Cascade Investment

Cascade Investment is a private investment firm and holding company that manages the personal wealth of Bill Gates and the assets of the Gates Foundation Trust. Established in 1994, the firm's core mission is to generate superior long-term returns to support and advance the vital work of Bill Gates and the philanthropic endeavors of the Gates Foundation Trust. It operates with a fundamental, long-horizon investment approach, deploying capital across a diverse range of asset classes and geographies. While Cascade Investment oversees the Trust's assets, it maintains a distinct operational separation from the Gates Foundation's grant-making activities, ensuring no influence on investment decisions by the foundation.

The firm's investment strategy is characterized by a value-driven approach, often taking significant, long-term anchor stakes in companies across essential industries. Cascade Investment primarily engages in direct investing but also collaborates with a select group of third-party managers to broaden its expertise in specific asset classes. This diversified strategy has led to a portfolio that includes substantial holdings in public and private companies, as well as real assets like vast tracts of U.S. farmland. The firm does not seek or accept investments from third parties or unsolicited investment proposals.

Cascade Investment's notable portfolio includes controlling or significant stakes in major corporations such as Four Seasons Hotels & Resorts, Republic Services (a waste management company), Ecolab (a hygiene and food safety-tech company), and Deere & Company (an agricultural and heavy equipment manufacturer). Historically, the firm has also held considerable positions in companies like Canadian National Railway and AutoNation. Beyond these, Cascade has invested in biotechnology, genomics, and solid waste management technology, aligning with broader interests in innovation and sustainability, as evidenced by its connection to Breakthrough Energy initiatives.

The firm is led by Chief Investment Officer Michael Larson, who founded Cascade in 1994 and has been instrumental in directing its investment activities, including strategy, capital allocation, and transaction execution. Other key team members include Alan Heuberger, Senior Investment Manager focusing on direct private equity and real asset investments, and Mike Rodden, General Counsel. The team's expertise spans various financial and legal domains, contributing to Cascade's comprehensive and long-term investment philosophy.