# Who owns Lineage — ownership & largest shareholders

Lineage, Inc. is a public company (Nasdaq: **LINE**), but it is **controlled by its founding sponsor,
Bay Grove.** Sourced to SEC primary filings (2026 DEF 14A proxy) and, for the public float, to 13F/13G
aggregated data. Tags: CONFIRMED (primary) / REPORTED (aggregator) / OPEN. Compiled June 25, 2026.

*Discipline note: ownership of a public company is a routine public fact. The large institutional holders
below (Vanguard, BlackRock, State Street, Norges) are overwhelmingly **passive index funds** — being on
that list implies nothing about influence over operations or this incident. The meaningful ownership fact
for accountability is the **control block**, and the people who hold it.*

## The headline
- **Lineage IPO'd on July 25, 2024** (Nasdaq: LINE) — the largest U.S. IPO of 2024 (CONFIRMED — SEC S-11/prospectus); ~$4.4B raised, ~$18–19B initial market cap (REPORTED).
- **Exact stake (primary):** In its post-IPO Schedule 13G (event date Sept 30, 2024), the **Bay Grove group** — filed jointly by **Kevin Marchetti** and **Adam Forste** with the BG entities (Bay Grove Capital Group, Bay Grove Management, BG Lineage Holdings, BG Cold) — reported beneficial ownership of **~180.3 million shares, ≈ 71.7% of the common stock.** (CONFIRMED — SC 13G filed 10/24/2024.)
- **By the 2026 proxy this had moderated to a "more than 50% of the voting power" control block** — so Lineage is a **"controlled company"** under Nasdaq rules (it can opt out of certain board-independence requirements). The drop from ~71.7% (Sept 2024) to >50% (2026) is consistent with a partial post-lockup sell-down. (CONFIRMED — 2026 proxy, verbatim: *"Affiliates of Bay Grove continue to beneficially own shares representing more than 50% of the voting power … As a result, we are a 'controlled company' …"*)
- **227,140,448 shares** of common stock were outstanding as of the **March 18, 2026** record date (one vote per share). (CONFIRMED — proxy)

## Who actually controls it
The control runs through a chain of Bay Grove entities to two individuals:

- **Adam Forste and Kevin Marchetti** — Bay Grove co-founders, Lineage's **Co-Executive Chairmen**, and the **managing members of BG Capital** (Bay Grove Capital Group LLC). (CONFIRMED — proxy)
- **The entity chain (verbatim from the proxy):** BG Capital is the managing member of **Bay Grove Capital LLC** and **Bay Grove Management Company, LLC**, which is the managing member of **BGLH = BG Lineage Holdings, LLC** (and its subsidiary **BG Lineage Holdings LHR, LLC**). BG Capital also manages **BG Maverick, LLC** and **BG Cold, LLC**. So Forste and Marchetti sit atop the structure that holds the controlling stake. (CONFIRMED)
- **Greg Lehmkuhl** — President, **CEO**, and director (since 2015). (CONFIRMED — proxy)

**The accountability tie-in (factual, not inferential):** the two individuals whose personal political
giving we catalogued in the disclosure dataset — **Forste and Marchetti** — are the **same people who
control the company** as Co-Executive Chairmen. That's a documented identity, not an inferred link: the
controlling owners and the principal political donors are one and the same. Greg Lehmkuhl (CEO) is the
third principal in that dataset.

## Major pre-IPO / strategic investors (with board rights)
The proxy ties continuing **board-nomination rights** to several large holders, identifying them as
significant stakeholders alongside the founders:
- **Stonepeak** (infrastructure investor) — CONFIRMED (proxy; board-nomination rights)
- **BentallGreenOak / BGO** (real-estate investor) — CONFIRMED (proxy; board-nomination rights)
- **BGLH (Bay Grove)**, **Mr. Forste**, **Mr. Marchetti** — CONFIRMED (proxy; board-nomination rights)

(Other large pre-IPO investors historically reported include GIC and D1 Capital; treat specific stakes as
REPORTED until confirmed against a 13D/G or the proxy table.)

## Largest public (institutional) shareholders
**Only one holder besides Bay Grove has crossed the 5% Schedule-13G threshold:** **Norges Bank** (Norway's sovereign wealth fund / central bank) reported **5.05% (11,500,000 shares)** as of Sept 30, 2024, expressly held passively — "in the ordinary course … not … for the purpose of or with the effect of changing or influencing the control of the issuer." (CONFIRMED — SC 13G filed 11/8/2024.)

Because Bay Grove holds the large majority, the **public float is thin**, so the big index/asset managers each hold **under 5%** and appear only in 13F data (none has filed a 13G). Of the float (~88% institutionally held across ~321 13F filers), the largest are (REPORTED — 13F aggregators; mostly passive index funds):
- **Vanguard Group** — the single largest institutional holder (~$542M reported ≈ low-single-digit % of a ~$18–19B company)
- **BlackRock**
- **State Street**
- **D1 Capital Partners**
- **Capital Research / American Funds (Income Fund of America)**
- **Morgan Stanley**
- **Baillie Gifford**

## What's exact vs. what to pull for precision
- **Exact and primary (now pulled):** Bay Grove **~71.7% / ~180.3M shares** (10/24/2024 13G) → **>50% voting** (2026 proxy); **Norges Bank 5.05% / 11.5M shares** (11/8/2024 13G); the entity chain; 227,140,448 shares outstanding (3/18/2026); board-rights holders (Stonepeak, BGO); the named principals. Only **two** holders ever crossed the 5% 13G threshold.
- **Reported (secondary):** the under-5% index/asset managers' exact stakes (Vanguard, BlackRock, etc.) — these come from 13F aggregators, not 13Gs. A journalist can confirm each from the firm's quarterly 13F or the proxy's beneficial-ownership table (page 84).

## Sources
- **Lineage, Inc. 2026 DEF 14A (proxy)** — EDGAR CIK 0001868159, filed 04/23/2026 (control-company statement; Bay Grove entity chain; record date / shares outstanding; board-nomination rights). https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001868159&type=DEF+14A
- **SC 13G — Bay Grove group** (Marchetti/Forste + BG entities), ~71.7% / 180.3M shares, event 9/30/2024, filed 10/24/2024. Acc 0001193125-24-243027. https://www.sec.gov/Archives/edgar/data/1868159/000119312524243027/d848476dsc13g.htm
- **SC 13G — Norges Bank**, 5.05% / 11,500,000 shares, event 9/30/2024, filed 11/8/2024. Acc 0001374170-24-000066. https://www.sec.gov/Archives/edgar/data/1868159/000137417024000066/efc24-0930_formsc13g.txt
- **EDGAR company filings** (10-K, S-11 IPO prospectus, further SC 13G/13D) — CIK 0001868159.
- **13F aggregators** (Nasdaq institutional holdings, Fintel) for the institutional-holder list and dollar stakes — REPORTED, secondary.

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*Important namesake caution (carried from the disclosure work): "Lineage, Inc." (LINE, the cold-storage REIT,
CIK 0001868159) is a **different company** from "Lineage Cell Therapeutics" (LCTX, a biotech, CIK 0000876343).
Several SEC and contribution records for the biotech were excluded from our dataset as false matches; keep the
two distinct here too. Compiled June 25, 2026. Not investment advice.*
