Lincoln Financial and Bain Capital have announced a long-term strategic partnership, with Bain Capital acquiring a 9.9% ownership stake in Lincoln for $825 million. The investment manager will purchase approximately 18.8 million Lincoln shares at $44 each—an all-cash transaction reflecting a 25% premium over the 30-day volume-weighted average price as of April 8, 2025. 

The partnership extends beyond equity, establishing a 10-year, non-exclusive strategic investment management relationship. Bain Capital will manage assets across private credit, structured assets, mortgage loans, and private equity. 

This capital infusion provides Lincoln with growth funding to pursue priorities like expanding spread-based earnings, refining portfolio management, and optimizing its legacy life insurance portfolio, while accelerating its goal of reducing its leverage ratio to 25%. 

Lincoln, based in Radnor, PA, serves 17 million customers across annuities, life insurance, group protection, and retirement plans, managing $321 billion in account balances as of December 31, 2024. CEO Ellen Cooper called the partnership a “pivotal milestone.” Bain’s co-managing partner David Gross emphasized Lincoln’s 120-year legacy, underscoring the firm’s commitment to bolstering Lincoln’s future with its $185 billion asset management platform. 

The agreement is expected to close in the second half of 2025. Under the terms, Bain Capital has agreed to certain limitations and restrictions on its ability to divest its ownership stake. 

Goldman Sachs & Co. LLC acted as financial advisor and Wachtell, Lipton, Rosen & Katz served as legal advisor to Lincoln Financial. Sumitomo Mitsui Banking Corporation acted as structuring advisor and Debevoise & Plimpton LLP and Ropes and Gray LLP served as legal advisor to Bain Capital.