost entirely attributed to the impact of changes in EV multiples, which more than offset the positive underlying fundamental performance. Over the last twelve months, the Lincoln PMI’s return of 3.1% beat that of the FTSE 250’s of 2.4%, but it trailed the STOXX 600’s return of 6.1%.

“While private company enterprise values have historically been driven by fundamental performance and near-term expectations of growth, Q1 marked a deviation from that trend for software companies,” noted Steve Kaplan, Neubauer Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business, who assists and advises Lincoln on the PMI. “Within the European Lincoln PMI, European software company operating performance, in fact, was positive in Q1. The decline in software valuations was entirely due to lower multiples for such businesses, reflecting market participants’ views of longer-term expectations around AI driven disruption.”

Quarter Highlights:

• This quarter: Multiples had a negative impact, with the median EV multiple for the constituents of the PMI declining from 11.7x in Q4 to 11.5x in Q1. Notably, for technology companies, the median EV multiple declined approximately 1.0x in Q1.
• Earnings: Whilst earnings growth has underpinned the index’s increase since inception, it was not enough to offset the extent of multiple contraction in Q1. However, earnings continue to grow at a steady rate. Across all industries, the percentage of companies reporting year-over-year (YoY) LTM revenue growth declined from 76.4% to 71.1%, and the percentage of companies reporting YoY LTM EBITDA growth declined from 67.4% to 62.8%. Furthermore, the rate of revenue growth was flat at 7.5%, while the rate of average EBITDA growth slowed from 7.1% to 5.8%.
• UK vs. Eurozone: UK company EVs increased 0.7%, outperforming the 1.6% decline in Eurozone company EVs. The Eurozone had greater exposure to declining sectors, such as technology and industrials, and hence was more impacted by multiple compression.
• Sector Highlights:
  • Technology: Technology EVs, which represented 15% of the European Lincoln PMI, declined 6.4% for the quarter, driven by the global software sell-off. Software EVs, specifically, declined 8.3% within the PMI, driven entirely by multiple contraction. There were also declines in the digital media subsector. On the credit side, across European software loans valued by Lincoln in Q1 2026, the average fair value declined by 1.0% of par. There was a clear link between higher LTV deals and a more material trade off in loan prices, with the spread of software loans with an LTV above 45% increasing by 0.49% on average.
  • Consumer: Consumer was the only sector to grow in Q1, increasing +3.3%, rebounding from the decline in Q4. The sector saw strong average earnings growth across all subsectors, but most notably in lifestyle and leisure.
  • Industrials: Industrial EVs declined by 1.8% in Q1, reflecting concerns around the Iran conflict’s impact on energy costs and supply chains. While underlying performance remained resilient, any sustained disruption could translate into more pronounced operational pressures and weaker earnings in coming quarters.
  • Business Services: Business services declined by 1.3%, marking its first decline since early 2023, as AI-related disruption spread into subsectors such as insurance, which is particularly exposed to AI-related risks. Other subsectors experiencing average earnings decline were marketing and information services, while the majority of subsectors experienced average multiple decline.
• Small and Large Businesses: In Q1, small companies (i.e. EBITDA < €30 million) outperformed large companies as stronger earnings growth offset multiple contraction. The impact of multiple contraction was elevated in large companies given the largest constituents of the PMI were particularly concentrated amongst software companies with AI-related risks. The three largest companies within the PMI were software companies and had an average multiple decline of 8.6%.

Deep Dive into Software

Consistent with all the public headlines, the decline in EVs this quarter was primarily driven by weakness in the technology sector, particularly software companies. The results should come as no surprise given the recent global sell-off of public software equities and credits, and fears of AI-disruption to software and Software as a Service (SaaS) companies. AI’s capabilities, investment and adoption have grown significantly and far more quickly than many market participants expected. However, the decline in the software subsector was specifically driven by the impact of multiple contraction rather than earnings, which was positive within the European Lincoln PMI in Q1. While macroeconomic factors such as AI disruption may take time to be reflected in financial results, private companies’ earnings growth overall remained positive in Q1, albeit the rate of growth continued to slow slightly.

Credit Check

Whilst headline metrics appeared positive, some signs of weakness remain. Covenant default rates declined from 1.8% to 1.5%, but this was influenced by the amending or restructuring of several breaches in the prior quarter rather than a fundamental improvement in borrower health, and there were nine new companies that breached covenants in the quarter. The overall proportion of companies utilizing PIK interest declined from 17.1% to 16.2%. However, the percentage of companies that paid cash interest at close before implementing PIK interest (i.e., bad PIK) increased from 7.3% to 7.8%, indicating rising stress among more challenged private companies. For those companies with “bad PIK,” LTV increased 28.5% since transaction close.

Financing Conditions

European private credit markets remain active, with deal flow continuing despite ongoing uncertainty on AI disruption, economic policy shifts and geopolitical uncertainty. Competitive dynamics are still supporting borrower-friendly terms, although lenders are becoming more selective, particularly in software, where underwriting standards have tightened. While spreads remain stable, leverage levels have edged lower as lenders apply greater scrutiny and higher base rates constrain debt capacity. Reflecting this, Lincoln has maintained its spread guidance from March 2026 but reduced the high end of its leverage guidance by 0.25x across unitranche, second lien and subordinated debt structures for all size categories.

The Bottom Line

While private markets have remained resilient, Q1 reflected a shift toward multiple-driven valuation declines offsetting earnings growth, albeit slowing growth, in addition to some persistent credit stress. Together, these trends point to a more cautious market backdrop.
Nick Baldwin, Managing Director in Lincoln International’s European Valuations & Opinions Group, commented, “Q1 marked a notable shift, with the decline in the European Lincoln PMI largely driven by the software-led sell-off and changing market expectations around AI. That said, underlying fundamentals remain robust, with the European Lincoln PMI still supported by positive earnings growth. What we are seeing is a growing divergence, where strong businesses continue to perform, but valuations are adjusting to reflect longer-term uncertainty. As a result, investors are becoming more selective, particularly in sectors most exposed to disruption.”

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The shares are expected to begin trading on the New York Stock Exchange on May 20, 2026, under the ticker symbol “LCLN.” The offering is expected to close on May 21, 2026, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the offering. BMO Capital Markets, Citizens Capital Markets and Evercore ISI are acting as bookrunners for the offering. Keefe, Bruyette & Woods, A Stifel Company and Wolfe | Nomura Alliance are acting as co-managers for the offering.

A registration statement related to the securities to be sold in the initial public offering has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on May 19, 2026. This offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained, when available, free of charge at the SEC’s website at www.sec.gov, or alternatively from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at registration-syndops@ny.email.gs.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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“Lincoln’s international platform offers highly regarded mergers and acquisitions advisory services across sectors, backed by strong capital advisory and valuations capabilities,” said Eric Malchow, President and Global Head of Lincoln’s Mergers & Acquisitions Group. “The financial services sector remains a crucial cornerstone of modern markets, and we look forward to Mark leading growth in our practice.”

Mark has nearly two decades of investment banking experience in financial services, having completed more than 50 transactions representing over $40 billion of transaction value. He has a strong track record covering a broad range of transaction types, including both sell-side and buy-side mandates for private equity sponsors and strategic acquirers as well as financial due diligence services.

“My clients come to me to gain clarity on transformative decisions, the complexity of which continues to grow each year,” said Mark. “I look forward to joining Lincoln’s established platform to leverage my own insights alongside the firm’s proprietary data and deep insights into the private capital markets.”

The financial services industry continues to benefit from long-term secular tailwinds, including ongoing consolidation, technology-enabled operating models and evolving consumer demand. Lincoln’s clients will be well-served by Mark’s experience advising leaders across the sector as they pursue growth, liquidity and strategic change.

The post Lincoln International Adds Mark Karasik as Managing Director to Help Lead U.S. Asset & Wealth Management Coverage appeared first on Lincoln International LLC.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. BMO Capital Markets, Citizens Capital Markets and Evercore ISI are acting as bookrunners for the proposed offering. Keefe, Bruyette & Woods, A Stifel Company and Wolfe | Nomura Alliance are acting as co-managers for the proposed offering.

The proposed offering will be made only by means of a prospectus. Copies of the preliminary prospectus related to the proposed offering may be obtained free of charge at the SEC’s website at www.sec.gov. Alternatively, the copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

A registration statement on Form S-1 relating to the proposed initial public offering has been filed with the SEC but has not yet been declared effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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Lincoln International, a global investment banking advisory firm, announced today that the Lincoln Private Market Index (LPMI), an index that tracks changes in the enterprise value of U.S. privately held companies, decreased by 2.2% in Q1, driven primarily by a 7.8% decrease for technology companies (driven by an 8.8% decrease for software companies) and a 1.5% decrease for business services companies while all other industries remained flat or modestly up quarter-over-quarter. The S&P 500 exhibited similar trends, with enterprise values decreasing 3.5% since Q4, primarily due to a pullback in public software valuations. Notably, however, excluding the Magnificent 7, S&P 500 enterprise values grew by 0.7%, highlighting the resilience of less AI-impacted companies given the significant AI exposure of the Magnificent 7.

“While private company enterprise values have historically been driven by fundamental performance and near-term expectations of growth, Q1 marked a deviation from that trend for software companies,” noted Steve Kaplan, Neubauer Distinguished Service Professor of Entrepreneurship and Finance at the University of Chicago Booth School of Business, who assists and advises Lincoln on the LPMI. “Software company operating performance, in fact, remained positive on average in Q1. The decline in software valuations was entirely due to lower multiples for such businesses, reflecting market participants’ views of longer-term expectations around AI driven disruption.”

Despite a Flurry of Headwinds, Private Company Performance was Robust

The majority of private companies performed well in Q1. Lincoln observed an increase in the number of companies growing both revenue (69.8% vs. 68.6% in Q4) and EBITDA (62.6% vs. 61.7% in Q4) while also observing an increase in the magnitude of year-over-year growth in revenue (6.6% vs. 5.9% in Q4) and EBITDA (4.6% vs. 4.4 % in Q4) in Q1. Looking at software companies’ performance specifically, trends were also positive as 74.9% of software companies grew revenue and 67.0% grew EBITDA, while the magnitude of year-over-year growth was 6.6% for both revenue and EBITDA.

AI’s Impact on Software Valuations

It comes as no surprise that loan valuations for software and other highly AI-impacted businesses decreased meaningfully in Q1 despite the aforementioned resilience in performance to date. AI disruption risk is not necessarily a near-term headwind but rather a medium-to-longer term dynamic which nearly every company, not just software businesses, will need to grapple with. For software companies specifically, according to Lincoln Lens – Private Market Intelligence which captures the portfolio company valuations performed by Lincoln quarterly, there were a number of key determinants in the magnitude of fair value declines in software-based loans in Q1.

To set the stage, 20% of the outstanding principal of loans in Lincoln Lens – Private Market Intelligence in Q1 was to software companies, and the loan-to-value of these loans at the time of underwriting was on average 32%. Even after accounting for the decline in enterprise values observed in Q1, these loans, on average, have lower loan-to-value (LTV) than loans to borrowers in other industries. Specifically, as of today, the average LTV of software loans in Lincoln Lens is 42.2%, and the LTV of all other loans is 47.4%. However, not all software loans can be treated equally, and Lincoln views it as critical to dig a level deeper to understand the relative risk to any given software-based loan.

First and foremost, software companies can broadly be defined as either horizontally or vertically integrated, meaning that a business can either serve many industries with a general-purpose product (horizontal integration) or focus deeply on one industry or workflow (vertical integration). Historically, vertically integrated software businesses have been acquired at a premium relative to horizontally integrated software businesses. In Q1, the gap in enterprise values between the two widened to nearly 2.0x EBITDA. Putting a finer point on it, overall software valuation multiples declined to 14.3x EBITDA in Q1 (vs. an average of 15.2x since Q1 2024), whereas vertically integrated multiples declined to 15.0x (15.5x) and horizontally integrated multiples declined to 13.4x (14.7x). Therefore, there was meaningfully higher degradation of enterprise value and thus equity cushion (and conversely, an increase in LTV) for horizontally integrated software businesses given these are viewed as being more vulnerable to replacement by general purpose AI solutions.

Next, capital structures vary greatly among software borrowers. While more conservatively capitalized software businesses (i.e. lower LTV and / or lower EBITDA-based leverage) are not going to be immune to the potential for disruption from AI, they have a meaningfully higher cushion for their lenders as compared to a higher-leverage or higher-LTV borrower. Said differently, if cash flow becomes strained, or if equity value deteriorates, more conservatively capitalized businesses will still be able to service debt payments and, in the event of a business having to be sold at a discount relative to its original purchase multiple, the likelihood of the loan remaining covered by enterprise value is much higher than a loan to in a highly levered business.

Putting this all together, when looking at software loan valuations in Q1, the average fair value of loans to software business valued by Lincoln declined by 1.9% of par. Notably, however, this varies greatly depending on the loan’s LTV; the median decrease for loans by LTV was as follows: <35%: 0.8%, 35%-50%: 1.3% and >50%: 2.3%. Only time will tell which companies end up being winners or losers due to the rapid pace of AI adoption; however, it is clear, in today’s market, having a vertically integrated business with a more conservative capital structure provides a higher level of cushion and insulation from AI-based risk.

“The impact of AI will be far-reaching and touch nearly every business, not just software companies,” noted Ron Kahn, Managing Director and Co-Head of Lincoln International’s Valuations & Opinions Group. “The challenge for market participants is how to price that risk in today given both recent results and short-term expectations of performance are favorable. Each company needs to be evaluated for its relative risk of disruption, the sustainability of its business model and its capital structure leading into this transformative time.”

Outside of Software, Direct Lending Terms are Evolving

While cracks started to form for certain borrowers in 2025, those cracks generally not only didn’t widen in Q1 but actually started to stabilize. Covenant defaults remained steady at 3.1%, which was in line with the historical average dating back to 2020. PIK interest was present on 10.6% of all loans and represented 8.9% of total interest income, both of which remained relatively in line with what was observed throughout 2025. Similarly, bad PIK (i.e., investments with no PIK interest at close but with PIK interest today) was 55.7% of loans with PIK, or 5.9% of all loans, which may also be viewed as shadow default rate and was similarly in line with observations throughout 2025.

Lastly, while lender foreclosures continue to occur with $24.2 billion of principal foreclosed in 2025 and another $15.2 billion year-to-date in 2026. These foreclosures still remain concentrated in 2021 and 2022 vintage buyouts and still represent a small amount of total direct lending principal outstanding.

While these negative performance indicators are not worsening, because of concerns about software and redemptions in retail-focused funds, Lincoln has observed late in Q1 and early in Q2 that spreads were beginning to widen, and other lending terms were pivoting back to favor the lenders.

Is There a Direct Lending Problem?

Recent headlines raised questions about whether direct lending is approaching a deeper reckoning. At the borrower level, Lincoln Lens – Private Market Intelligence data suggests the answer is no. One reason that there may be a perceived problem is that income returns (i.e., the yield of underlying loans) have come down meaningfully in the past two years; however, yields are in line with the historical levels for the asset class, and some may be taking a very short-term view of asset-level returns. Putting a finer point on it, in Q1 2024, average unitranche spreads were S+5.50% to S+6.25% with spot SOFR sitting at 5.3% implying an all-in yield around 11.8% when also considering the impact of OID. Zooming forward to today, average unitranche spreads sit at S+4.75% to S+5.50%, with spot SOFR at 3.70% and smaller closing fees, implying a yield of 8.9%. That roughly 3% decline in yield seems steep at its face, but the 11.8% was simply not sustainable in the context of what historically has been a high single-digit yield for the asset class.

There is also fear from some that defaults may rise and lead to significant losses for private credit managers, their lenders and ultimately investors. While not every fund is created equal, Lincoln performed an analysis to assess what a spike in defaults may do to fund level returns. Assuming a 5-year fund life with an average unitranche spread of 5.0% over SOFR, unlevered returns would measure at roughly 9.0%. If the portfolio were to be stressed with a 10% cumulative default rate with the first default beginning in year 2 and an assumed recovery rate of 65%, unlevered returns would decrease to around 8.3%, implying a 0.7% decrease in unlevered returns. While this is certainly impactful, it does not suggest widespread erosion of returns for the asset class.

“Direct lending is at a defining point in its lifecycle,” noted Kahn. “Some view the current market backdrop as one of the first true tests of the asset class, but Lincoln Lens – Private Market Intelligence data shows that direct lending is well-positioned to weather even an unprecedented and unlikely level of defaults, and there is a case to be made that spreads for direct lending loans may start to widen further increasing returns for lenders.”

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“France is one of the top three private capital markets in Europe and continues to present significant opportunities for sponsors, lenders and borrowers alike,” said Aude Doyen, Managing Director & Co-Head of Capital Advisory, Europe. “Benoit brings deep local market knowledge, strong relationships and a proven ability to advise clients on complex financing situations, both in France and on cross-border transactions. His arrival further strengthens our ability to help clients navigate an increasingly active and sophisticated financing environment.”

Benoit’s hiring reflects Lincoln’s continued investment in expanding its capital advisory capabilities in Europe and globally.

“With Benoit joining the team, we are adding further depth to our financing advisory capabilities,” said Daniele Candiani, Managing Director & Co-Head of Capital Advisory, Europe. “His expertise in LBO financing is especially important as we continue to broaden our coverage of sponsor-backed clients and expand the range of capital solutions we bring to the market. Benoit enhances an already well-established Paris and European platform and will play an important role in executing on our growth strategy.”

Benoit has a successful track record of advising on a variety of financing needs including acquisitions, refinancings, recapitalizations, special situations and fund financing. He leverages a deep knowledge of the French / European bank and private debt markets to deliver the best outcomes for his clients.

“My own approach to capital advisory aligns closely with Lincoln’s firmwide ethos, as both are rooted in strong dealmaking capabilities and a client-centric mindset,” said Benoit. “I look forward to leveraging Lincoln’s platform to deliver outstanding results for my clients.”

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The registration statement has not yet become effective. The Class A common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The number of shares to be offered and the price range for the proposed offering have not yet been determined. The proposed initial public offering is expected to commence after the SEC completes its review process. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed, or as to the actual size or terms of the proposed offering.

Lincoln International has applied to list its Class A common stock on the New York Stock Exchange under the ticker symbol “LCLN.” Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the proposed offering. BMO Capital Markets, Citizens Capital Markets and Evercore ISI are acting as bookrunners for the proposed offering. Keefe, Bruyette & Woods, A Stifel Company and Wolfe | Nomura Alliance are acting as co-managers for the proposed offering.

A copy of the registration statement on Form S-1 filed with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. Copies of the preliminary prospectus, when available, may also be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by telephone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014.

This announcement is being made pursuant to, and in accordance with, Rule 134 under the Securities Act of 1933, as amended. This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Any offer will be made only by means of a prospectus.

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