Cascade Investment

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Cascade Investment, L.L.C.
Company typePrivate
IndustryInvestments
Conglomerate
Founded1995; 31 years ago (1995)
FounderMichael Larson
Headquarters
Kirkland, Washington
,
United States
Key people
Bill Gates (Chairman)
Michael Larson (CIO)
Total assetsUS$70 billion (2021)
OwnerBill Gates
Number of employees
100[1]
Subsidiaries
  • Front Range Investment Holdings LLC
  • Cottonwood Management LLC
  • Lakeland Sands Florida, LLC
File:Bill Gates at the European Commission - 2025 - P067383-605791 (cropped).jpg
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Cascade Investment, L.L.C. is an American holding company and private investment firm headquartered in Kirkland, Washington, United States. [2] It is controlled by Bill Gates, and managed by Michael Larson.[3] More than half of Gates's fortune is held in assets outside his holding of Microsoft shares.[4] Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates's holdings, which was managed by convicted felon Andrew Evans.[5]

Larson reportedly directs Cascade's investments through Bill and Melinda Gates Investments, a firm that also manages the portfolios of the Gates Foundation and other connected entities.[6] Larson accrued over the twenty years from 1995 an 11% compound annual return,[6] and as of 2014 had 100 employees working under his direction.[1] In 2021, Cascade drew attention due to allegations of toxic work environment caused by Larson.[7]

With 269,000 acres of farmland (which has been historically countercyclical to the stock market) being held through a wide network of shell companies, Cascade Investment is the largest farmland owner in the United States.[8]

Cascade has managed Gates' stake in Canadian National Railway since 2013.[9] This constituted one of the investment firm's largest holdings.[10] In 2022, the company sold $940 million worth of stocks, whittling Gates' stake down to 1.4 percent.[9]

Notable investments

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Company Ticker Sector Ownership (%)
Four Seasons Hotels and Resorts Private Hospitality 71.25%[6][11]
Ecolab NYSE: ECL Conglomerate 25%[12]
Canadian National Railway
Rail transport 14.2%[13]
FEMSA
Beverage and Retail [6]
Berkshire Hathaway
Conglomerate 4%[6]
Strategic Hotels & Resorts Private Hospitality 9.8%[6][14]
Republic Services NYSE: RSG Waste management 34.1%[15]
Deere & Company NYSE: DE Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. 10.06%[16]
Bunzl LSE: BNZL Distribution and Outsourcing 6%[6]
Carpetright Private Retail 3%[6]
Diageo
Beverages 1.56%[17]
AutoNation NYSE: AN Car dealership 14%[3][18][19]
Microsoft Nasdaq: MSFT Software and Hardware conglomerate 3.6%[3]
Beyond Meat Nasdaq: BYND Food [3][20]
Ritz-Carlton in San Francisco Private Hospitality [1]
TerraPower Private Nuclear power [3]
Transformco Private Retail and real estate Debt interest[21]
Vroom Nasdaq: VRM Car dealership [22]
StorageMart Private Self-storage [23]
Signature Aviation Private Aviation Services [24]

References

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