Kevin Cunningham

Kevin Cunningham is a Partner at LNC Partners, a Reston, Virginia–based private equity firm that provides flexible equity and debt financing to lower-middle-market companies. He has invested in private companies since 2003, working across the capital structure as a control equity sponsor, minority/growth equity investor, and lender — experience that spans a broad range of business models and stages of company development. His investment focus is on tech-enabled business services companies in the HR, healthcare, education, insurance, and standards-management (compliance, testing, inspection, certification, calibration, benchmarking) industries.

Cunningham joined LNC Partners in 2014. Prior to that, he spent roughly seven years (from 2007) at Allied Capital Corporation and its successor through acquisition, Ares Management — a private equity and debt investment firm. Earlier in his career he was an Associate in the middle-market buyout group at BancBoston Capital, and he also held a role at Thomas Weisel Partners. He was promoted from Managing Director to Partner at LNC in January 2023.

He holds an M.B.A. from Columbia University (Columbia Business School) and a B.S. from the University of Virginia. Cunningham serves on the boards of several LNC portfolio companies, including Cantey Technology Consulting, Terra Dotta, and West Physics.

• Invests $10M–$50M of capital per transaction in U.S.-headquartered lower-middle-market companies — this is buyout/growth-equity/private-credit capital, not seed venture funding.
• Targets established, profitable businesses: roughly $10M–$150M revenue and ~$2M–$20M EBITDA.
• Pursues control (majority) buyouts as well as minority/growth equity and structured debt — management and leveraged buyouts, acquisition finance, growth capital, and minority/dividend recapitalizations.
• Personal sector emphasis on tech-enabled business services: HR, healthcare, education, insurance, and "standards management" (compliance, testing, inspection, certification, calibration, benchmarking).
• Firm thesis is to be a flexible capital partner that supports growth both organically and through add-on acquisitions (buy-and-build), providing strategic and financial resources to accelerate expansion.