# Cascade Investment

Cascade Investment is a Family Office based in Kirkland, United States.

## Overview

- **Organization type:** Family Office
- **Headquarters:** Kirkland, United States
- **Region:** North America
- **Address:** Kirkland, WA, United States
- **Founded:** 1994
- **Assets under management:** $40B (Altss estimate)
- **Website:** cascadeassetmanagement.com
- **LinkedIn:** https://www.linkedin.com/company/cascade-asset-management-company/

## Regulatory record

- **CRD number:** 35844
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-23T05:00:00.000Z
- **Reports private funds:** No
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/35844

## About

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.

## Sectors

- Energy Transition & Renewables
- AgriTech & FoodTech
- PropTech
- Digital Health
- ClimateTech
- FinTech

## People

- Michael Larson — Chief Investment Officer and Founder
- Alan Heuberger — Senior Investment Manager
- Keith Traverse — Senior Investment Manager
- John O'Brien — Senior Investment Manager
- Mike Rodden — General Counsel
- Lori Sabet — Chief HR Officer

## Questions

### What is Cascade Investment, L.L.C.?

Cascade Investment, L.L.C. is the private investment vehicle holding personal assets of William H. Gates III. It is overseen by Cascade Asset Management Company, which also manages the Gates Foundation Trust to generate long-term returns supporting Gates and the Trust’s funding of the Gates Foundation (per official website and FAQs).

### When was Cascade founded and where is it headquartered?

Cascade was founded in 1994 and is headquartered in Kirkland, Washington, United States (per official website and SEC filings listing 2365 Carillon Point, Kirkland, WA).

### Who leads investment decisions at Cascade?

Michael Larson, who founded Cascade in 1994, serves as Chief Investment Officer and oversees all investment activities for William H. Gates III and the Gates Foundation Trust, including strategy, capital allocation, and execution (per Meet Our Leadership page).

### What is the relationship between Cascade and the Gates Foundation?

Cascade Asset Management Company manages both Cascade Investment, L.L.C. (Gates’ personal assets) and the Gates Foundation Trust (assets funding the foundation). The foundation has no influence on or visibility into Trust investment strategies, and neither Cascade nor the Trust plays a role in foundation grantmaking or operations (per Cascade FAQs).

### Does Cascade disclose its assets under management?

No. Cascade does not publicly disclose total AUM for the personal assets held in Cascade Investment, L.L.C. The related Gates Foundation Trust reported approximately $89.2 billion in net assets as of December 31, 2025 (per Trust audited financial statements). The firm does not solicit outside capital.

## Related profiles

- [Stanhope Capital](https://altss.com/profile/stanhope-capital-llp)
- [Fayez Sarofim & Company](https://altss.com/profile/fayez-sarofim-company)

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Last updated: 2026-07-17T19:38:32.000Z

Canonical page: https://altss.com/profile/cascade-investment-llc-bill-gates-family-office

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