Key Takeaways
- • New Mountain Capital has fully exited its stake in Lincoln Investment, returning complete ownership to the Forst family after a six-year hold that began in 2020.
- • Lincoln Investment, a Fort Washington, Pennsylvania-based broker-dealer managing approximately $63 billion in fee-based and brokerage assets, serves individual savers through a network of independent financial professionals specializing in 403(b) plans for teachers and public employees, IRAs, and wealth management.
- • The fee-based business expanded roughly 75 percent during New Mountain's tenure, demonstrating significant operational improvement and strategic value creation during the investment period.
- • Kathy Leckey was appointed chief executive officer in June 2026 as part of a formal succession plan, marking a leadership transition as the firm transitions to full family ownership.
- • New Mountain's involvement centered on rebuilding the operating platform, strengthening the leadership team, and expanding the fee-based revenue segment—priorities that were completed before the exit.
Summary
New Mountain Capital has concluded its investment in Lincoln Investment, returning full ownership of the Philadelphia area broker-dealer to the Forst family. The exit marks the conclusion of a six-year partnership that began in 2020, during which New Mountain focused on operational transformation and business expansion initiatives at the firm.
Lincoln Investment operates as a significant player in the retirement and wealth management space, overseeing roughly $63 billion in combined fee-based and brokerage assets. The firm serves individual savers through a network of independent financial professionals and specializes in advising on 403(b) plans for teachers and public employees, individual retirement accounts, and broader wealth management services. Since its founding in 1968, Lincoln has established itself as a focused operator in the education and public sector retirement planning market.
During New Mountain's ownership period, the firm achieved substantial operational improvements. The fee-based business grew approximately 75 percent, representing a meaningful shift in the revenue mix and business model. New Mountain's involvement centered on three core initiatives: rebuilding the operating platform to support scalability, strengthening the leadership team, and expanding the higher-margin fee-based business segment. Pete Masucci, a managing director at New Mountain, characterized the firm's role as instrumental "through a pivotal chapter for the company and the Forst family," underscoring the transformation undertaken during the investment period.
Leadership continuity was formalized as part of the transition process, with Kathy Leckey appointed chief executive officer in June 2026. Ed Forst, the executive chairman, noted that New Mountain's capital and operational support "helped advance investments in the platform," establishing a foundation for the firm's next phase under full family control. The exit represents a successful realization for New Mountain and a return to 100 percent family ownership for Lincoln Investment.
Lincoln Investment operates as a significant player in the retirement and wealth management space, overseeing roughly $63 billion in combined fee-based and brokerage assets. The firm serves individual savers through a network of independent financial professionals and specializes in advising on 403(b) plans for teachers and public employees, individual retirement accounts, and broader wealth management services. Since its founding in 1968, Lincoln has established itself as a focused operator in the education and public sector retirement planning market.
During New Mountain's ownership period, the firm achieved substantial operational improvements. The fee-based business grew approximately 75 percent, representing a meaningful shift in the revenue mix and business model. New Mountain's involvement centered on three core initiatives: rebuilding the operating platform to support scalability, strengthening the leadership team, and expanding the higher-margin fee-based business segment. Pete Masucci, a managing director at New Mountain, characterized the firm's role as instrumental "through a pivotal chapter for the company and the Forst family," underscoring the transformation undertaken during the investment period.
Leadership continuity was formalized as part of the transition process, with Kathy Leckey appointed chief executive officer in June 2026. Ed Forst, the executive chairman, noted that New Mountain's capital and operational support "helped advance investments in the platform," establishing a foundation for the firm's next phase under full family control. The exit represents a successful realization for New Mountain and a return to 100 percent family ownership for Lincoln Investment.
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