Bain Capital acquires stake in Lincoln Financial

Bain Capital has agreed to take a 9.9 per cent stake in insurance firm Lincoln Financial, in a deal worth $825m (£645.6m).

Bain and Lincoln have agreed to a 10-year, non-exclusive strategic investment management relationship. Bain will manage a range of asset classes including private credit, structured assets, mortgage loans and private equity.

Lincoln said that the deal will help the firm reach its goal of reducing its leverage ratio towards its 25 per cent target. The transaction will also give Lincoln the capital to achieve strategic priorities including increasing its spread-based earnings, improving its portfolio management and asset sourcing, and optimising its legacy life portfolio.

The deal is expected to close in the second half of 2025.

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“Today’s announcement marks a pivotal milestone for Lincoln and highlights our commitment to delivering long-term value for our stakeholders,” said Ellen Cooper, chairman, president and chief executive officer of Lincoln Financial. 

“This partnership aligns us with a highly reputable organization whose powerful platform and shared values and goals will enable us to accelerate the execution of our strategy. We are extremely pleased with the strategic and financial benefits of our mutual capabilities and believe this partnership positions us for future success.”

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“For over 120 years, Lincoln has served as a trusted financial steward for millions of people,” said David Gross, co-managing partner at Bain Capital. 

“This long-term, strategic relationship reflects our commitment to advancing Lincoln’s future by providing access to our high-quality investment platform, expertise across asset classes, and value-added capital. We look forward to working closely with the Lincoln team to further their organization in driving meaningful scale and profitable growth.”

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