Family offices · United States
Bill Gates' Family Office: Cascade Investment Explained
Cascade Investment, L.L.C. is the holding company Bill Gates created to invest his personal wealth, funded with money from sales of Microsoft shares and dividends, according to Bloomberg. SEC filings describe it as a Washington company in Kirkland that invests for the benefit of its sole member, Mr. Gates, and show large stakes in AutoNation and FEMSA in 2026. Bloomberg estimated in 2021 that it held about $57 billion in public stocks and about 270,000 acres of US farmland. [1, 2, 3, 4]
At a glance
| Family | Gates family |
|---|---|
| Founded | Not found |
| Headquarters | Kirkland, Washington, USA |
| Run by | Michael Larson, Business Manager (title used in 2026 SEC filings) |
| Size | No current public figure (Bloomberg, 2021: about $57 billion in public stocks) |
| Structure | Private investment company; Washington LLC with Bill Gates as sole member |
| Known for | Stakes in AutoNation and FEMSA (2026) and Republic Services (2022); US farmland (Bloomberg, 2021) |
How did Cascade Investment start?
According to Bloomberg, Gates hired Michael Larson, a former bond fund manager, in the mid-1990s to oversee his wealth. SEC records show Cascade filing quarterly Form 13F holdings reports from at least 2002, signed by Larson. Bloomberg reported in June 2021 that the wider investment team, Bill and Melinda Gates Investments (BMGI), had changed its name to Cascade Asset Management Co. After the Gateses announced their divorce in May 2021, shares in Coca-Cola FEMSA and Grupo Televisa were moved to Melinda French Gates, and about $1.8 billion of Canadian National Railway and AutoNation shares were shifted that week, according to Bloomberg. [3, 4, 5]
Reported by the sources named, not confirmed by an official source.
Who runs Cascade Investment?
Bill Gates is Cascade's sole member. Michael Larson has overseen Gates' wealth since the mid-1990s, according to Bloomberg. SEC filings in 2026 are still signed for Cascade by attorney-in-fact Alan Heuberger on behalf of 'Michael Larson, Business Manager'. [1, 2, 3]
How big is Cascade Investment?
Cascade does not publish its total assets. Bloomberg estimated in June 2021 that it held about $57 billion in public stocks and roughly 270,000 acres of land, and that the wider portfolio overseen by Larson's team, including the Gates Foundation Trust, was worth about $170 billion. Cascade filed Form 13F holdings reports from at least 2002 to 2008: its report for the quarter ended 31 March 2008 listed 16 positions worth $4.21 billion and asked the SEC to keep some other holdings confidential. We found no later 13F; its recent SEC filings are Schedules 13D and 13G, which report single stakes above 5%. A 13F lists only US-listed stocks and some related securities held at the end of a quarter; it does not show private companies, farmland or other real estate, most bonds, cash or short positions. [3, 5, 6]
Reported by the sources named, not confirmed by an official source.
What does Cascade Investment invest in?
Cascade holds large, long-term stakes in listed companies and reports each one to the SEC once it owns more than 5%. On 1 May 2026 it owned 7,062,629 AutoNation shares (21.1%), and on 31 March 2026 it owned 27,887,350 FEMSA ADSs (14.0% of the class, as stated in the filing). In February 2022 it owned 109,175,321 Republic Services shares (34.5%). Bloomberg reported in 2021 that it also held stakes in Deere and Canadian National Railway, and that it had long been the largest owner of Signature Aviation before joining a consortium that took that company private in 2021. [1, 2, 3, 7]
How is Cascade Investment set up and regulated?
SEC filings describe Cascade Investment, L.L.C. as a Washington limited liability company at 2365 Carillon Point, Kirkland, that is a private investment entity seeking growth of its assets for the benefit of its sole member, Bill Gates. Gates is also a trustee of the Gates Foundation and its asset trust. The filings do not say whether Cascade relies on the SEC family office rule, and we found no office outside the United States. [2, 7]
What changed in 2025 and 2026?
In February 2026 Cascade moved its AutoNation reporting from a Schedule 13G to a Schedule 13D because its stake passed 20%; the filing says this came only from AutoNation buying back its own shares. Amendments in April and May 2026 for FEMSA and AutoNation also report higher percentages caused by lower share counts, not by purchases. In May 2025 Gates said he would give away nearly all his wealth through the Gates Foundation, which will close on 31 December 2045, according to CNBC. [1, 2, 8, 9]
