Lincoln Property Company Taps Jennifer Lundmark to Lead Investor Relations as Logistics Fund II Hits $280M First Close

Lincoln Property Company has brought on veteran capital raiser Jennifer Lundmark in the newly created role of head of business development and investor relations, the firm announced, as it works to build an investment management platform to complement its sprawling property services business. Lundmark joins from Manulife Investment Management and is among a series of capital formation hires Lincoln has made over the past year.

The appointment comes as Lincoln reached a $280 million first close in May 2026 for Lincoln Logistics Fund II, a closed-end, pooled vehicle focused on value-add shallow-bay industrial assets. The fund launched in February 2026 with a $1 billion fundraising target and an expected final close in the first half of 2027.

A New Capital Formation Infrastructure

For most of its six-decade history, Dallas-based Lincoln Property Company was primarily known as a commercial developer and property manager, overseeing a portfolio that has grown to 750 million square feet of real estate across the United States. That began to change after Stone Point Capital made a strategic investment in the firm in 2023, ushering in Lincoln's first leadership transition in roughly half a century and installing co-chief executives David Binswanger and Clay Duvall.

Under their direction, Lincoln has moved to expand its investment management business from a handful of long-standing separate accounts into joint ventures and commingled funds. Lundmark's hire into the newly created head of business development and investor relations role is a direct expression of that strategy, positioning Lincoln to engage a broader universe of institutional investors who may not be structured to pursue dedicated separate accounts or joint ventures.

"Since the time Clay and I got in the business, there's been this evolution for transparency in one of the largest asset classes in the world, which has led to more capital being attracted to it and to the birth of mega-managers," Binswanger said. "But through that transformation, more and more clients have been looking for direct access to the people who source, execute, have an information advantage and who are also investors."

In the first seven months of 2026, Lincoln raised over $2 billion from investors including pensions, family offices, and insurers. That total includes $400 million in discretionary capital from two family offices: Dallas-based SGF Capital and Knoxville, Tennessee-based HF Capital, which invests on behalf of the Haslem family, owners of the NFL's Cleveland Browns.

Fund II: Structure, Investors, and Strategy

Lincoln Logistics Fund II represents a structural departure from its predecessor. Logistics Fund I was an evergreen fund of one that Lincoln managed on behalf of a single pension client for decades. Fund II is a closed-end, pooled vehicle designed to accommodate a wider range of institutional capital.

The Oregon Public Employees Retirement Fund, one of Lincoln's longest-running institutional relationships — spanning 28 years — provided a $100 million cornerstone commitment to Fund II. Stone Point Capital also committed to the vehicle. Both Binswanger and Duvall hold personal stakes in Fund II, a structure they described as a deliberate alignment mechanism with the firm's capital partners.

Lincoln's existing discretionary capital base, concentrated in separate accounts with the Oregon Public Employees Retirement Fund and two other large U.S. public pension plans, totals approximately $5.5 billion in assets under management. The shift to commingled funds is intended to extend Lincoln's reach to institutions that cannot support the operational demands of a dedicated separate account.

"We have an enormous amount of proprietary data," Binswanger said. "All of that information not only feeds into our execution, but it gives our market partners conviction about what they want to buy. Then across the country, that compounds into collective wisdom that's presented to the investment community."

Early Deployments: Fort Lauderdale and Tacoma

Lincoln Logistics Fund II has already begun deploying capital. In May 2026, the fund acquired an industrial park north of Fort Lauderdale, Florida, for $80.9 million. The asset is consistent with the fund's focus on shallow-bay, multi-tenant industrial product in high-barrier U.S. logistics markets, where constrained land supply and difficult new development economics limit competing supply.

In July 2026, the fund completed a $40 million purchase of a distribution center in Tacoma, Washington, adding West Coast exposure to a portfolio that already holds East Coast shallow-bay industrial.

Duvall noted that as of August, Lincoln had completed 110 deals on behalf of investor clients over the prior three years, pointing to the firm's deal-sourcing infrastructure as a competitive differentiator. Lincoln operates across 36 U.S. markets with thousands of employees, including hundreds who source development deals on a full-time basis.

Broader Platform and What Comes Next

Beyond logistics, Lincoln has been expanding into other property types through its investment management platform. The firm announced a joint venture with the real estate arm of Newark-based PGIM to aggregate a portfolio of medical outpatient buildings across the U.S. That venture has since acquired assets in Dallas, Denver, and Phoenix, among other markets. Lincoln also announced a joint venture with the real estate arm of New York Life focused on office acquisitions in downtown San Francisco.

The co-CEOs said Lincoln expects to follow Logistics Fund II with additional commingled funds focused on other property types, starting with the multifamily sector, though no specific timeline or target size for that vehicle has been announced.

"Clay and I view ourselves as a strong link, hopefully, in the chain of Lincoln," Binswanger said. "That reputation that Clay and I stepped into 30 years ago was built by Mack Pogue and Bill Duvall. There is a generation of people just behind us that are far more capable than we've ever been. We want to leave this place better for them than we found it."

Both Binswanger and Duvall are nearly 30-year veterans of Lincoln. The firm's leadership transition followed a majority investment by Stone Point Capital and approximately 40 other backers, with Binswanger and Duvall succeeding founder Mack Pogue and longtime president and CEO Bill Duvall, Clay's father.

Sources

Lincoln Property Company — "Lincoln Property Co Sets Sights on Third-Party Capital," PEI Media, August 31, 2026