diff --git a/llvm/lib/Transforms/Instrumentation/InstrProfiling.cpp b/llvm/lib/Transforms/Instrumentation/InstrProfiling.cpp
--- a/llvm/lib/Transforms/Instrumentation/InstrProfiling.cpp
+++ b/llvm/lib/Transforms/Instrumentation/InstrProfiling.cpp
@@ -886,6 +886,7 @@
   auto *Int8PtrTy = Type::getInt8PtrTy(Ctx);
   // Allocate statically the array of pointers to value profile nodes for
   // the current function.
+  GlobalVariable *ValuesVar = nullptr;
   Constant *ValuesPtrExpr = ConstantPointerNull::get(Int8PtrTy);
   if (ValueProfileStaticAlloc && !needsRuntimeRegistrationOfSectionRange(TT)) {
     uint64_t NS = 0;
@@ -894,10 +895,9 @@
     if (NS) {
       ArrayType *ValuesTy = ArrayType::get(Type::getInt64Ty(Ctx), NS);
 
-      auto *ValuesVar =
-          new GlobalVariable(*M, ValuesTy, false, Linkage,
-                             Constant::getNullValue(ValuesTy),
-                             getVarName(Inc, getInstrProfValuesVarPrefix()));
+      ValuesVar = new GlobalVariable(
+          *M, ValuesTy, false, Linkage, Constant::getNullValue(ValuesTy),
+          getVarName(Inc, getInstrProfValuesVarPrefix()));
       ValuesVar->setVisibility(Visibility);
       ValuesVar->setSection(
           getInstrProfSectionName(IPSK_vals, TT.getObjectFormat()));
@@ -929,12 +929,19 @@
 #define INSTR_PROF_DATA(Type, LLVMType, Name, Init) Init,
 #include "llvm/ProfileData/InstrProfData.inc"
   };
-  // If code never references data variables (the symbol is unneeded), and
-  // linker GC cannot discard data variables while the text section is retained,
-  // data variables can be private. This optimization applies on COFF and ELF.
-  if (!DataReferencedByCode && !TT.isOSBinFormatMachO()) {
-    Linkage = GlobalValue::PrivateLinkage;
-    Visibility = GlobalValue::DefaultVisibility;
+  // If the data variable is not referenced by code (when
+  // ValueProfileStaticAlloc is enabled, ValuesVar==nullptr can guarantee this),
+  // and the counter keeps the data variable live under linker GC, the data
+  // variable can be private. This optimization applies to ELF.
+  //
+  // On COFF, we additionally require that __profd_ is not a comdat leader, i.e.
+  // DataReferencedByCode is false.
+  if ((ValueProfileStaticAlloc && !ValuesVar) || !DataReferencedByCode) {
+    if (TT.isOSBinFormatELF() ||
+        (!DataReferencedByCode && TT.isOSBinFormatCOFF())) {
+      Linkage = GlobalValue::PrivateLinkage;
+      Visibility = GlobalValue::DefaultVisibility;
+    }
   }
   auto *Data =
       new GlobalVariable(*M, DataTy, false, Linkage,
diff --git a/llvm/test/Transforms/PGOProfile/indirect_call_profile.ll b/llvm/test/Transforms/PGOProfile/indirect_call_profile.ll
--- a/llvm/test/Transforms/PGOProfile/indirect_call_profile.ll
+++ b/llvm/test/Transforms/PGOProfile/indirect_call_profile.ll
@@ -1,22 +1,63 @@
 ; RUN: opt < %s -pgo-instr-gen -S | FileCheck %s --check-prefix=GEN
 ; RUN: opt < %s -passes=pgo-instr-gen -S | FileCheck %s --check-prefix=GEN
-; RUN: opt < %s -passes=pgo-instr-gen,instrprof -S | FileCheck %s --check-prefix=LOWER
+; RUN: opt < %s -passes=pgo-instr-gen,instrprof -S | FileCheck %s --check-prefixes=LOWER,LOWER_STATIC
+; RUN: opt < %s -passes=pgo-instr-gen,instrprof -vp-static-alloc=false -S | FileCheck %s --check-prefixes=LOWER,LOWER_DYN
 
 target datalayout = "e-m:e-p270:32:32-p271:32:32-p272:64:64-i64:64-f80:128-n8:16:32:64-S128"
 target triple = "x86_64-unknown-linux-gnu"
 
-$foo3 = comdat any
+$novp_inline = comdat any
+$vp_inline = comdat any
 
 @bar = external global void ()*, align 8
+
+; GEN: @__profn_novp_inline = linkonce_odr hidden constant [11 x i8] c"novp_inline"
 ; GEN: @__profn_foo = private constant [3 x i8] c"foo"
+; GEN: @__profn_vp_inline = linkonce_odr hidden constant [9 x i8] c"vp_inline"
+
+;; Test that a linkonce function's address is recorded.
+;; When -vp-static-alloc=false, we allow a linkonce profd to be private if the
+;; does not use value profiling.
+; LOWER_DYN:         @__profd_novp_inline.[[HASH:[0-9]+]] = linkonce_odr hidden global
+; LOWER_DYN-SAME:      @__profc_novp_inline.[[FOO_HASH]]
+; LOWER_STATIC:      @__profd_novp_inline.[[HASH:[0-9]+]] = private global
+; LOWER_STATIC-SAME:   @__profc_novp_inline.[[FOO_HASH]]
+
+; LOWER:      @__profd_foo = private {{.*}} @__profc_foo
+
+;; __profd_vp_inline.[[#]] is referenced by code and may be referenced by other
+;; text sections due to inlining. It can't be local because a linker error would
+;; occur if a prevailing text section references the non-prevailing local symbol.
+; LOWER:      @__profd_vp_inline.[[FOO_HASH:[0-9]+]] =
+; LOWER-SAME:   linkonce_odr hidden {{.*}} @__profc_vp_inline.[[FOO_HASH]]
+; LOWER-SAME:   i8* bitcast (void ()* @vp_inline to i8*)
+
+define linkonce_odr i32 @novp_inline() comdat {
+  ret i32 1
+}
 
 define void @foo() {
 entry:
+; GEN: @foo()
 ; GEN: entry:
-; GEN-NEXT: call void @llvm.instrprof.increment(i8* getelementptr inbounds ([3 x i8], [3 x i8]* @__profn_foo, i32 0, i32 0), i64 [[FOO_HASH:[0-9]+]], i32 1, i32 0)
+; GEN-NEXT: call void @llvm.instrprof.increment(i8* getelementptr inbounds ([3 x i8], [3 x i8]* @__profn_foo, i32 0, i32 0), i64 [[#FOO_HASH:]], i32 1, i32 0)
   %tmp = load void ()*, void ()** @bar, align 8
 ; GEN: [[ICALL_TARGET:%[0-9]+]] = ptrtoint void ()* %tmp to i64
-; GEN-NEXT: call void @llvm.instrprof.value.profile(i8* getelementptr inbounds ([3 x i8], [3 x i8]* @__profn_foo, i32 0, i32 0), i64 [[FOO_HASH]], i64 [[ICALL_TARGET]], i32 0, i32 0)
+; GEN-NEXT: call void @llvm.instrprof.value.profile(i8* getelementptr inbounds ([3 x i8], [3 x i8]* @__profn_foo, i32 0, i32 0), i64 [[#FOO_HASH]], i64 [[ICALL_TARGET]], i32 0, i32 0)
+; LOWER: call void @__llvm_profile_instrument_target(i64 %1, i8* bitcast ({ i64, i64, i64*, i8*, i8*, i32, [2 x i16] }* @__profd_foo to i8*), i32 0)
+  call void %tmp()
+  ret void
+}
+
+define linkonce_odr void @vp_inline() comdat {
+entry:
+; GEN: @vp_inline()
+; GEN: entry:
+; GEN-NEXT: call void @llvm.instrprof.increment(i8* getelementptr inbounds ([9 x i8], [9 x i8]* @__profn_vp_inline, i32 0, i32 0), i64 [[#FOO_HASH:]], i32 1, i32 0)
+  %tmp = load void ()*, void ()** @bar, align 8
+; GEN: [[ICALL_TARGET:%[0-9]+]] = ptrtoint void ()* %tmp to i64
+; GEN-NEXT: call void @llvm.instrprof.value.profile(i8* getelementptr inbounds ([9 x i8], [9 x i8]* @__profn_vp_inline, i32 0, i32 0), i64 [[#FOO_HASH]], i64 [[ICALL_TARGET]], i32 0, i32 0)
+; LOWER: call void @__llvm_profile_instrument_target(i64 %1, i8* bitcast ({ i64, i64, i64*, i8*, i8*, i32, [2 x i16] }* @__profd_vp_inline.[[#]] to i8*), i32 0)
   call void %tmp()
   ret void
 }
@@ -53,13 +94,6 @@
   resume { i8*, i32 } %tmp3
 }
 
-; Test that comdat function's address is recorded.
-; LOWER: @__profd_foo3.[[FOO3_HASH:[0-9]+]] = linkonce_odr{{.*}}@__profc_foo3.[[FOO3_HASH]]
-; Function Attrs: nounwind uwtable
-define linkonce_odr i32 @foo3()  comdat  {
-  ret i32 1
-}
-
 declare i32 @__gxx_personality_v0(...)
 
 ; Function Attrs: nounwind readnone