S&P Global’s S&P Dow Jones Indices division announced the launch of the first two indices in the S&P Lincoln Senior Debt Index Series, a partnership with global investment‑banking advisory firm Lincoln International. The U.S. and European indices will track the fair value of direct‑lending credit investments on a quarterly basis, offering market participants a consistent, rules‑based benchmark for private‑loan performance across fund clients in both regions.
The private‑credit market has expanded from roughly $500 billion to $1.3 trillion over the five years preceding 2026, and analysts project it could exceed $3 trillion by 2028. Historically, investors have lacked transparent, independently calculated benchmarks in this asset class. The new indices aim to fill that gap by providing a standardized measure of performance and risk for private‑credit portfolios.
Launching the indices expands S&P Global’s data‑analytics footprint into the private‑market space, creating a new revenue source and reinforcing its position as a comprehensive provider of market intelligence for both public and private debt markets. Catherine Clay, CEO of S&P Dow Jones Indices, said, "Private markets are experiencing a transformative moment, driven by increased participation and demand for better insight. As private markets continue to mature, the need for trusted data and benchmarks is becoming more pronounced. We're excited about the opportunity to extend our expertise into this space, bringing consistency to a market that is increasingly important to investors worldwide."
Lincoln International brings extensive private‑market data and valuation expertise, having performed over 25,000 portfolio company valuations annually. Rob Brown, CEO of Lincoln International, noted, "With over 25,000 portfolio company valuations performed annually and growing, Lincoln International has built the most comprehensive view of private market valuations and performance globally. Through this partnership with S&P DJI, we're extending our commitment to transparency and rigorous benchmarking across the private capital ecosystem, establishing new standards for how institutional and retail investors measure and understand this rapidly evolving market."
The indices will initially be published quarterly, with a transition to monthly releases planned before the end of 2026. By providing a consistent, rules‑based benchmark, the S&P Lincoln Senior Debt Indices enable investors to assess performance, risk, and pricing in private credit more transparently, potentially driving adoption and revenue growth for S&P Global while positioning the firm to compete in a market increasingly influenced by AI‑driven data vendors.
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