<p>私募市场在 2026 年进入了一个 谨慎的重新定价阶段，公司稳定的增长已不足以支撑去年的估值水平。</p>
<p>根据最新的 <strong>林肯私募市场指数</strong>（LPMI）报告，2026 年第一季度美国私营公司的企业价值下降了 2.2%，尽管收益仍在增长。</p>
<p>推动因素并不是基本面恶化，而是更微妙的因素：市场上的估值倍数收缩，扭转了 2025 年底的持续乐观。换句话说，尽管公司仍在增长，但买家不再愿意为这种增长支付相同的溢价。</p>
<p>林肯的数据表明，私募市场再次出现熟悉的分化：运营表现总体健康——大多数公司仍在实现收入和 EBITDA 增长——但 “增长的价格” 正在下降。结果是市场的引擎在运转，但变速器正在滑入低档。</p>
<p><strong>另请阅读：</strong>
<strong>私募股权四大巨头在退出放缓、信贷压力加大时开始出现裂痕</strong></p>
<p>基本面与定价之间的这种紧张关系正是 <strong>Forge Global</strong> 等二级市场平台倾向于捕捉早期信号的地方。</p>
<p>Forge 最近的私募市场交易 数据 指向了类似的方向：一些晚期私募科技公司面临估值下调压力，特别是在那些之前以高昂的 AI 或增长驱动溢价交易的公司中。在其市场中，流动性仍然活跃，但定价差异加大——这意味着买卖双方对 “公平价值” 的理解越来越不一致。</p>
<p>综合来看，林肯的指数和 Forge 的二级市场报告从两个角度讲述了同一个故事：私募市场正在从动量定价转向基本面定价。</p>
<p>更广泛的背景有助于解释原因。</p>
<p>公共市场也经历了波动，主要指数的企业价值在 2026 年初因 AI 驱动的涨幅消退而减弱。这种公共市场的重新校准降低了私营公司在设定二级定价时通常依赖的估值锚。</p>
<p>然而，没有需求崩溃的迹象。</p>
<p>资本仍在流动——只是更加选择性。私募股权赞助商继续进行交易，但他们越来越倾向于回收资产，而不是积极提高估值，二级买家则要求对收益的可持续性有更多的清晰度，而不仅仅是增长轨迹。</p>
<p>结果是一个市场，感觉不再像资本的涌入，而更像是一场谈判。</p>
<p>林肯的指数在整体上捕捉到了这一点：适度的收益增长，但估值收缩拖累了总企业价值的下降。Forge 的市场实时捕捉到：价格发现仍在进行，但不再宽容。</p>
<p>而且它们共同指向一个主题，塑造了 2026 年初的局面：私募市场仍在增长，但轻松的倍数扩张时代已暂停。</p>
<p><em>照片：Shutterstock</em></p>
<p><strong>另请阅读：</strong>
<strong>蓝猫创始人出售 60 亿美元指挥官交易的最后一部分</strong></p>

<p>私募市场在 2026 年初进入了谨慎的重新定价阶段，尽管盈利增长，但美国私营公司的企业价值在第一季度下降了 2.2%。估值倍数已经收缩，表明买家对增长支付溢价的意愿降低。尽管运营表现依然健康，但市场正在从动量定价转向基本面定价，资本流动变得更加选择性，谈判也变得更加明显</p>

<p>Private markets entered 2026 in a cautious repricing phase, where steady company growth was no longer enough to support last year's valuation levels.</p>
<div class="lb-trans"><p>私募市场在 2026 年进入了一个 谨慎的重新定价阶段，公司稳定的增长已不足以支撑去年的估值水平。</p>
</div><p>According to the latest <strong>Lincoln Private Market Index</strong>(LPMI) report, enterprise values of private U.S. companies fell 2.2% in the first quarter of 2026, even as earnings continued to climb.</p>
<div class="lb-trans"><p>根据最新的 <strong>林肯私募市场指数</strong>（LPMI）报告，2026 年第一季度美国私营公司的企业价值下降了 2.2%，尽管收益仍在增长。</p>
</div><p>The driver wasn't deteriorating fundamentals, but something more subtle: valuation multiples compressed across the market, reversing the steady optimism seen at the end of 2025. In other words, companies were still growing, but buyers were no longer willing to pay the same premium for that growth.</p>
<div class="lb-trans"><p>推动因素并不是基本面恶化，而是更微妙的因素：市场上的估值倍数收缩，扭转了 2025 年底的持续乐观。换句话说，尽管公司仍在增长，但买家不再愿意为这种增长支付相同的溢价。</p>
</div><p>Lincoln's data shows a familiar split emerging again in private markets: operational performance remains broadly healthy — most companies are still posting revenue and EBITDA growth — but the &#34;price of growth&#34; is falling. The result is a market where the engine is running, but the transmission is slipping into a lower gear.</p>
<div class="lb-trans"><p>林肯的数据表明，私募市场再次出现熟悉的分化：运营表现总体健康——大多数公司仍在实现收入和 EBITDA 增长——但 “增长的价格” 正在下降。结果是市场的引擎在运转，但变速器正在滑入低档。</p>
</div><p><strong>Read Also:</strong>
<strong>Private Equity's Big Four Are Starting To Crack As Exits Slow, Credit Stress Mounts</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>私募股权四大巨头在退出放缓、信贷压力加大时开始出现裂痕</strong></p>
</div><p>That tension between fundamentals and pricing is exactly where secondary-market platforms such as <strong>Forge Global</strong> tend to pick up early signals.</p>
<div class="lb-trans"><p>基本面与定价之间的这种紧张关系正是 <strong>Forge Global</strong> 等二级市场平台倾向于捕捉早期信号的地方。</p>
</div><p>Forge's recent private-market trading data has pointed in a similar direction: select late-stage private tech names have seen valuation markdown pressure, particularly in companies that previously traded at steep AI- or growth-driven premiums. Across its marketplace, liquidity remains active, but pricing dispersion has widened — meaning buyers and sellers are increasingly disagreeing on what &#34;fair value&#34; actually is.</p>
<div class="lb-trans"><p>Forge 最近的私募市场交易 数据 指向了类似的方向：一些晚期私募科技公司面临估值下调压力，特别是在那些之前以高昂的 AI 或增长驱动溢价交易的公司中。在其市场中，流动性仍然活跃，但定价差异加大——这意味着买卖双方对 “公平价值” 的理解越来越不一致。</p>
</div><p>Put together, Lincoln's index and Forge's secondary-market reports are telling the same story from two angles: private markets are transitioning from momentum pricing back toward fundamentals pricing.</p>
<div class="lb-trans"><p>综合来看，林肯的指数和 Forge 的二级市场报告从两个角度讲述了同一个故事：私募市场正在从动量定价转向基本面定价。</p>
</div><p>The broader backdrop helps explain why.</p>
<div class="lb-trans"><p>更广泛的背景有助于解释原因。</p>
</div><p>Public markets have also been volatile, with enterprise values in major indices softening early in 2026 after AI-driven gains faded. That public-market recalibration has reduced the valuation anchor private companies often rely on when setting secondary pricing.</p>
<div class="lb-trans"><p>公共市场也经历了波动，主要指数的企业价值在 2026 年初因 AI 驱动的涨幅消退而减弱。这种公共市场的重新校准降低了私营公司在设定二级定价时通常依赖的估值锚。</p>
</div><p>Yet there's no sign of a demand collapse.</p>
<div class="lb-trans"><p>然而，没有需求崩溃的迹象。</p>
</div><p>Capital is still circulating — just more selectively. Private equity sponsors continue to transact, but they are increasingly choosing to recycle assets rather than aggressively mark them up, and secondary buyers are demanding more clarity on earnings durability rather than just growth trajectories.</p>
<div class="lb-trans"><p>资本仍在流动——只是更加选择性。私募股权赞助商继续进行交易，但他们越来越倾向于回收资产，而不是积极提高估值，二级买家则要求对收益的可持续性有更多的清晰度，而不仅仅是增长轨迹。</p>
</div><p>The result is a market that feels less like a rush of capital and more like a negotiation.</p>
<div class="lb-trans"><p>结果是一个市场，感觉不再像资本的涌入，而更像是一场谈判。</p>
</div><p>Lincoln's index captures it in aggregate: modest earnings growth, but valuation contraction dragging total enterprise values lower. Forge's marketplace captures it in real time: price discovery is active, but no longer forgiving.</p>
<div class="lb-trans"><p>林肯的指数在整体上捕捉到了这一点：适度的收益增长，但估值收缩拖累了总企业价值的下降。Forge 的市场实时捕捉到：价格发现仍在进行，但不再宽容。</p>
</div><p>And together, they point to a single theme shaping early 2026: Private markets are still growing, but the era of easy multiple expansion is on pause.</p>
<div class="lb-trans"><p>而且它们共同指向一个主题，塑造了 2026 年初的局面：私募市场仍在增长，但轻松的倍数扩张时代已暂停。</p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：Shutterstock</em></p>
</div><p><strong>Read Also:</strong>
<strong>Blue Owl Co-Founder Sells Off Final Piece Of $6 Billion Commanders Deal</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>蓝猫创始人出售 60 亿美元指挥官交易的最后一部分</strong></p>
</div>

Private Markets Enter 2026 In A Valuation Reset As Growth Fails To Support Higher Multiples

benzinga_article

私募市场在进入 2026 年时进行估值重置，因为增长未能支撑更高的估值倍数