Bill Gates’ Family Office Cascade Investment: Inside a $100+ Billion Portfolio (2025 Update)

Bill Gates’ Family Office Cascade Investment: Inside a $100+ Billion Portfolio (2025 Update)

Bill Gates’ family office, Cascade Investment, is one of the largest and most closely watched private investment firms in the world. In 2025, as family offices gain influence across alternatives, Cascade illustrates the power of concentrated private wealth in shaping markets. The firm manages more than $115 billion of Gates’ personal fortune, alongside the Gates Foundation’s $67 billion endowment, giving it firepower on par with sovereign wealth funds.

For fundraisers, this matters because family offices are no longer peripheral allocators. They are direct investors, long-term partners, and increasingly central to private markets. At Altss, we track over 9,000 family offices globally — the largest verified database in the industry — and Cascade sits near the very top in scale and visibility.

“Fundraising is no longer about static Rolodexes — it’s about live signals and warm paths to big allocators,” as one placement agent recently observed. Cascade is a prime example of why.

Market Context

Family offices have grown rapidly. Deloitte estimates there are about 8,000 single-family offices worldwide, up nearly one-third since 2019, collectively managing more than $3 trillion. Projections suggest that number could approach $5.4 trillion by 2030.

They are also becoming more active in private markets. By 2022, family offices accounted for almost a third of global startup investment. Surveys in 2023–2024 showed nearly half intended to increase allocations to private equity and venture capital even as institutional LPs pulled back.

This shift changes the fundraising equation. Family offices move quickly, operate without the bureaucracy of pensions or endowments, and often look for direct deals. Cascade is one of the most visible examples of this evolution — a private office that invests with the scale of an institution.

Cascade Investment’s Origins and Scale

Founded in 1994, Cascade Investment was created to diversify Gates’ wealth beyond Microsoft. Gates appointed Michael Larson as Chief Investment Officer in 1994, and Larson remains at the helm today. Over his tenure, Cascade has delivered strong long-term returns, averaging about 11% annually in its early decades.

As of 2025, Cascade oversees more than $115 billion in Gates’ personal assets, plus the Gates Foundation’s $67 billion trust. With a staff of roughly 100, it functions as a private asset manager but avoids the “family office” label, preferring discretion and focus on investment.

Cascade’s mission is simple: preserve and grow wealth to support Gates’ philanthropic and personal objectives. It has done so by building a portfolio designed for stability, diversification, and long-term compounding.

A Diversified, Long-Term Portfolio

Cascade’s investments are broad and value-driven. Gates now holds only about 1% of Microsoft stock, with most of his fortune spread across other assets.

Key positions include a 71% controlling stake in Four Seasons Hotels & Resorts, a 34% position in Republic Services, and nearly 25% ownership of Ecolab. Cascade has also been one of the largest shareholders of Deere & Company, with close to 10% at peak, and historically held a double-digit stake in Canadian National Railway before trimming back.

In real assets, Cascade has acquired approximately 269,000 acres of U.S. farmland, making Gates the country’s largest private farmland owner. It also maintains long-term holdings in Berkshire Hathaway and selective real estate projects.

The portfolio shows clear patterns: preference for essential industries, anchor stakes, and patience. Cascade is willing to double down during downturns, as seen with its 2021 expansion of Four Seasons ownership when hospitality was under stress. This approach contrasts with venture-style bets; Cascade invests for decades, not quarters.

Family Offices as Allocators

Cascade’s behavior reflects the distinct role family offices now play. Compared to institutional LPs:

• Decisions are faster, often involving just the principal and CIO.
• Capital is proprietary, with no redemption pressure and a generational horizon.
• Mandates are flexible, spanning direct deals, funds, and real assets.
• Motivations extend beyond returns, with reputation, legacy, and alignment often weighing heavily.

During recent volatility, family offices stepped into deals that institutions avoided. Offices like Cascade, Bezos Expeditions, and Emerson Collective have led or co-invested in major rounds. For fundraisers, this means family offices are both partners and competitors: they’ll commit as LPs but will also lead deals outright.

The Altss Angle

Family offices operate privately, and that opacity is a challenge. Altss was built to solve it.

• Verified allocator data gives fundraisers accurate, up-to-date contacts and mandates.
• Real-time LP coverage, refreshed every 30 days, tracks portfolio shifts and personnel changes.
• Signals and warm paths highlight actionable entry points — whether it’s a filing, a board appointment, or a connection through a trusted intermediary.

Altss tracks over 9,000 family offices today, the largest verified dataset available. Pricing is $15,500 per year. For IR teams and fund managers, this means the ability to approach allocators like Cascade with timely, relevant intelligence instead of outdated lists.

Case Example

A GP raising a climate-tech fund identifies Cascade as a potential LP. Using Altss, they see Cascade recently participated in an indoor farming investment and note Gates’ public comments on food security. Altss also reveals that an existing LP has a board connection to one of Cascade’s portfolio companies. Leveraging that warm path, the GP secures an introduction and shapes the pitch around Cascade’s agricultural focus. Within two months, Cascade is engaged in due diligence.

This is how verified OSINT data turns a closed door into a warm, actionable conversation.

Conclusion: Key Points for 2025

• Cascade manages more than $115 billion of Gates’ personal assets plus the Gates Foundation’s $67 billion endowment.
• Its portfolio favors long-term stakes in essential industries and real assets, with an emphasis on stability and compounding.
• Family offices now supply roughly a third of global startup funding and are set to expand further.
• Altss tracks over 9,000 family offices — the largest verified database globally — refreshed every 30 days.
• Fundraisers who use verified intelligence and warm paths are far more likely to succeed with allocators like Cascade.

FAQ

What is Bill Gates’ family office?
Cascade Investment, founded in 1994, manages Gates’ personal fortune outside Microsoft and operates as a private investment firm.

How much does Cascade manage?
More than $115 billion in personal assets, plus the Gates Foundation’s $67 billion trust.

Who runs Cascade?
Michael Larson, Gates’ long-time Chief Investment Officer, has managed the portfolio since 1994.

What does Cascade invest in?
Anchor stakes in Four Seasons, Republic Services, Ecolab, Deere, Canadian National Railway, U.S. farmland, Berkshire Hathaway, and select real estate projects.

How can fund managers approach Cascade?
Through tailored, research-driven outreach and warm introductions. Platforms like Altss help identify relevant signals and connections.