Lincoln Financial Partners with Bain Capital and Partners Group to Launch Private-Market Funds
In a bold strategic move to diversify offerings and enhance long-term investor outcomes, Lincoln Financial Group has announced a new partnership with Bain Capital and Partners Group to launch a suite of private-market funds aimed at individual investors. This collaboration signifies a growing trend in financial services: expanding access to private equity, private credit, and other alternative investments traditionally reserved for institutional players.
By combining Lincoln’s nationwide distribution network with the global investment expertise of Bain Capital and Partners Group, this new initiative promises to democratize access to private-market strategies for retail investors—an arena long dominated by large pension funds, endowments, and ultra-high-net-worth individuals.
This article explores the implications of this landmark partnership, how it benefits investors, and what it means for the evolving private-market investment landscape in 2025.
1. Understanding the Partnership: Who’s Involved
Lincoln Financial Group
Headquartered in Radnor, Pennsylvania, Lincoln Financial is one of the largest financial services firms in the U.S., with a broad portfolio of life insurance, annuities, retirement plans, and wealth management solutions. With a strong advisor network and millions of individual clients, Lincoln is well-positioned to deliver innovative investment solutions directly to retail channels.
Bain Capital
Founded in 1984, Bain Capital is a globally respected private investment firm managing over $180 billion across private equity, credit, real estate, and venture capital. Known for its hands-on investment approach, Bain brings deep expertise in private-market strategies.
Partners Group
Based in Switzerland, Partners Group is one of the largest global private markets investment managers, overseeing $135+ billion in assets. The firm has a strong track record in infrastructure, private equity, and private debt, with a focus on long-term value creation and ESG integration.
Together, these organizations form a formidable alliance aimed at building high-quality, accessible private-market fund structures for mass affluent investors.
2. What Are Private-Market Funds?
Private-market funds invest in assets that are not traded on public exchanges. These include:
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Private equity: Ownership in privately held companies
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Private credit: Loans made to companies outside the traditional banking system
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Infrastructure: Investments in physical assets like transportation, energy, and digital infrastructure
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Real estate: Commercial and residential property investments
Traditionally, these investments offer higher return potential and portfolio diversification, but they come with less liquidity and longer time horizons. Until recently, they were largely inaccessible to everyday investors.
3. Why This Move Matters in 2025
The Lincoln-Bain-Partners Group collaboration is part of a larger industry shift toward “retailization” of private markets—a movement that allows individuals to access asset classes once limited to institutions.
Key Drivers Behind the Shift:
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Low interest rates and inflation pressure driving demand for higher-yielding alternatives
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Defined contribution plans (e.g., 401(k)s) replacing defined benefit pensions
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Technological innovations enabling fractional ownership and lower minimums
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Regulatory changes allowing greater inclusion of private assets in retirement portfolios
By launching private-market funds designed for individuals, this partnership taps into a growing $20+ trillion opportunity in retail retirement and wealth management assets.
4. Structure of the New Funds
While exact fund structures will vary, Lincoln’s private-market suite is expected to include:
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Evergreen or semi-liquid funds with periodic redemption windows
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Interval funds or closed-end funds that offer quarterly liquidity
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Access to multi-strategy portfolios, including private equity, credit, and infrastructure
Features Likely to Attract Investors:
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Lower minimum investments (possibly $25,000–$100,000 vs. $5M+ for institutional funds)
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Diversified exposure across sectors and geographies
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Monthly or quarterly reporting and simplified tax documentation (e.g., 1099s instead of K-1s)
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Fee transparency and institutional-caliber governance
The goal is to combine institutional investment rigor with retail-friendly structures that are suitable for RIAs, broker-dealers, and retirement platforms.
5. Advisor-Centric Distribution Model
Lincoln Financial will distribute the private-market funds through its:
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National network of financial advisors and RIAs
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Workplace retirement solutions (such as 401(k) platforms)
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Insurance and annuity-linked offerings
This distribution model leverages Lincoln’s trusted advisor relationships to educate investors about the benefits and risks of private markets—an essential step in expanding access responsibly.
6. Investor Benefits and Strategic Rationale
Portfolio Diversification
Private markets have historically delivered low correlation with public stocks and bonds, providing much-needed balance during periods of volatility—especially valuable in the post-COVID, post-rate-hike investing world.
Enhanced Return Potential
According to Preqin and PitchBook, private equity has outperformed public equity by 300–500 basis points annually over the last 20 years. Private credit, meanwhile, offers higher yields than traditional fixed income in today’s environment.
Access to Institutional-Grade Opportunities
Retail investors gain exposure to professionally managed portfolios and deal flow typically reserved for large pensions and endowments.
ESG Integration
Partners Group, in particular, is known for integrating environmental, social, and governance (ESG) standards into its investment process—aligning with a growing demand for values-based investing.
7. Risk Factors and Considerations
As with any alternative investment, private-market funds are not without risks:
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Liquidity risk: Many funds restrict withdrawals to quarterly windows.
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Valuation complexity: Private assets are not priced daily like public stocks.
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Longer time horizons: It may take 5–10 years to realize returns in some fund types.
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Higher fees: Management and performance fees are often higher than ETFs or mutual funds.
Investor education and advisor guidance will be critical to ensure suitability and understanding.
8. Broader Industry Implications
The Lincoln–Bain–Partners Group collaboration sends a clear signal: retail investors are the next frontier for private-market growth.
Competitor Responses Already Underway:
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Blackstone and KKR have expanded their semi-liquid private funds to RIAs and 401(k) platforms.
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Goldman Sachs and Apollo are building tech-driven platforms to target high-net-worth individuals.
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Fidelity and Vanguard are exploring partnerships to bring alternatives to retirement plans.
Lincoln’s move positions it as a retail gateway to institutional-caliber private markets, expanding its value proposition in an increasingly competitive landscape.
9. A Long-Term Vision for Retirement and Wealth Building
The launch of private-market funds also reflects Lincoln’s long-term vision of redefining retirement planning. As pension plans vanish and longevity increases, individuals need more than traditional 60/40 portfolios to fund decades of retirement.
This initiative supports:
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Multi-asset, outcome-based retirement planning
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Alternatives as core components of long-term investment strategies
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Broader participation in the wealth-creation power of private equity
It’s a pivot toward next-generation portfolio design, blending security, growth, and personalization.
10. Final Thoughts: A New Era of Accessibility in Alternatives
Lincoln Financial’s partnership with Bain Capital and Partners Group is more than a product launch—it’s a strategic signal that private-market access is being reshaped for the everyday investor.
By merging distribution reach, institutional-grade investment talent, and innovative fund structures, this collaboration paves the way for a broader financial future—one in which the advantages of private markets are no longer reserved for the few, but extended to the many.
As retail investors increasingly seek diversification, stability, and returns beyond traditional markets, this initiative is timely, forward-thinking, and potentially transformative.