LNL Capital, a vertically integrated net lease capital platform, has appointed former Ares Management Managing Director Joel Tomlinson as Managing Partner to expand its structured debt and equity strategy across single-tenant retail, industrial and healthcare net lease investments.
Tomlinson joins as LNL Capital builds momentum across a pipeline of more than $2 billion in potential investment opportunities heading into the fourth quarter of 2026 and early 2027.
He brings more than 25 years of industry experience and has completed over $15 billion in direct net lease transactions across public and non-traded REITs and alternative asset managers.
Tomlinson most recently served as Managing Director at Ares Management, where he was a founding member of the firm’s net lease strategy. His previous executive roles include positions at Apollo Global Management, Realty Income and Cole Capital.
At LNL Capital, Tomlinson will help broaden the firm’s investment platform with additional equity opportunities complementing its existing structured debt business.
His experience spans triple-net retail, sale-leaseback transactions and value-add and opportunistic investments, giving LNL additional capabilities as institutional investors continue expanding their exposure to net lease real estate.
Net lease properties generally involve tenants assuming responsibility for expenses such as taxes, insurance and maintenance in addition to rent, creating contractual cash flows that can appeal to institutional investors seeking longer-duration income.
LNL Capital operates as the net lease real estate strategy of Leste Group, a global alternative investment manager. The platform manages investments for insurance companies, pension plans, endowments, foundations, family offices, RIAs and other asset managers across the U.S. and Latin America.
Since launching its LNL Credit Fund in 2024, the company has deployed $1.3 billion across net lease structured debt and equity investments.
Those investments have included build-to-suit projects, portfolio acquisitions, sale-leasebacks and other triple-net lease properties across the United States.
LNL’s investment strategy spans the capital structure from senior loans through joint-venture equity and is centered on contractual cash flow and bottom-up underwriting.
The addition of Tomlinson gives the company another senior executive with extensive institutional net lease experience as it seeks to convert its growing pipeline into new investments and broaden its equity capabilities.
For LNL, the appointment also comes as net lease real estate receives increasing attention from institutional capital allocators and larger alternative asset managers.
Tomlinson said recent platform transactions across the sector have increased visibility for the asset class, creating an opportunity for LNL to further establish itself as a significant net lease capital provider.
KEY QUOTES:
“Joel is a seasoned veteran who brings a breadth of expertise across the triple net retail sector, not only for sale-leasebacks but also in identifying value-add and opportunistic transactions capable of driving attractive returns. He joins the Company at a pivotal time, as we are seeing strong momentum across our pipeline of over $2 billion in potential investment opportunities heading into the fourth quarter and early 2027. Net lease real estate continues to show the embedded resilience it has become known for, and Joel will be a meaningful addition to LNL Capital as we broaden our platform with new equity opportunities that complement our existing structured debt business.”
Joe Yiu, CEO of LNL Capital
“I have known Joe for over 20 years, including during his time as CIO of ElmTree Funds. As net lease continues to move to the forefront for institutional allocators, with a string of notable platform deals bringing welcome visibility to the sector, I’m excited to help LNL Capital further establish itself as a prominent platform in the space.”
Joel Tomlinson, Managing Partner at LNL Capital
