Global investment firm Bain Capital has completed its previously announced acquisition of a 9.9% stake in Lincoln Financial for $825m.
Listed on the New York Stock Exchange (NYSE), Lincoln Financial is a provider of retail life and annuity solutions and workplace benefits.
The investment deal was announced in April 2025, which also establishes a 10-year, non-exclusive investment management partnership.
As part of this agreement, Lincoln Financial issued around 18.76 million new common shares to Bain Capital at $44 per share, representing a 25% premium to the 30-day volume-weighted average price as of 8 April 2025.
The capital raised will be used for strategic initiatives such as enhancing portfolio management and asset sourcing and optimising the legacy life insurance portfolio. This transaction also provides Lincoln Financial with the financial means to work towards its target leverage ratio of 25%.
Lincoln Financial president and CEO Ellen Cooper said: “We’re incredibly pleased to launch our strategic partnership with Bain Capital, creating significant opportunities for long-term value generation with a focus on advancing Lincoln’s goal of sustained profitable growth.
“Bain Capital’s powerful platform, deep cultural fit and shared values will further differentiate us competitively and enable us to accelerate the execution of our strategy. The strategic and financial benefits of our mutual capabilities position us for enduring future success.”
Bain Capital will act as an asset management partner across various asset classes, including private credit, structured assets, mortgage loans, and private equity. This collaboration aims to facilitate Lincoln Financial’s strategic objectives by providing access to high-quality private asset classes with differentiated risk-adjusted returns.
Bain Capital co-managing partner David Gross said: “This partnership with Lincoln Financial reflects our conviction in the company’s long-term strategy and the opportunity to create meaningful value through a well-capitalised, aligned growth plan.
“We are excited to support Lincoln in accelerating its portfolio transformation and capital allocation priorities, while leveraging Bain Capital’s platform across asset classes to deliver differentiated investment capabilities and long-term scale.”
