New Mountain Capital, LLC (“New Mountain”), a growth-oriented investment firm with approximately $60 billion in assets under management, and Lincoln Investment Capital Holdings, LLC (“Lincoln Investment” or the “Company”), a leading independent broker-dealer and registered investment advisor, today announced New Mountain’s successful exit from its investment in the Company. The transaction returns full ownership of the firm to the Forst family and advisor shareholders to support the Company’s continued growth.
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New Mountain invested in Lincoln Investment in 2020 and partnered with the Forst family in support of Lincoln Investment’s strategy to modernize its operating platform, strengthen its leadership team, and expand its fee-based business. Throughout the partnership, New Mountain worked closely with Lincoln Investment’s management team as the Company advanced significant investments in its technology infrastructure. The Company also appointed Kathy Leckey as Chief Executive Officer in June 2026 and added several other talented executives as part of a multi-year executive succession plan designed to provide institutional stability while accelerating advisor recruitment and technology integration. Over the course of the partnership with New Mountain, Lincoln Investment grew fee-based assets approximately 75% and total client assets reached approximately $63 billion.
“New Mountain has been a valued partner to Lincoln Investment,” said Ed Forst, Executive Chairman of Lincoln Investment. “Their support helped us advance important investments in our platform. We are grateful for their partnership and excited to begin this next chapter as a fully independent, advisor- and family-owned firm.”
“This milestone reflects the progress our team has made in building a more modern, scalable platform for our advisors and clients,” said Kathy Leckey, Chief Executive Officer of Lincoln Investment. “With New Mountain’s investment, partnership, and strategic guidance, we strengthened our technology, expanded our capabilities, and positioned the business for continued growth.”
“We are proud of the role New Mountain played in supporting Lincoln Investment and the Forst family through a pivotal chapter in the Company’s history,” said Pete Masucci, Managing Director at New Mountain. “Working alongside the management team, we helped position the Company for further growth while investing in the technology and infrastructure needed to serve a growing base of advisors and clients. We wish Ed, Kathy, and the entire Lincoln Investment team continued success,” added Robert Roberts, Managing Director at New Mountain Capital.
Ropes & Gray LLP served as legal counsel to New Mountain. Morgan Lewis & Bockius LLP served as legal counsel to Lincoln Investment.
About New Mountain Capital
New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with approximately $60 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, please visit newmountaincapital.com.
About Lincoln Investment
Founded in 1968, Lincoln Investment is a leading independent broker-dealer and registered investment advisor with deep roots in the 403(b) retirement market. The Company provides retirement savings, wealth management, and advisory solutions to individuals and institutions nationwide through its network of financial professionals, representing approximately $63 billion in fee-based and brokerage assets. Lincoln Investment is headquartered in Fort Washington, Pennsylvania. For more information, please visit lincolninvestment.com.
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