Lincoln International and S&P Dow Jones Indices have unveiled new indices aimed at providing transparent, rules-based benchmarks for private credit markets across the US and Europe, addressing long-standing transparency concerns in this multi-trillion dollar asset class.
Lincoln International and S&P Dow Jones Indices have introduced a pair of benchmarks aimed at bringing greater clarity to private credit performance across the United States and Europe, the firms said.
According to the announcement by Lincoln International, the S&P Lincoln Senior Debt Index Series comprises a U.S. and a Europe index that will initially be released on a quarterly basis and move to monthly publication before the end of 2026. The indices are intended to measure changes in the fair value of direct lending positions held across participating fund clients.
The indices draw on Lincoln International’s private market data and S&P DJI’s experience in index construction and governance, the parties said. Lincoln International describes the coverage as encompassing roughly 1,600 middle‑market direct lending exposures across more than 175 fund clients in the U.S. and Europe, providing what it terms a credible reference point for benchmarking returns and assessing risk. According to S&P Dow Jones Indices, the new series expands its private credit offerings and is designed to sit alongside existing private‑market tools that cover direct loans, BDCs, CLOs and asset‑based finance.
A methodology document published by S&P Dow Jones Indices sets out the indices’ composition, calculation process and governance framework, reflecting an effort to make the rules transparent and replicable for market participants. The methodology emphasises fair‑value measurement of underlying credit investments and independent index administration.
The launch addresses a common complaint among institutional investors that private credit, now a multi‑trillion dollar area of alternative assets, has lacked the rules‑based, third‑party benchmarks typical of public markets. “Private credit has grown into a multi-trillion-dollar asset class, but institutional investors have historically lacked the transparent, rules-based benchmarks that exist in public markets,” Rob Brown, chief executive of Lincoln International, said in the firm’s statement. “Through the launch of this collaboration, we have an opportunity to bring our comprehensive private market data to a much larger universe, further bolstering our position as the leading global investment bank serving the private capital markets.”
Industry data and commentary accompanying the launch note that independently calculated indices can help limited partners, asset managers, pension schemes and other allocators evaluate manager performance, compare risk profiles and make allocation decisions in a market where pricing and mark‑to‑market practices vary widely. The companies say governance and regular publication will also improve comparability over time.
The firms characterised the partnership as combining Lincoln’s proprietary private‑market intelligence with S&P DJI’s index design and oversight capabilities. The companies’ statements stop short of promising specific investment products built on the indices, leaving the extent to which the benchmarks will be adopted as reference points by fund managers and allocators to be seen.
- https://alternativecreditinvestor.com/2026/02/24/lincoln-international-partners-with-sp-to-launch-private-credit-investment-indices/ – Please view link – unable to able to access data
- https://www.lincolninternational.com/news/lincoln-international-and-sp-dow-jones-indices-collaborate-to-bring-enhanced-transparency-to-private-credit-markets/ – Lincoln International, a global investment banking advisory firm, has announced a strategic collaboration with S&P Dow Jones Indices to launch the S&P Lincoln Senior Debt Index Series. This series includes the U.S. S&P Lincoln Senior Debt Index and the Europe S&P Lincoln Senior Debt Index, both of which will initially be reported quarterly and then monthly before the end of 2026. The indices aim to provide transparent, independently calculated benchmarks for evaluating the performance of private credit investments, addressing a critical need for private market participants seeking reliable reference points for benchmarking returns, assessing risk profiles, and making informed allocation decisions.
- https://www.spglobal.com/spdji/en/index-launches/article/sp-dow-jones-indices-and-lincoln-international-unveil-new-benchmarks-for-the-private-loan-market-with-launch-of-sp-lincoln-senior-debt-indices/ – S&P Dow Jones Indices, in collaboration with Lincoln International, has launched the S&P Lincoln Senior Debt Indices to provide key benchmarking tools for measuring changes in the private loan market. These indices represent and track the fair value of direct lending credit investments every quarter across fund clients in the U.S. and Europe. The collaboration combines Lincoln’s private market insights with S&P DJI’s expertise in index design, administration, and governance, aiming to enhance transparency in private lending and extend S&P DJI’s index capabilities across the loans continuum.
- https://www.spglobal.com/spdji/en/methodology/article/sp-lincoln-senior-debt-indices-methodology/ – The S&P Lincoln Senior Debt Indices Methodology document provides detailed information on the construction and calculation of the S&P Lincoln Senior Debt Indices. These indices are designed to track the fair value of direct lending credit investments across fund clients in the U.S. and Europe. The methodology outlines the index composition, calculation process, and governance structure, ensuring transparency and reliability for investors seeking benchmarks in the private credit market.
- https://www.lincolninternational.com/perspectives/an-overview-of-the-u-s-and-europe-sp-lincoln-senior-debt-indices/ – Lincoln International offers an overview of the U.S. and Europe S&P Lincoln Senior Debt Indices, which track the fair market value of 1,600 middle-market, direct lending credit investments across approximately 175+ fund clients in the U.S. and Europe. The indices are published quarterly and aim to provide asset managers, limited partners, plan sponsors, institutional investors, and retail investors with credible reference points for benchmarking returns, assessing risk profiles, and making informed allocation decisions in the private credit market.
- https://www.spglobal.com/spdji/en/index-family/private-markets/private-credit/private-credit/ – S&P Dow Jones Indices offers a range of private credit indices that provide insights into different segments and risk exposures of the private credit market. These indices cover areas such as direct loans, business development companies, collateralized loan obligations, and asset-based finance or lending. The indices are designed to offer transparency and reliable benchmarks for investors navigating the private credit landscape.
- https://www.lincolninternational.com/services/valuations-opinions/indices/ – Lincoln International provides a suite of indices, including the Lincoln Private Market Index (LPMI) and the Lincoln Senior Debt Index (LSDI). The LPMI measures changes in the enterprise value of private companies over time, serving as a barometer for private company performance. The LSDI tracks the fair value of over 1,600 private market, direct lending credit investments across more than 175 alternative asset managers, offering market participants insights into total return considerations and the impact of interest rates and credit risk on returns.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article was published on February 24, 2026, reporting on a press release from Lincoln International and S&P Dow Jones Indices dated February 23, 2026. ([lincolninternational.com](https://www.lincolninternational.com/news/lincoln-international-and-sp-dow-jones-indices-collaborate-to-bring-enhanced-transparency-to-private-credit-markets/?utm_source=openai)) The content appears fresh and original, with no evidence of prior publication or significant overlap with other sources. However, the reliance on a press release as the primary source warrants a cautious approach, as press releases can sometimes lack independent verification.
Quotes check
Score:
7
Notes:
The article includes direct quotes from Rob Brown, CEO of Lincoln International, and Catherine Clay, CEO of S&P Dow Jones Indices. ([lincolninternational.com](https://www.lincolninternational.com/news/lincoln-international-and-sp-dow-jones-indices-collaborate-to-bring-enhanced-transparency-to-private-credit-markets/?utm_source=openai)) A search for these quotes reveals no earlier usage, suggesting they are original. However, the absence of independent verification for these quotes raises concerns about their authenticity.
Source reliability
Score:
6
Notes:
The primary source is a press release from Lincoln International and S&P Dow Jones Indices, which is inherently self-promotional and may lack independent verification. The article also references content from Alternative Credit Investor, a niche publication. While the publication has been reporting on alternative credit since 2016, its niche focus and limited reach may affect the reliability of the information.
Plausibility check
Score:
8
Notes:
The claims about the launch of the S&P Lincoln Senior Debt Index Series align with the press release from Lincoln International and S&P Dow Jones Indices. ([lincolninternational.com](https://www.lincolninternational.com/news/lincoln-international-and-sp-dow-jones-indices-collaborate-to-bring-enhanced-transparency-to-private-credit-markets/?utm_source=openai)) The information is plausible and consistent with industry developments. However, the reliance on a single source without independent confirmation reduces the overall confidence in the claims.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on the launch of the S&P Lincoln Senior Debt Index Series, as announced in a press release from Lincoln International and S&P Dow Jones Indices. ([lincolninternational.com](https://www.lincolninternational.com/news/lincoln-international-and-sp-dow-jones-indices-collaborate-to-bring-enhanced-transparency-to-private-credit-markets/?utm_source=openai)) While the content appears fresh and the claims are plausible, the heavy reliance on a self-promotional press release without independent verification sources raises significant concerns about the accuracy and objectivity of the information. The content type being based on a press release further complicates the verification process, as it carries inherent originality that cannot be fully replicated. Given these factors, the overall assessment is a FAIL with MEDIUM confidence.