S&P Dow Jones Indices Partners with Lincoln International to Launch New Private Loan Market Benchmarks

S&P Dow Jones Indices and Lincoln International Introduce New Benchmarks for the Private Loan Market

In a groundbreaking collaboration, S&P Dow Jones Indices (S&P DJI) and Lincoln International have launched the SP Lincoln Senior Debt Index Series, designed to offer vital benchmarking tools for the private loan market. Officially announced on February 23, 2026, the first two indices aim to represent the fair value of direct lending credit investments, providing insightful metrics to investors and market participants.

Previously known as the U.S. Lincoln Senior Debt Index and the European Lincoln Senior Debt Index, these new indices will track private loan performance every quarter across fund clients in both the U.S. and Europe. S&P DJI will take full responsibility for publishing, calculating, administering, and licensing this new index family. The indices integrate Lincoln's extensive credit insights and private market database with S&P's established expertise in index design and governance.

Catherine Clay, CEO of S&P DJI, emphasized the significance of this move, stating, "Private markets are experiencing a transformative moment, driven by increased participation and demand for better insight. As these markets continue to mature, the necessity for reliable data and benchmarks is becoming increasingly important. This initiative extends our expertise into a vital sector for investors worldwide."

The introduction of the U.S. and European SP Lincoln Senior Debt Indices marks a strategic extension across the credit spectrum, moving from traditional syndicated loans to encompass private loans as well. This evolution offers market participants a consistent, rules-based framework to assess performance and risk in their investment strategies.

Cameron Drinkwater, Chief Product Operations Officer at S&P DJI, highlighted the necessity for investors to understand the risks and returns when navigating private and public lending markets. He noted that the indices provide greater transparency and insight for investors evaluating private lending opportunities. "The SP Lincoln Senior Debt Indices will illuminate the performance landscape of private lending, extending S&P DJI's capabilities across the loans continuum," he added.

Rob Brown, CEO of Lincoln International, also underscored the collaboration's commitment to transparency in the private markets sector. "With over 25,000 portfolio company valuations conducted annually, Lincoln has developed a comprehensive view of private market valuations. Our partnership with S&P DJI aims to set new benchmarks for how both institutional and retail investors assess this rapidly evolving landscape."

Looking forward, both firms have plans to enhance further and expand their private market index offerings. This includes increasing publication frequency and granularity to accommodate investors globally while broadening potential applications within the wider financial ecosystem.

For decades, S&P Global has been at the forefront of providing transparency and reliable assessments in public markets, and the launch of the Senior Debt Indices marks a significant step in replicating that success in private markets. This initiative follows S&P DJI's previous introduction of the SP Private Equity 50 Indices, which measure the performance of the top 50 private equity funds available.

Now, with a firm commitment to delivering comprehensive solutions, S&P Global aims to assist investors navigating the complexities of private markets through authoritative data, analytics, and insights.