New Mountain Capital has successfully sold its stake in Lincoln Investment, returning full ownership to the Forst family. Founded in 1968 and based in Fort Washington, Pennsylvania, Lincoln Investment specializes in helping individual savers manage retirement funds through independent financial professionals. The firm manages approximately $63 billion in fee-based and brokerage assets, focusing on 403(b) plans for educators and public employees, as well as broader wealth management services.
In 2020, New Mountain partnered with Lincoln Investment to enhance its operating platform, strengthen leadership, and expand the fee-based business, which saw a remarkable growth of about 75% during their investment period. Kathy Leckey was appointed as CEO in June 2026 as part of a succession plan. Ed Forst, the executive chairman, acknowledged New Mountain’s support as crucial for advancing investments in the company. Pete Masucci, a managing director at New Mountain, expressed pride in the role they played during this pivotal chapter for Lincoln Investment and the Forst family.
