Lincoln Financial announced an $825M strategic growth investment from Bain Capital. Bain Capital will acquire a 9.9% stake in Lincoln Financial. As part of the transaction, Lincoln and Bain Capital have agreed to enter into a 10-year, non-exclusive strategic investment management relationship, with Bain Capital becoming an investment manager across a variety of asset classes including private credit, structured assets, mortgage loans, and private equity.

Lincoln Financial, which serves 17 million customers and manages $321bn in end-of-period account balances, will use the capital to accelerate its growth strategy. Proceeds will support the expansion of spread-based earnings, strengthen asset sourcing capabilities, and optimise Lincoln’s legacy life insurance portfolio. The transaction also helps advance the firm’s goal of reducing its leverage ratio toward its 25% target.

“This partnership aligns us with a highly reputable organisation whose powerful platform and shared values will enable us to accelerate the execution of our strategy,” said Ellen Cooper, Chairman, President, and CEO of Lincoln Financial. “We are extremely pleased with the strategic and financial benefits this brings.”

David Gross, Co-Managing Partner at Bain Capital, commented: “This long-term, strategic relationship reflects our commitment to advancing Lincoln’s future by providing access to our high-quality investment platform and value-added capital. We look forward to working closely with the Lincoln team to support meaningful scale and profitable growth.”

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