New Mountain Capital has exited Lincoln Investment Capital Holdings, a Fort Washington, Pennsylvania-based independent broker-dealer and registered investment advisor, returning ownership to the Forst family and some advisor shareholders. Financial terms were not disclosed. New Mountain invested in Lincoln Investment in 2020 and helped the company modernize its operating platform, strengthen its leadership team, and expand its fee-based business. Over the course of the investment, Lincoln Investment grew fee-based assets approximately 75 percent while total client assets reached approximately $63 billion, according to the press release.

"Working alongside the management team, we helped position the company for further growth while investing in the technology and infrastructure needed to serve a growing base of advisors and clients," said Robert Roberts, a managing director at New Mountain. Ropes & Gray LLP served as legal counsel to New Mountain. Morgan Lewis & Bockius LLP served as legal counsel to Lincoln Investment.