Lincoln Financial Receives $825 Million Investment from Bain Capital to Fuel Strategic Growth

Lincoln Financial and Bain Capital have announced a long-term strategic partnership aimed at accelerating Lincoln's growth and unlocking value. As part of the deal, Bain Capital will invest $825 million in Lincoln Financial, acquiring a 9.9% equity stake at a premium price of $44.00 per share.

The two firms will also establish a 10-year strategic asset management relationship, allowing Lincoln to benefit from Bain’s expertise in asset classes such as private credit, structured assets, mortgage loans, and private equity. This collaboration is expected to strengthen Lincoln’s investment capabilities, support its portfolio strategy, and enhance returns.

The proceeds will be used to support Lincoln’s strategic initiatives, including expanding spread-based earnings, managing its legacy life portfolio, and lowering its leverage ratio. The transaction is expected to close in the second half of 2025, pending regulatory approvals.

Executives from both companies highlighted shared values and the long-term strategic potential of the deal. Lincoln Financial was advised by Goldman Sachs and Wachtell, while Bain Capital received advisory support from Sumitomo Mitsui Banking Corporation and legal counsel from Debevoise & Plimpton and Ropes & Gray.