Lincoln Financial and Bain Capital Announce Closing of Equity Capital Raise and Launch of Long-Term Strategic Partnership

The transaction closing marks the start of a multi-faceted partnership that will enable Lincoln to accelerate its strategy, unlock value creation opportunities, and provide growth capital to be deployed in areas of strategic focus.

Lincoln Financial (NYSE: LNC) and Bain Capital today shared the closing of 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.”

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of March 31, 2025, the company had $312 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.Baincapital.com. Follow @Bain Capital on LinkedIn and X (Twitter).

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