Key Takeaways
- • Lincoln Financial (NYSE: LNC) announced March 19, 2025, plans to launch two new private markets-focused funds in partnership with Bain Capital and Partners Group, with availability expected in late 2025.
- • Bain Capital will lead an evergreen fund dedicated to private credit investments, including direct lending, asset-based finance, and structured credit across global markets, leveraging its 25+ years of multi-asset credit investing experience.
- • Partners Group will manage a separate evergreen fund providing access to globally varied cross-sector private markets investments, expanding Lincoln's ability to serve institutional and individual investors seeking private market exposure.
- • Lincoln Financial is leveraging its nearly 120-year operating history, institutional distribution network, and existing relationships with top-tier asset managers to differentiate these offerings in the rapidly growing private markets industry.
- • The strategic partnership extends Lincoln's existing asset management platform and reflects institutional demand for private credit and private equity access through established financial services intermediaries.
Summary
Lincoln Financial announced on March 19, 2025, its formal entry into the private markets fund space through strategic partnerships with Bain Capital and Partners Group, two of the industry's most established firms. The initiative positions Lincoln to capitalize on accelerating institutional and individual investor demand for private credit and alternative asset exposure. The two new evergreen funds are scheduled for late 2025 launch, representing a material expansion of Lincoln's solutions platform beyond its core insurance, annuities, group benefits, and retirement offerings.
Under the partnership structure, Bain Capital will manage an evergreen fund focused exclusively on private credit opportunities, including direct lending, asset-based finance, and structured credit instruments across global debt markets. Bain Capital's involvement brings significant institutional credibility, with the firm drawing on more than 25 years of specialized multi-asset credit investing experience. The arrangement allows Lincoln to offer clients curated access to global credit opportunities without developing proprietary credit investment infrastructure. Partners Group will simultaneously manage a separate evergreen fund providing diversified exposure to cross-sector private markets investments, broadening the breadth of alternative asset classes available through Lincoln's distribution channels.
John Kennedy, Lincoln Financial's Executive Vice President and Chief Distribution & Brand Officer, characterized the partnership as a natural extension of the company's long-standing relationships with institutional asset managers. The collaboration leverages Lincoln's nearly 120-year track record of client service, expansive distribution capabilities across financial professionals, and established network of strategic partnerships. This positioning allows Lincoln to deliver "consultative support for financial professionals to meet the evolving needs of their clients" without undertaking substantial capital commitments or operational build-outs in alternative asset management.
The timing reflects broader industry dynamics favoring private market accessibility. Lincoln's traditional strength in distribution to financial advisors and institutional clients positions the firm as an intermediary capable of channeling capital toward Bain Capital and Partners Group's investment strategies while maintaining existing client relationships. The partnership structure mitigates Lincoln's operational risk while preserving economics through distribution fees and related advisory services.
Under the partnership structure, Bain Capital will manage an evergreen fund focused exclusively on private credit opportunities, including direct lending, asset-based finance, and structured credit instruments across global debt markets. Bain Capital's involvement brings significant institutional credibility, with the firm drawing on more than 25 years of specialized multi-asset credit investing experience. The arrangement allows Lincoln to offer clients curated access to global credit opportunities without developing proprietary credit investment infrastructure. Partners Group will simultaneously manage a separate evergreen fund providing diversified exposure to cross-sector private markets investments, broadening the breadth of alternative asset classes available through Lincoln's distribution channels.
John Kennedy, Lincoln Financial's Executive Vice President and Chief Distribution & Brand Officer, characterized the partnership as a natural extension of the company's long-standing relationships with institutional asset managers. The collaboration leverages Lincoln's nearly 120-year track record of client service, expansive distribution capabilities across financial professionals, and established network of strategic partnerships. This positioning allows Lincoln to deliver "consultative support for financial professionals to meet the evolving needs of their clients" without undertaking substantial capital commitments or operational build-outs in alternative asset management.
The timing reflects broader industry dynamics favoring private market accessibility. Lincoln's traditional strength in distribution to financial advisors and institutional clients positions the firm as an intermediary capable of channeling capital toward Bain Capital and Partners Group's investment strategies while maintaining existing client relationships. The partnership structure mitigates Lincoln's operational risk while preserving economics through distribution fees and related advisory services.
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