# Larson Capital Management

Larson Capital Management is a RIA based in Kirkland, United States.

## Overview

- **Organization type:** RIA
- **Headquarters:** Kirkland, United States
- **Region:** North America
- **Address:** Kirkland, WA, United States
- **Founded:** 1995
- **Assets under management:** Undisclosed (Altss estimate: >$100B)
- **Website:** larsoncapitalmanagement.com

## Regulatory record

- **CRD number:** 301971
- **SEC file number:** 801-116807
- **Registration status:** Registered
- **Reports private funds:** Yes
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/301971

## About

LARSON CAPITAL MANAGEMENT, LLC is an SEC-registered investment adviser in CHESTERFIELD, MO, registered since 2019. The firm manages approximately $1.4 billion in assets. It has 13 employees and 1 investment adviser.

## Sectors

- Real Estate
- Infrastructure
- Public Equities
- Private Equity
- Energy
- Hospitality
- Agriculture

## People

- Michael Larson — Chief Investment Officer

## Questions

### Does Larson participate in fund commitments or only direct deals?

Larson's primary mode is direct deployment — Cascade Investment takes control stakes or significant minority positions directly, bypassing fund-manager intermediaries. Public filings show no consistent pattern of LP commitments to external private equity or venture funds, though the firm has occasionally co-invested alongside trusted operating partners. The portfolio is overwhelmingly self-managed.

### What is the relationship between Larson Capital Management and the Gates Foundation?

Larson Capital Management manages the Bill & Melinda Gates Foundation Trust, which holds the investment assets that fund the foundation's grantmaking. The trust and Gates's personal capital are managed as separate pools with distinct objectives — the trust targets a return sufficient to fund annual grant distributions, while the personal portfolio pursues absolute return. Both sit under Larson's oversight but are walled operationally.

### Which sectors does Larson avoid?

The firm is a generalist but has historically stayed away from sectors where Gates's personal profile creates controversy or conflicts — tobacco, defense contracting, and high-profile social media plays. There is also no public evidence of active venture-capital exposure in the traditional Sand Hill Road sense; tech allocations appear to flow through public equities or mature private deals rather than early-stage startup investing.

### Who would succeed Michael Larson?

No public succession plan exists. Larson is the sole named decision-maker on the investment side, and the firm's structure concentrates authority in one CIO without a disclosed internal heir. That presents a genuine key-person risk, especially as both Gates and Larson enter their seventh decade. Allocators evaluating co-investment opportunities with Cascade should probe governance continuity directly.

### How does Larson source proprietary real-asset deals?

Cascade's farmland and real estate strategy relies on a long-standing network of regional operators, brokers, and direct relationships with landowners — not competitive auction processes. The firm's willingness to move quickly without financing contingencies, paired with its permanent capital structure, makes it a preferred buyer for complex, off-market transactions, particularly in US agricultural land and hospitality.

## Related profiles

- [MGM INNOVA CAP MANAGEMENT](https://altss.com/profile/mgm-innova-cap-management-llc)
- [Lords Wealth](https://altss.com/profile/lords-wealth)

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Last updated: 2026-07-06T01:24:19.979Z

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