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Lineage
Bill McKinley's Lineage lets founders take up to 85% cash while keeping board control — a private equity model built for owner-managers.
Lineage
Lineage was founded by Bill McKinley, previously a Principal at Heritage Partners, where he managed investments in closely-held middle-market businesses. The firm targets owner-managers who prioritize liquidity but refuse to relinquish operational influence, a niche that avoids the disruption of traditional private equity takeovers and the passivity of minority stakes. The firm's strategy centers on a control-equity model that leaves founders with board governance. It writes equity checks across numerous sectors and geographies, structuring transactions where owners realize immediate liquidity and retain a meaningful carried interest. The investment approach blends elements of a company sale with the economics of a minority investment, targeting founder-led businesses that are past proof-of-concept but still require active stewardship. Erik Dykema, a Principal who joined in 2007 after sourcing and executing deals at Metapoint Partners, leads deal execution alongside a team that includes former investment bankers from Canaccord Genuity and Piper Sandler. Recent hires include Kyle Lydy, a former Deloitte tax consultant who joined in 2025. The firm operates from a single office in Boston, maintaining a deliberately concentrated team of investment professionals rather than building out satellite locations. The structural differentiator is the hard separation of economic and governance rights. Lineage takes a majority economic stake while the founder retains board control — an architecture designed for owner-managers who refuse the standard private equity playbook. This is not a fund commitment model; the firm writes direct equity checks and operates as a permanent-hold partner rather than a traditional closed-end fund.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Boston
Corporate office
399 Boylston Street, Suite 450, Boston, MA 02116, United States
Principals
Bill McKinley
Founder
Erik Dykema
Principal
Sector focus
Frequently asked questions
How does Lineage's deal structure differ from a traditional private equity buyout?
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.
Does Lineage operate as a fund, a holding company, or something else?
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.
What kind of business owner is the right fit for Lineage's model?
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.
Who runs investment decisions at Lineage?
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.
Does Lineage participate in fund commitments or only direct deals?
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.
Which sectors does Lineage explicitly avoid?
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.
Where does Lineage's investment capital come from?
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.
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