Cascade Investment

Cascade Investment

Cascade Investment, L.L.C. is a single-family office and private holding company controlled by William H. Gates III that manages his personal investment assets. It is overseen by Cascade Asset Management Company, which also manages the Gates Foundation Trust. Founded in 1994, Cascade applies a fundamental, long-horizon investment approach across asset classes and geographies with the mission of generating superior long-term returns to support Bill Gates and the Gates Foundation Trust (per cascadeassetmanagement.com). Cascade Asset Management Company oversees Cascade Investment, L.L.C., which holds personal assets of Bill Gates, as well as the Gates Foundation Trust, whose assets fund the Gates Foundation; the foundation has no influence on Trust investment decisions or strategies and neither Cascade nor the Trust participates in foundation grantmaking or operations (per Cascade FAQs). Headquartered in Kirkland, Washington, the firm is led by Michael Larson, who founded Cascade and serves as Chief Investment Officer overseeing strategy, capital allocation, sourcing, structuring, transaction execution, and partner relationships for both Bill Gates and the Trust (per Meet Our Leadership page). The Gates Foundation Trust reported total assets of approximately $93.2 billion and net assets of $89.2 billion as of December 31, 2025 (per audited financial statements). Cascade is overwhelmingly a direct investor and works with only a small number of third-party managers. The firm does not publicly disclose total AUM for Gates’ personal holdings.