Lincoln Financial and Bain Capital Launch New Private Market Fund to Provide Individual Investors Access to Private Credit

Lincoln Financial (NYSE: LNC), a leading provider of insurance, annuities, group benefits, and retirement solutions, announced today the formal launch of its new private market fund, the Lincoln Bain Capital Total Credit Fund.

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The new evergreen fund, developed in partnership with Bain Capital, a leading global private investment firm, will offer a globally varied portfolio of private credit investments, including loans to mid-sized private companies, asset-based finance, structured credit, and opportunistic situations. The fund will provide individual investors with access to growth opportunities in the private market that have historically only been available to high-net-worth or institutional investors.

"For 120 years, our mission has been providing financial protection and security for our customers and their families, and we see a tremendous opportunity to extend that commitment by helping democratize access to private market investments," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "By partnering with Bain Capital to advance innovative solutions, we're combining their more than 25 years of credit investment expertise with our world-class distribution platform and funds management experience to provide clients with expanded availability to a broader set of offerings."

As a leading global multi-asset investment specialist, Bain Capital employs a dynamic fundamental approach to investing, leveraging a rigorous asset allocation framework and the deep industry expertise of its team to source, analyze, and execute compelling opportunities across global debt markets. This experience offers a strategic complement to Lincoln’s expansive distribution platform, which has added value for financial professionals and clients alike for decades.

“Partnering with Lincoln is a significant milestone for our global credit platform, enabling us to leverage the dynamic and diversified approach of our multi-asset credit strategies with Lincoln’s extensive network of individual investors and intermediaries,” said John Wright, Partner and Global Head of Credit at Bain Capital. “Together, we look forward to providing a broader set of investors with differentiated access to innovative private and asset-backed credit solutions.”

Lincoln Financial utilizes a multi-manager platform, consisting of a network of some of the most reputable financial companies in the industry, allowing them to tap investment and fund structure expertise while also providing their deep distribution network with products and solutions to best meet the needs of financial professionals and their clients.

The companies previously announced their strategic partnership to launch private market funds in March 2025. Lincoln and Bain Capital plan to begin marketing the fund and providing education for individual investors and financial professionals. The fund will be distributed by Lincoln Financial Distributors, the wholesale distribution organization of Lincoln Financial. For more information about the partnership or the fund, visit LincolnFinancialInvestments.com.

About Lincoln Financial

Lincoln Financial helps people confidently plan for their vision of a successful financial future. As of December 31, 2024, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of June 30, 2025, the company had $331 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, PA., Lincoln Financial is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. Bain has 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

Investors are advised to consider the investment objectives, risks, and charges and expenses of Lincoln Bain Capital Total Credit Fund (the “Fund”) carefully before investing. The Fund’s prospectus contains this and other information about the Fund. Investors may obtain a copy of the Fund’s prospectus by visiting www.LincolnFinancialInvestments.com. Investors should read and carefully consider all information in the Fund’s prospectus and other reports filed with the SEC before investing.

Investing in the Fund involves material risks, including the risk that an investor may receive little or no return on their investment or that an investor may lose part or all of their investment. Below is a summary of some of the principal risks of investing in the Fund. For a more complete discussion of the risks of investing in the Fund, please carefully review the Fund’s prospectus, including the section therein entitled “Types of Investments and Related Risks.” Investors should consider carefully the following risks and the other risks described in the Fund’s prospectus before investing in the Fund:

• Unlike most closed-end funds, the Fund’s shares will not be listed on any securities exchange;
• Although the Fund intends to implement a quarterly share repurchase program, there is no guarantee that an investor will be able to sell all of the shares that the investor desires to sell. The Fund should therefore be considered to offer limited liquidity;
• The Fund is exposed to risks associated with changes in interest rates;
• The Fund’s distributions may be funded from offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses, as well as any applicable sales load;
• Because bank loans are not typically registered under the federal securities laws like stocks and bonds, investors in loans have less protection against improper practices than investors in registered securities;
•  The Fund’s investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk, require a high level of analytical sophistication for successful investment and require active monitoring;
• The Fund may invest a portion of its assets in securities and credit instruments associated with real assets, including infrastructure, aviation and real estate, which have historically experienced substantial price volatility;
• The Fund may invest a portion of its assets in securities and credit instruments of companies in the real estate industry, which has historically experienced substantial price volatility;
• Below investment grade instruments (also known as “high-yield” securities or “junk bonds”) have predominantly speculative characteristics and may be particularly susceptible to economic downturns, which could cause losses;
•  Certain investments will be exposed to the credit risk of the counterparties with whom the Fund deals;
• The valuation of securities or instruments that lack a central trading place (such as fixed-income securities or instruments) may carry greater risk than those that trade on an exchange;
•  Derivative investments have risks, including the imperfect correlation between the value of such instruments and the underlying assets of the Fund;
• The Fund may be materially adversely affected by market, economic and political conditions and natural and man-made disasters, including pandemics, epidemics, wars, military conflicts and supply chain disruptions, globally and in the jurisdictions and sectors in which the Fund invests;
• Non-U.S. securities may be traded in undeveloped, inefficient and less liquid markets and may experience greater price volatility and changes in value. Changes in foreign currency exchange rates may adversely affect the U.S. dollar value of and returns on foreign denominated investments;
• Collateralized loan obligations (“CLOs”) may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund’s ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund’s principal investment. Investments in structured vehicles, including equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk;
•  The Fund may borrow money, including through the use of preferred shares, which magnifies the potential for gain or loss on amounts invested, subjects the Fund to certain covenants with which it must comply and may increase the risk of investing with the Fund; and
• To qualify and remain eligible for the special tax treatment accorded to regulated investment companies (“RICs”) and their shareholders under the Internal Revenue Code of 1986, as amended, the Fund must meet certain source-of-income, asset diversification and annual distribution requirements, and failure to do so could result in the loss of RIC status.

Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and a prospective investor should invest in the Fund only if they can sustain a complete loss of their investment.

Portfolio diversification does not ensure a profit or protect against loss.

Lincoln Financial Investments Corporation, the Fund’s investment adviser, is a subsidiary of The Lincoln National Life Insurance Company and an SEC-registered investment adviser.

The Fund is distributed by Lincoln Financial’s affiliated broker-dealer, Lincoln Financial Distributors, Inc. (130 N. Radnor-Chester Rd., Radnor, PA 19087).

LCN-8360825-090525

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