Lookalike audiences help you expand your Matched Audience segments by finding people with similar characteristics.

Lookalike audiences use a proprietary algorithm to build upon your selected audience. LinkedIn member profile data and company attributes are used to determine similarity to expand to audiences based on similar characteristics. Your lookalike audience size can be up to 15 times larger than your original audience size. The original Matched Audiences segment will not be included in your new lookalike audience.
 

Important: Lookalike audiences will match based on member and company similarities, but it’s not a guarantee that any particular characteristics will be shared. Lookalike audiences do not use sensitive demographic attributes such as sex or age within the model.

Once your lookalike audience has been added to a campaign, you can also select additional targeting facets, like job function and company industry, to further refine your target audience. Learn more about best practices for increasing audience size.
 
Requirements
  • Lookalike audiences need to be created from valid matched audience segments with at least 300 matched members. Matched audience segments that are still building, expired, or in an error state can’t be used.
  • Lookalike audiences can’t be used with audience expansion.
Note:
  • Re-uploaded account or contact lists won’t automatically recreate an updated lookalike audience. In order to capture your latest audience, you’ll need to generate new lookalike audiences for your contact and account lists.
  • Lookalike audiences can’t be created from lookalike audiences.
  • If you delete the original audience list, your generated lookalike audience will not be affected.
     

Source: https://www.linkedin.com/help/lms/answer/a423698/targeting-with-linkedin-lookalike-audiences-overview?lang=en