Lincoln Financial and Bain Capital closed their previously announced long-term strategic partnership agreement. The partnership was first announced by Lincoln and Bain Capital on April 9, 2025, and includes an $825 million strategic growth investment from Bain Capital, which acquired a 9.9% common equity stake on a post-issuance basis in Lincoln, and the establishment of a 10-year, non-exclusive strategic investment management relationship.

Under the final terms, Lincoln issued 18,759,497 new common shares at $44.00 per share, based on a 25% premium to the 30-day volume-weighted average price as of April 8, 2025. This capital will be deployed toward Lincoln’s strategic priorities—including growing spread-based earnings, advancing portfolio management and asset sourcing efforts, and optimizing the company’s legacy life insurance portfolio. Additionally, the transaction provides Lincoln with the financial flexibility to accelerate progress toward its 25% leverage ratio target.

“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,” said Ellen Cooper, Chairman, President and Chief Executive Officer of Lincoln Financial. “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.”

“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-capitalized, aligned growth plan,” said David Gross, Co-Managing Partner at Bain Capital. “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.”

Previously on ABL Advisor: Lincoln Financial and Bain Capital Announce Long-Term Strategic Partnership