Lincoln Financial and Partners Group Launch New Royalty Evergreen Fund in U.S. Market

The fund expands accessibility of Partners Group's pioneering cross-sector royalty strategy to individual investors in the U.S.

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 Partners Group Royalty Fund.

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The Lincoln Partners Group Royalty Fund has been developed with Partners Group, one of the largest firms in the global private markets industry, and is the first cross-sector private markets royalties evergreen fund available to individual investors in the U.S.

The fund provides access to Partners Group's pioneering cross-sector royalty strategy in the evergreen space. The strategy invests across several key sectors, including pharmaceuticals, music, media and entertainment, and energy transition, among others, and utilizes different investment structures, such as the purchase of existing royalties, the creation of new royalties, and lending against royalties. Partners Group is an active investor in royalties, making 15 investments in the last 12 months alone.

"To further Lincoln's commitment to providing financial protection and security for our customers and their families, we are collaborating with Partners Group, a leading global private markets firm, to deliver a distinctive private markets strategy centered on royalties," said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. "Combining Partners Group's deep expertise in cross-sector royalty investing with Lincoln's powerful distribution network and funds management expertise enables us to offer differentiated solutions that help financial professionals guide clients toward long-term financial security."

"We are very excited to partner with Lincoln Financial to make this innovative solution available to individual investors across the U.S.", commented Adam Howarth, Partner, Co-Head Portfolio Management at Partners Group. "The evergreen structure, which is also used by institutions, has several benefits for investors such as providing access to a fully funded portfolio across multiple positions with no capital calls. In addition, our royalties strategy covers numerous sectors and transaction types, offering attractive income potential and true diversification as part of a broader portfolio."

"Royalties have moved into the spotlight following recent market volatility," commented Stephen Otter, Head of Private Markets Royalties at Partners Group. "The asset class acts as a portfolio diversifier, bridging the benefits of private equity and private credit investments, that can provide stable and attractive yields with an embedded inflation hedge and low correlation to other markets. Given the structuring expertise we have around the creation of royalties over assets and companies, we see significant runway for growth across the asset class."

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 Financial and Partners Group 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 Partners Group

Partners Group is one of the largest firms in the global private markets industry, with around 2,000 professionals and over USD 174 billion in assets under management. The firm has investment programs and custom mandates spanning private equity, private credit, infrastructure, real estate, and royalties. With its heritage in Switzerland and its primary presence in the Americas in Colorado, Partners Group is built differently from the rest of the industry. The firm leverages its differentiated culture and its operationally oriented approach to identify attractive investment themes and to transform businesses and assets into market leaders. For more information, please visit http://www.partnersgroup.com/ or follow us on LinkedIn.

Disclaimer

Investors are advised to consider the investment objectives, risks, and charges and expenses of Lincoln Partners Group Royalty 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 clicking here or visiting www.LincolnFinancialInvestments.com. Investors should read and carefully consider all information in the Fund's prospectus and other reports filed with the U.S. Securities and Exchange Commission (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:

• The Fund's shares will not be listed on any securities exchange;
•  Although the Fund intends to implement a quarterly share repurchase program, the Fund has no obligation to repurchase shares at any time; any such repurchases will only be made at such times, in such amounts and on such terms as may be determined by the Fund's board of trustees, in its sole discretion;
• The capital markets may experience periods of disruption and instability, including as a result of events such as geopolitical events, natural disasters, or widespread pandemics (such as COVID-19) or other adverse public health developments. Such market conditions may materially and adversely affect debt and equity capital markets, which may have a negative impact on the Fund's investments, business, and operations;
• The Fund is exposed to risks associated with changes in interest rates;
• The Fund invests in royalties. This entails risks such as difficulties in identifying and sourcing royalty investments; successfully managing or administering royalty investments; and valuing royalties in the absence of a deep or liquid market for such investments;
• Because the Fund concentrates its investments in intellectual property rights industries, the Fund may be subject to greater risks of adverse developments in such areas of focus than investments that are spread among a wider variety of industries, sectors or investments;
• The Fund's investments in securities and other obligations of companies that are experiencing distress involve a substantial degree of risk are generally considered speculative and may be subject to U.S. federal, state or non-U.S. bankruptcy laws or fraudulent transfer or conveyance laws;
•  Certain investments may be exposed to the credit risk of the counterparties with whom the Fund deals or of third-party contractual customers of such counterparties;
• 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;
• The Fund's investments in certain portfolio companies may be risky. For the Fund's investments in senior secured lien loans, the collateral securing these investments may decrease in value or lose its entire value over time or may fluctuate based on the performance of the portfolio company which may lead to a loss in principal;
•  The Fund's investments may include securities that are rated below investment grade by rating agencies or that would be rated below investment grade if they were rated. Below investment grade securities, which are often referred to as "high yield" or "junk," have predominantly speculative characteristics with respect to the issuer's capacity to pay interest and repay principal and may be particularly susceptible to economic downturns, which could cause losses;
• 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 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;
• There is no assurance that the Fund's investment objective will be achieved;
•  The Fund is a newly organized, non-diversified, closed-end investment company with limited operating history; and
• To qualify and remain eligible for the special tax treatment accorded to regulated investment companies ("RICs") 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-8386095-091125

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