This Boutique Investment Bank IPO Could Be the First of Many—Here’s Why

Lincoln International is looking to capitalize on a buoyant earnings season for investment banks by becoming the first since mid-2021 to launch an initial public offering.

Global mergers and acquisitions activity set a record in 2025, with both deal value and volume surpassing the previous highs set in 2021. PitchBook data tracked 50,810 transactions last year—the first time deal count has ever surpassed 50,000—and combined deal value hit nearly $5 trillion, up 37% from the prior year.

The Chicago-headquartered bank, which filed for a New York IPO on Friday, generated $214.1 million in net income in 2025—a 31% increase from $163.3 million in 2024—driven by a revival in the bank’s sell-side M&A advisory business.

Lincoln will trade under the ticker LCLN, according to its SEC filing on Friday, joining a small group of publicly traded advisory firms. Goldman Sachs GS and Morgan Stanley MS are acting as joint lead book-running managers for the proposed offering.

This financial performance is mirrored by several listed boutiques, suggesting the IPO window may be open for such banks for the first time in at least five years.

Swelling PE Assets to Fuel M&A Activity

In its filing, Lincoln contends that the growth of private capital will create a “larger and more durable M&A fee pool,” particularly for sponsor-led deals. It said global M&A advisory fees have more than doubled since 2000, reaching $27.6 billion in 2025, while independent advisers nearly tripled their market share to about 37% over the same period.

Looking ahead, a swelling private equity portfolio of unrealized assets, abundant dry powder, and mounting pressure on sponsors to generate liquidity will further fuel M&A activity and support rising demand for advisory work. The bank believes this positions it well to capture a growing share of advisory fees.

Lincoln’s Focus on Fundraising

Lincoln’s M&A division primarily represents PE firms seeking realizations from their portfolio companies, with a focus on transactions valued between $250 million and $2 billion. The bank also provides capital advisory services, including raising growth equity, advising on special situations and debt restructuring, and offering valuations and transaction opinions on private-market assets.

Additionally, Lincoln runs a private funds advisory practice that helps sponsors raise new funds and execute GP-led secondaries deals. In late 2025, it acquired MarshBerry, an advisory firm specializing in insurance brokerage and wealth management.

Publicly Traded Boutique Investment Banks Boosted by M&A Activity

Several listed advisory boutiques posted strong performances in 2025, driven by an uptick in M&A activity and higher transaction fees. Houlihan Lokey HLI, for example, generated quarterly revenue of $717 million in the third quarter of fiscal 2026—an 18% increase year over year—fueled by a recovery in M&A, particularly from PE firms seeking liquidity from a backlog of portfolio companies. The adviser reported standout growth in its corporate finance and financial restructuring businesses.

Moelis MC reported record revenue of $1.52 billion last year, a 28% increase from the prior year, driven by strong momentum in its M&A business. The firm said in its February earnings call that it saw “double-digit increases in both average fees and number of completed transactions” over last year.

Houlihan Lokey went public in 2015, and Moelis was listed in 2014. Since their respective IPOs, Moelis’ stock has risen nearly three times, while Houlihan Lokey’s has risen more than seven times.

The most recent boutique investment bank to list was Perella Weinberg PWP, which went public in July 2021 after merging with a blank-check company at an equity value of about $975 million. Perella Weinberg’s revenue fell 14% to $751 million in 2025, as the firm closed fewer large-scale M&A deals.