FORT WASHINGTON, PA — Lincoln Investment Capital Holdings has returned to full ownership by the Forst family and advisor shareholders after New Mountain Capital exited its investment, ending a six-year partnership that coincided with a roughly 75% increase in fee-based assets and total client assets reaching about $63 billion.
New Mountain invested in Lincoln Investment in 2020, backing efforts to modernize the firm’s operating platform, expand its fee-based business and strengthen its management team.
The ownership change leaves Lincoln Investment fully independent and owned by the Forst family and advisor shareholders as the company continues its growth strategy.
Lincoln Investment also invested in its technology infrastructure during New Mountain’s ownership period and pursued a multi-year executive succession plan. Kathy Leckey was appointed chief executive officer in June 2026, alongside several other executive additions.
“This milestone reflects the progress our team has made in building a more modern, scalable platform for our advisors and clients,” Leckey said. “With New Mountain’s investment, partnership, and strategic guidance, we strengthened our technology, expanded our capabilities, and positioned the business for continued growth.”
Executive Chairman Ed Forst said the transaction begins “this next chapter as a fully independent, advisor- and family-owned firm.”
New Mountain Managing Director Pete Masucci said the firm worked with management to invest in technology and infrastructure while positioning Lincoln Investment for additional growth.
Ropes & Gray LLP served as legal counsel to New Mountain. Morgan Lewis & Bockius LLP represented Lincoln Investment.
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