# Lincoln Park Capital

Lincoln Park Capital is an Asset Manager based in Chicago, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Founded:** 2010
- **Assets under management:** Undisclosed
- **Website:** lincolnparkcapital.com
- **LinkedIn:** linkedin.com/company/lincoln-park-capital-llc

## Regulatory record

- **CRD number:** 330031
- **SEC file number:** 801-129961
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-04-01T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/330031

## About

Founded in 2010 and based in Chicago, Lincoln Park Capital operates as an asset manager with an unusually broad mandate spanning public equities, private placements, real estate, and money management. The firm's principal activity centers on acting as a structured-finance counterparty for publicly traded companies, executing equity-linked purchase agreements that provide drawdown facilities to small- and micro-cap issuers. This model positions Lincoln Park less as a conventional directional investor and more as an intermediary that bridges the liquidity gap for companies whose market capitalizations fall below the thresholds that institutional prime brokers and investment banks typically require. Lincoln Park's investment strategy is anchored in at-the-market (ATM) equity purchase agreements, where the firm commits to buying newly issued shares from a counterparty company at prevailing market prices over a predefined term. The firm also deploys capital into private equity transactions, real estate assets, and separately managed account strategies. Public filings from Securities and Exchange Commission records show Lincoln Park Capital as a named buyer in registered direct offerings and equity line facilities across sectors including biotechnology, clean energy, and enterprise software. The firm's counterparties have historically included issuers listed on the Nasdaq Capital Market and NYSE American exchanges. Geographically, the firm focuses on North American-domiciled issuers, with a secondary interest in cross-border opportunities involving Canadian and European small-cap entities. Lincoln Park Capital maintains a lean operational footprint, operating primarily from its Chicago headquarters without publicly disclosed satellite offices as of the firm's latest available communications. The firm's team size and aggregate deployment figures are not publicly disclosed. No verifiable operational events from the last twenty-four months appear in public record at the time of this review. Lincoln Park's structural differentiator is its dual identity as both an asset manager and a de facto structured-finance provider. Unlike a conventional fund that raises blind-pool capital from external limited partners and then allocates to portfolio positions, Lincoln Park commits its own capital as a direct counterparty in equity purchase agreements — effectively acting as a permanent-capital vehicle that provides liquidity services to smaller-cap public issuers. This hybrid posture allows the firm to operate without the redemption constraints of a traditional fund structure while earning returns through the discount-to-market mechanics embedded in equity line facilities. Succession planning and governance arrangements remain opaque, with no named principals or ownership disclosures available from public sources.

## Sectors

- Real Estate
- Public Equities
- Private Credit

## Questions

### What is Lincoln Park Capital's primary investment strategy?

Lincoln Park Capital focuses on structured equity purchase agreements — specifically at-the-market (ATM) facilities and equity lines of credit — where the firm commits to buying newly issued shares from publicly traded companies at prevailing market prices over a contractual term. This strategy allows small- and micro-cap issuers to access on-demand liquidity without the execution risk of a secondary offering. The firm also deploys capital into private equity placements, real estate, and managed account strategies, but its public-equity financing activities are the most visible component of its mandate.

### Who runs investment decisions at Lincoln Park Capital?

As of the firm's latest publicly available disclosures, Lincoln Park Capital has not published the names of its principals, investment committee members, or key decision-makers. The firm operates without a publicly identified founder, CEO, or chief investment officer in its official communications or regulatory filings. This opacity is common among smaller, privately held asset managers that transact off their own balance sheets rather than marketing funds to external limited partners.

## Related profiles

- [Lincluden Investment Management](https://altss.com/profile/lincluden-investment-management)
- [Lincoln Peak Capital](https://altss.com/profile/lincoln-peak-capital)

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Last updated: 2026-08-11T02:43:31.692Z

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