S&P Dow Jones Indices and Lincoln International Unveil New Benchmarks for the Private Loan Market with Launch of S&P Lincoln Senior Debt Indices

Rhea-AI Summary

S&P Dow Jones Indices (NYSE:SPGI) and Lincoln International launched the S&P Lincoln Senior Debt Indices, introducing U.S. and Europe benchmarks to track fair value of private direct lending credit investments on a quarterly basis. S&P DJI will publish, calculate, administer, and license the index family.

The indices combine Lincoln's private-market valuations (over 25,000 portfolio valuations annually) with S&P DJI index design and governance, aiming to increase transparency and expand private-market benchmarking and index offerings globally.

Positive

• Launch of the first two private loan benchmarks for U.S. and Europe
• S&P DJI named sole publisher, calculator, administrator, and licensor
• Lincoln provides > 25,000 portfolio company valuations annually to support index inputs

Negative

• Indices report quarterly fair-value returns, which may limit intraperiod pricing transparency for active traders

Key Figures

Annual valuations: 25,000 portfolio company valuations Private equity index size: 50 funds

2 metrics

Annual valuations 25,000 portfolio company valuations Lincoln International private market valuations performed annually

Private equity index size 50 funds S&P Private Equity 50 Indices benchmark 50 largest available funds

Market Reality Check

Price: $417.48 Vol: Volume 2,789,608 is 26% b...

normal vol

$417.48 Last Close

Volume Volume 2,789,608 is 26% below the 20-day average of 3,752,452, suggesting limited pre-news positioning. normal

Technical Shares at $417.48 trade 27.9% below the 52-week high of $579.05 and remain below the $510.98 200-day MA, indicating a longer-term downtrend despite the product launch.

Peers on Argus

SPGI was up 0.19% with mixed peer moves: MCO +0.24%, MSCI +0.83%, CME +1.45%, wh...

SPGI was up 0.19% with mixed peer moves: MCO +0.24%, MSCI +0.83%, CME +1.45%, while ICE slipped -0.17%. No peers appeared in the momentum scanner, pointing to a stock-specific rather than sector-wide reaction to the index launch news.

Historical Context

5 past events · Latest: Feb 20 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Feb 20	Conference presentation	Neutral	-0.8%	Management presenting at Raymond James institutional investor conference.
Feb 19	Leadership change	Positive	-0.8%	Appointment of Chief Strategy Officer as Mobility prepares for spin-off.
Feb 17	Market outlook report	Positive	+0.2%	Liquidity Outlook 2026 detailing drivers like private credit and AI issuance.
Feb 17	Data collaboration	Positive	+0.2%	Climate risk data-sharing collaboration with Verisk for financial institutions.
Feb 17	Industry conference	Positive	+0.2%	Announcement of CERAWeek 2026 energy and technology leadership event.

Pattern Detected

Recent corporate and thought-leadership announcements have produced modest, mixed price reactions, with both small gains and declines around generally positive news.

Recent Company History

Over the past weeks, SPGI has highlighted capital-markets thought leadership and strategic positioning. On Feb 17, 2026, it published a Liquidity Outlook focused on private credit and AI-related issuance, coinciding with a 0.22% move. The same day saw collaborations on climate risk intelligence and promotion of CERAWeek 2026, each also followed by 0.22% gains. By contrast, a Feb 20 conference appearance and a Feb 19 leadership appointment for the Mobility spin-off were followed by modest declines. Today’s private-loan benchmark launch fits this pattern of ongoing product and platform expansion.

Market Pulse Summary

This announcement expands S&P Dow Jones Indices’ presence in private markets through the S&P Lincoln...

Analysis

This announcement expands S&P Dow Jones Indices’ presence in private markets through the S&P Lincoln Senior Debt Indices, targeting direct lending across U.S. and European fund clients. It builds on earlier moves like the S&P Private Equity 50 Indices, reinforcing SPGI’s role in providing benchmarks and data for non-public assets. Investors may track how quickly these indices gain adoption, how frequently data are published, and how this complements broader initiatives highlighted in recent filings and partnership announcements.

Key Terms

senior debt, direct lending, private loans, syndicated loans, +1 more

5 terms

senior debt financial

"launch of the first two indices in the S&P Lincoln Senior Debt Index Series"

Senior debt is borrowing that has first claim on a company's cash and assets if the company can't pay its bills, so lenders holding senior debt are repaid before other creditors and equity holders. Think of it as being first in line at a checkout; that priority makes senior debt lower risk and typically carries lower interest, and its size and terms matter to investors because they affect the safety of creditors and the potential upside or vulnerability of shareholders.

direct lending financial

"track the fair value of direct lending credit investments every quarter"

Direct lending is when investors or investment funds lend money straight to companies instead of those companies borrowing from traditional banks. It matters to investors because it can offer higher interest income than public bonds or bank deposits, much like lending money to a neighbor for a premium, but it also carries greater credit risk and lower liquidity since the loans are often private and harder to sell.

private loans financial

"changes in the private loan market"

Private loans are debt agreements made directly between a borrower and a non-public lender—such as an individual, private fund, or specialty lender—rather than through public markets or traditional banks. Think of it like borrowing from a private lender instead of taking an advertised bank loan: investors care because these loans can offer higher returns but also come with higher credit and transparency risk, and they influence a borrower’s cash flow and financing flexibility.

syndicated loans financial

"extends its reach across the credit spectrum from syndicated loans into private loans"

A syndicated loan is a large loan provided by a group of banks or other lenders who share the amount, risk and repayment, like several people pooling money to buy an expensive item together. It matters to investors because it affects a borrower's cost of capital, financial stability and default risk—changes that can influence a company’s credit rating, ability to fund operations or pursue growth, and therefore its stock and bond value.

private equity financial

"recent launch of the S&P Private Equity 50 Indices, benchmarks designed to measure"

Private equity involves investing money directly into private companies or buying out public companies to make them private, with the goal of improving their performance and increasing their value over time. For investors, it offers an opportunity to earn returns by helping companies grow or restructure, often requiring a longer-term commitment and a higher level of involvement than typical stock investments.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 23, 2026 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, in collaboration with Lincoln International, a global investment banking advisory firm, today announced the launch of the first two indices in the S&P Lincoln Senior Debt Index Series, to provide key benchmarking tools for measuring changes in the private loan market.

Previously known as the U.S. Lincoln Senior Debt Index and the European Lincoln Senior Debt Index, the U.S. and Europe S&P Lincoln Senior Debt Indices are designed to represent and track the fair value of direct lending credit investments every quarter across fund clients in the U.S. and in Europe. S&P DJI will be the sole publisher, calculator, administrator, and licensor of the index family. The S&P Lincoln Senior Debt Indices combine Lincoln's complementary credit insights and private market database with S&P DJI's expertise in index design, administration and governance.

"Private markets are experiencing a transformative moment, driven by increased participation and demand for better insight," said Catherine Clay, Chief Executive Officer at S&P Dow Jones Indices. "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."

Through the launch of the U.S. and Europe S&P Lincoln Senior Debt Indices, S&P DJI extends its reach across the credit spectrum from syndicated loans into private loans, providing market participants with a consistent, rules-based view of performance and risk.

"As syndicated and private lending markets evolve, investors need to understand risk and return tradeoffs between public and private issuance. Together, Lincoln International and S&P Dow Jones Indices have insight into private market credit data that has been rigorously compiled across an extensive fund client base," said Cameron Drinkwater, Chief Product & Operations Officer at S&P Dow Jones Indices. "The U.S. and Europe S&P Lincoln Senior Debt Indices provide more transparency into private lending and extend S&P DJI's index capabilities across the loans continuum."

"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," said Rob Brown, Chief Executive Officer at Lincoln International. "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." 

Looking ahead, S&P DJI and Lincoln International plan to continue to enhance the depth and breadth of available private market index offerings as well as increase the publication frequency and granularity to investors and market participants globally while further expanding the potential use cases within the broader ecosystem.

For decades, S&P Global has brought transparency, credibility and objective assessments of risk to the public markets and is focused on creating that same value in private markets. The launch of the Senior Debt Indices follows S&P DJI's continued expansion in the private markets sector with the recent launch of the S&P Private Equity 50 Indices, benchmarks designed to measure the performance of 50 of the largest available private equity funds.

S&P Global remains focused on delivering comprehensive solutions for investors navigating private markets, through trusted private markets data, analytics, and insights. To learn more, please click here.

For more information about S&P Dow Jones Indices, please visit https://www.spglobal.com/spdji/en/landing/investment-themes/private-markets/.

For more information about Lincoln International, please visit https://www.lincolninternational.com/.

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500^® and the Dow Jones Industrial Average^®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit https://www.spglobal.com/spdji/en/.

The U.S. S&P Lincoln Senior Debt Index and the Europe S&P Lincoln Senior Debt Index are products of S&P Dow Jones Indices LLC or its affiliates ("S&P DJI") and Lincoln Partners Advisors LLC and its affiliates. S&P®, S&P 500®, SPX®, SPY®, US 500™, The 500™, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Lincoln International and the Lincoln Senior Debt Index are service marks owned by Lincoln International, LP and its affiliated entities. Investment products based on S&P DJI's indices are not sponsored or sold by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the indices.

FOR MORE INFORMATION:

Silke Mcguinness 
Global Head of Communications 
(+1) 415 205 8414
silke.mcguinness@spglobal.com 

Asti Michou
EMEA Communications
+44 (0) 79 70 887 863
asti.michou@spglobal.com 

 

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SOURCE S&P Dow Jones Indices

FAQ

What are the S&P Lincoln Senior Debt Indices launched on February 23, 2026 by SPGI?

They are rule-based U.S. and Europe indices tracking private direct lending fair-value performance quarterly. According to S&P Dow Jones Indices, the series measures quarter-by-quarter fair value of direct lending credit investments across fund clients, combining Lincoln's valuation data with S&P DJI index governance.

How will the S&P Lincoln Senior Debt Indices (SPGI) be administered and published?

S&P Dow Jones Indices will be the sole publisher, calculator, administrator, and licensor of the indices. According to S&P Dow Jones Indices, it will provide index design, administration, and governance while using Lincoln's private-market database for inputs.

What role does Lincoln International play in the SPGI S&P Lincoln Senior Debt Indices?

Lincoln supplies private-market valuation data and credit insights to support the indices' inputs and methodology. According to Lincoln International, it performs over 25,000 portfolio company valuations annually that inform index fair-value measurements.

How frequently will S&P Lincoln Senior Debt Indices publish performance for investors?

The indices will report fair-value performance on a quarterly basis by design. According to S&P Dow Jones Indices, publication is quarterly with plans to enhance publication frequency and granularity over time as offerings evolve.