Lincoln Financial and Partners Group Launch First U.S. Evergreen Cross-Sector Royalties Fund
Lincoln Financial has teamed with Partners Group to launch what the firms describe as the first cross-sector private markets royalties evergreen fund available to individual investors in the U.S.
The Lincoln Partners Group Royalty Fund will invest across multiple high-conviction sectors—including pharmaceuticals, music, media and entertainment, and energy transition—while employing a variety of investment structures. These include purchasing existing royalties, creating new royalty streams, and lending against royalty interests.
Partners Group, which has been highly active in the royalties space, completed 15 royalty investments in the past 12 months alone.
“Combining Partners Group’s deep expertise in cross-sector royalty investing with Lincoln’s powerful distribution network and funds management expertise enables us to offer differentiated solutions that help financial professionals guide clients toward long-term financial security,” said Ellen Cooper, chair, president, and CEO of Lincoln Financial.
The fund is structured as an evergreen vehicle, a format more common among institutional investors. This design provides investors with immediate access to a fully funded, diversified portfolio without the traditional capital calls associated with private market funds. “The evergreen structure … provides access to a fully funded portfolio across multiple positions with no capital calls,” added Adam Howarth, partner and co-head of portfolio management at Partners Group.
The new offering will be marketed and supported with educational outreach for advisors and clients. Distribution will be handled by Lincoln Financial Distributors, the firm’s wholesale distribution arm.
The launch follows Lincoln Financial’s recent collaboration with Bain Capital earlier this month to introduce an evergreen private credit fund for individual investors. That initiative marked the first product from the strategic partnership announced in March 2025, highlighting Lincoln’s broader push into alternative investments for the wealth management market.