<p>私募市場在 2026 年進入了一個 謹慎的重新定價階段，公司穩定的增長已不足以支撐去年的估值水平。</p>
<p>根據最新的 <strong>林肯私募市場指數</strong>（LPMI）報告，2026 年第一季度美國私營公司的企業價值下降了 2.2%，儘管收益仍在增長。</p>
<p>推動因素並不是基本面惡化，而是更微妙的因素：市場上的估值倍數收縮，扭轉了 2025 年底的持續樂觀。換句話説，儘管公司仍在增長，但買家不再願意為這種增長支付相同的溢價。</p>
<p>林肯的數據表明，私募市場再次出現熟悉的分化：運營表現總體健康——大多數公司仍在實現收入和 EBITDA 增長——但 “增長的價格” 正在下降。結果是市場的引擎在運轉，但變速器正在滑入低檔。</p>
<p><strong>另請閲讀：</strong>
<strong>私募股權四大巨頭在退出放緩、信貸壓力加大時開始出現裂痕</strong></p>
<p>基本面與定價之間的這種緊張關係正是 <strong>Forge Global</strong> 等二級市場平台傾向於捕捉早期信號的地方。</p>
<p>Forge 最近的私募市場交易 數據 指向了類似的方向：一些晚期私募科技公司面臨估值下調壓力，特別是在那些之前以高昂的 AI 或增長驅動溢價交易的公司中。在其市場中，流動性仍然活躍，但定價差異加大——這意味着買賣雙方對 “公平價值” 的理解越來越不一致。</p>
<p>綜合來看，林肯的指數和 Forge 的二級市場報告從兩個角度講述了同一個故事：私募市場正在從動量定價轉向基本面定價。</p>
<p>更廣泛的背景有助於解釋原因。</p>
<p>公共市場也經歷了波動，主要指數的企業價值在 2026 年初因 AI 驅動的漲幅消退而減弱。這種公共市場的重新校準降低了私營公司在設定二級定價時通常依賴的估值錨。</p>
<p>然而，沒有需求崩潰的跡象。</p>
<p>資本仍在流動——只是更加選擇性。私募股權贊助商繼續進行交易，但他們越來越傾向於回收資產，而不是積極提高估值，二級買家則要求對收益的可持續性有更多的清晰度，而不僅僅是增長軌跡。</p>
<p>結果是一個市場，感覺不再像資本的湧入，而更像是一場談判。</p>
<p>林肯的指數在整體上捕捉到了這一點：適度的收益增長，但估值收縮拖累了總企業價值的下降。Forge 的市場實時捕捉到：價格發現仍在進行，但不再寬容。</p>
<p>而且它們共同指向一個主題，塑造了 2026 年初的局面：私募市場仍在增長，但輕鬆的倍數擴張時代已暫停。</p>
<p><em>照片：Shutterstock</em></p>
<p><strong>另請閲讀：</strong>
<strong>藍貓創始人出售 60 億美元指揮官交易的最後一部分</strong></p>

<p>私募市場在 2026 年初進入了謹慎的重新定價階段，儘管盈利增長，但美國私營公司的企業價值在第一季度下降了 2.2%。估值倍數已經收縮，表明買家對增長支付溢價的意願降低。儘管運營表現依然健康，但市場正在從動量定價轉向基本面定價，資本流動變得更加選擇性，談判也變得更加明顯</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>私募市場在 2026 年進入了一個 謹慎的重新定價階段，公司穩定的增長已不足以支撐去年的估值水平。</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>根據最新的 <strong>林肯私募市場指數</strong>（LPMI）報告，2026 年第一季度美國私營公司的企業價值下降了 2.2%，儘管收益仍在增長。</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>推動因素並不是基本面惡化，而是更微妙的因素：市場上的估值倍數收縮，扭轉了 2025 年底的持續樂觀。換句話説，儘管公司仍在增長，但買家不再願意為這種增長支付相同的溢價。</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>林肯的數據表明，私募市場再次出現熟悉的分化：運營表現總體健康——大多數公司仍在實現收入和 EBITDA 增長——但 “增長的價格” 正在下降。結果是市場的引擎在運轉，但變速器正在滑入低檔。</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>另請閲讀：</strong>
<strong>私募股權四大巨頭在退出放緩、信貸壓力加大時開始出現裂痕</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>基本面與定價之間的這種緊張關係正是 <strong>Forge Global</strong> 等二級市場平台傾向於捕捉早期信號的地方。</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 最近的私募市場交易 數據 指向了類似的方向：一些晚期私募科技公司面臨估值下調壓力，特別是在那些之前以高昂的 AI 或增長驅動溢價交易的公司中。在其市場中，流動性仍然活躍，但定價差異加大——這意味着買賣雙方對 “公平價值” 的理解越來越不一致。</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>綜合來看，林肯的指數和 Forge 的二級市場報告從兩個角度講述了同一個故事：私募市場正在從動量定價轉向基本面定價。</p>
</div><p>The broader backdrop helps explain why.</p>
<div class="lb-trans"><p>更廣泛的背景有助於解釋原因。</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>公共市場也經歷了波動，主要指數的企業價值在 2026 年初因 AI 驅動的漲幅消退而減弱。這種公共市場的重新校準降低了私營公司在設定二級定價時通常依賴的估值錨。</p>
</div><p>Yet there's no sign of a demand collapse.</p>
<div class="lb-trans"><p>然而，沒有需求崩潰的跡象。</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>資本仍在流動——只是更加選擇性。私募股權贊助商繼續進行交易，但他們越來越傾向於回收資產，而不是積極提高估值，二級買家則要求對收益的可持續性有更多的清晰度，而不僅僅是增長軌跡。</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>結果是一個市場，感覺不再像資本的湧入，而更像是一場談判。</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>林肯的指數在整體上捕捉到了這一點：適度的收益增長，但估值收縮拖累了總企業價值的下降。Forge 的市場實時捕捉到：價格發現仍在進行，但不再寬容。</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>而且它們共同指向一個主題，塑造了 2026 年初的局面：私募市場仍在增長，但輕鬆的倍數擴張時代已暫停。</p>
</div><p><em>Photo: Shutterstock</em></p>
<div class="lb-trans"><p><em>照片：Shutterstock</em></p>
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<strong>Blue Owl Co-Founder Sells Off Final Piece Of $6 Billion Commanders Deal</strong></p>
<div class="lb-trans"><p><strong>另請閲讀：</strong>
<strong>藍貓創始人出售 60 億美元指揮官交易的最後一部分</strong></p>
</div>

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

benzinga_article

私募市場在進入 2026 年時進行估值重置，因為增長未能支撐更高的估值倍數