Lincoln Financial and Bain Capital on Wednesday announced the launch of the Lincoln Bain Capital Total Credit Fund, an evergreen private market fund they developed together containing a portfolio of private credit investments, including loans to mid-sized private companies, asset-based finance and structured credit.
Its debut follows an announcement by the companies in March that they entered into a strategic partnership to launch private market funds.
Lincoln Financial Distributors, Lincoln Financial’s wholesale distribution organization, will distribute the fund.
Unlike most closed-end funds, the Lincoln Bain Capital Total Credit Fund’s shares won’t be listed on any securities exchange, the firms said.
“For 120 years, our mission has been providing financial protection and security for our customers and their families, and we see a tremendous opportunity to extend that commitment by helping democratize access to private market investments,” said Ellen Cooper, CEO, President and Chairman of Lincoln Financial.
She added, “By partnering with Bain Capital to advance innovative solutions, we’re combining their more than 25 years of credit investment expertise with our world-class distribution platform and funds management experience to provide clients with expanded availability to a broader set of offerings.”
“Partnering with Lincoln is a significant milestone for our global credit platform, enabling us to leverage the dynamic and diversified approach of our multi-asset credit strategies with Lincoln’s extensive network of individual investors and intermediaries,” said John Wright, Partner and Global Head of Credit at Bain Capital.
He added, “Together, we look forward to providing a broader set of investors with differentiated access to innovative private and asset-backed credit solutions.”
As of Dec. 31, Lincoln Financial had about 17 million clients. As of June 30, the company had $331 billion in end-of-period account balances, net of reinsurance, it said.
Bain has 24 offices on four continents, over 1,850 employees and about $185 billion in assets under management (AUM), according to the firm.
Lincoln Financial Investments, the fund’s investment advisor, is a subsidiary of The Lincoln National Life Insurance Company and an RIA.
In December 2023, wealth management firm Osaic said it agreed to acquire Lincoln Financial Advisors and Lincoln Financial Securities, the broker-dealer and RIA firms that comprise Lincoln Wealth, from Lincoln National Corporation, which, with affiliates, is also known by its marketing name, Lincoln Financial Group.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
