Lineage

Lineage separates economic ownership from board governance. The firm targets up to 85% of a company's equity value in a cash-at-close transaction, but the founder retains board control. This contrasts with a conventional buyout, where the acquirer typically takes both economic and governance majorities.

The firm does not publicly disclose a fund structure. It presents itself as an investment partnership writing direct equity checks, not a closed-end fund. The model suggests a permanent-capital or deal-by-deal syndication approach rather than a blind-pool fund.

Owner-managers of closely-held middle-market businesses who want substantial cash liquidity without losing board control. The firm states it targets owners who wish to continue operating their business, protect their culture, and retain legacy influence post-transaction.

Bill McKinley, who founded the firm after a tenure as a Principal at Heritage Partners, leads the investment process. Erik Dykema, a Principal who joined in 2007, handles sourcing and execution. The firm maintains a small investment team with backgrounds in investment banking and consulting.

All publicly available information points to a direct equity model. The firm does not describe itself as a fund-of-funds or as a participant in LP positions; every stated transaction type involves writing direct equity checks into operating companies.

The firm does not publish an exclusion list. Its marketing states it invests across numerous sectors and geographies, with the common thread being owner-manager passion rather than sectoral specialization. Negative screening is not advertised.

Lineage has not publicly disclosed its capital sources. There is no named family office, institutional LP, or permanent balance sheet revealed in its own materials. The firm's website frames itself as an independent partnership without citing a parent entity or capital backer.