pitchbook.com·Apr 27, 2026
Lincoln International, a Chicago-based boutique investment bank specializing in M&A advisory, has filed for an IPO, potentially becoming the first of its kind in the US since mid-2021. The firm expects continued growth in private capital and M&A activity to drive demand for its advisory services, following a record year for global M&A transactions in 2025.
Lincoln International's decision to go public highlights an open IPO window for boutique investment banks, driven by a surge in M&A activity and increased private capital. For professionals tracking startup funding, this signals a potential rise in liquidity events and advisory opportunities, particularly in sponsor-led deals, as PE firms look to realize gains from their portfolios.