New Mountain Capital has completed its departure from Lincoln Investment Capital, with ownership of the business passing fully back to the Forst family and the firm’s adviser shareholders.
The investment group first took a stake in Lincoln Investment in 2020.
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During the period of ownership, it worked with the Forst family on plans to update the company’s operating systems, strengthen senior management and enhance its fee-based operations.
Over that time, Lincoln Investment also put money into its technology set-up.
The company named Kathy Leckey as chief executive in June 2026 and brought in additional senior hires under a succession programme, while ramping up advisor recruitment.
During New Mountain’s investment, Lincoln Investment’s fee-based assets increased by about 75%, while total client assets rose to roughly $63bn.
Lincoln Investment executive chairman Ed Forst said: “New Mountain has been a valued partner to 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.”
New Mountain now oversees private equity, strategic equity, credit and net lease real estate funds with around $60bn in assets under management.
Leckey said:
“This milestone reflects the progress our team has made in building a more modern, scalable platform for our advisors and clients.
“With New Mountain’s investment, partnership, and strategic guidance, we strengthened our technology, expanded our capabilities, and positioned the business for continued growth.”
