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| key_people = [[Bill Gates]] ([[Chairman]])<br>[[Michael Larson (businessman)|Michael Larson]] ([[Chief investment officer|CIO]])
| key_people = [[Bill Gates]] ([[Chairman]])<br>[[Michael Larson (businessman)|Michael Larson]] ([[Chief investment officer|CIO]])
| owner = Bill Gates
| owner = Bill Gates
| num_employees = 100<ref name="slate"/>
| num_employees = 100<ref name=slate>{{Cite web|url=https://slate.com/business/2014/09/bill-gates-investment-manager-michael-larson-runs-cascade-investment-llc-gates-personal-investment-firm.html|title=Meet Bill Gates' Investment Manager|first=Julie|last=Bort|date=September 20, 2014|website=Slate Magazine}}</ref>
| subsid = Front Range Investment Holdings LLC, <br> Cottonwood Ag Management LLC, <br> Lakeland Sands Florida, LLC
| subsid = Front Range Investment Holdings LLC, <br> Cottonwood Ag Management LLC, <br> Lakeland Sands Florida, LLC
}}
}}


'''Cascade Investment, L.L.C.''' (Cascade) is an American [[holding company|holding]] and [[investment company]] headquartered in [[Kirkland, Washington]], United States. It is controlled by [[Bill Gates]], and managed by [[Michael Larson (businessman)|Michael Larson]].<ref name=":0">{{Cite news|url=https://www.wsj.com/articles/this-mans-job-make-bill-gates-richer-1411093811|title=This Man's Job: Make Bill Gates Richer|last1=Das|first1=Anupreeta|date=2014-09-19|work=Wall Street Journal|access-date=2018-02-07|last2=Karmin|first2=Craig|language=en-US|issn=0099-9660}}</ref> More than half of Gates' fortune is held in assets outside his holding of [[Microsoft]] shares.<ref name=forbes>{{cite news|url=https://www.forbes.com/2008/03/05/buffett-worlds-richest-cx_mm_0229buffetrichest.html |title=Gates No Longer World's Richest Man |work=Forbes.com |access-date=2012-11-01 |first=Matthew |last=Miller}}</ref> Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates' holdings, which was managed by convicted felon [[Andrew Evans]].<ref name=stcf>{{cite news|url=http://community.seattletimes.nwsource.com/archive/?date=19930307&slug=1689167 |title=Convicted Felons Handle Gates Fortune |publisher=nwsource.com |date=7 March 1993 |first=Craig |last=Torres|agency=The Wall Street Journal, Dow Jones & Co. Inc}}</ref>
'''Cascade Investment, L.L.C.''' (Cascade) is an American [[holding company|holding]] and [[investment company]] headquartered in [[Kirkland, Washington]], United States. It is controlled by [[Bill Gates]], and managed by [[Michael Larson (businessman)|Michael Larson]].<ref name="wsj-14">{{cite web |last1=Das |first1=Anupreeta |last2=Karmin |first2=Craig |title=This Man's Job: Make Bill Gates Richer |url=https://www.wsj.com/articles/this-mans-job-make-bill-gates-richer-1411093811 |website=[[The Wall Street Journal]] |access-date=April 3, 2021 |date=September 19, 2014}}</ref> More than half of Gates' fortune is held in assets outside his holding of [[Microsoft]] shares.<ref name="forbes">{{cite web |last1=Miller |first1=Matthew |title=Gates No Longer World's Richest Man |url=https://www.forbes.com/2008/03/05/buffett-worlds-richest-cx_mm_0229buffetrichest.html |website=[[Forbes]] |access-date=April 3, 2021 |language=en |date=March 5, 2008}}</ref> Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates' holdings, which was managed by convicted felon [[Andrew Evans]].<ref>{{cite web |last1=Torres |first1=Craig |title=Convicted Felons Handle Gates Fortune |url=https://archive.seattletimes.com/archive/?date=19930307&slug=1689167 |website=[[The Seattle Times]] |access-date=April 3, 2021 |date=March 7, 1993}}</ref>


Larson controls [[Bill and Melinda Gates Investments]] (BMGI) as [[Chief Investment Officer]], and as such manages Gates' personal wealth through Cascade, "as well as handling the [[Bill & Melinda Gates Foundation Trust]] endowment."<ref name="lwc15">{{cite news |last1=Warwick-Ching |first1=Lucy |title=Cascade Investment, Bill Gates’ wealth manager |url=https://www.ft.com/content/ce87f48a-7208-11e5-9b9e-690fdae72044 |publisher=The Financial Times Ltd |date=21 October 2015}}</ref> Cascade "does not like to call itself" a [[family office]] and BMGI "does not label itself as a family office."<ref name=lwc15/> Larson accrued over the twenty years from 1995 an 11% [[compound annual return]],<ref name=lwc15/> and as of 2014 had 100 employees working under his direction.<ref name=slate/>
Larson controls [[Bill and Melinda Gates Investments]] (BMGI) as [[Chief Investment Officer]], and as such manages Gates' personal wealth through Cascade, "as well as handling the [[Bill & Melinda Gates Foundation Trust]] endowment."<ref name="ft-15">{{cite web |last1=Warwick-Ching |first1=Lucy |title=Cascade Investment, Bill Gates’ wealth manager |url=https://www.ft.com/content/ce87f48a-7208-11e5-9b9e-690fdae72044 |website=[[Financial Times]] |access-date=April 3, 2021 |date=October 21, 2015}}</ref> Cascade "does not like to call itself" a [[family office]] and BMGI "does not label itself as a family office."<ref name="ft-15"/> Larson accrued over the twenty years from 1995 an 11% [[compound annual return]],<ref name="ft-15"/> and as of 2014 had 100 employees working under his direction.<ref name="slate">{{cite web |last1=Bort |first1=Julie |title=Meet Bill Gates' Investment Manager |url=https://slate.com/business/2014/09/bill-gates-investment-manager-michael-larson-runs-cascade-investment-llc-gates-personal-investment-firm.html |website=[[Slate (magazine)|Slate]] |access-date=April 3, 2021 |language=en |date=September 20, 2014}}</ref>


==Notable investments==
==Notable investments==
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| {{n/a|Private}}
| {{n/a|Private}}
| Hospitality
| Hospitality
| 47%<ref name=":1">{{Cite web|url=https://www.ft.com/content/ce87f48a-7208-11e5-9b9e-690fdae72044|title=Cascade Investment, Bill Gates' wealth manager|date=2015-10-21|website=Financial Times|language=en-GB|access-date=2018-02-07}}</ref><ref>{{Cite news|url=https://www.nytimes.com/2007/02/12/business/worldbusiness/12iht-hotel.4568993.html|title=Four Seasons Hotels agrees to bid from Gates and Alwaleed – Business – International Herald Tribune|date=2007-02-12|work=The New York Times|access-date=2018-02-07|language=en-US|issn=0362-4331}}</ref>
| 47%<ref name="ft-15"/><ref>{{cite web |title=Four Seasons Hotels agrees to bid from Gates and Alwaleed |url=https://www.nytimes.com/2007/02/12/business/worldbusiness/12iht-hotel.4568993.html |website=[[The New York Times]] |access-date=April 3, 2021 |date=February 12, 2007}}</ref>
|-
|-
| [[Ecolab]]
| [[Ecolab]]
| {{nyse|ECL}}
| {{nyse|ECL}}
| Conglomerate
| Conglomerate
| 25%<ref>{{Cite web|url=https://www.bizjournals.com/twincities/news/2012/05/07/microsoft-gates-can-invest-in-ecolab.html|title=Bill Gates' stake in Ecolab could get bigger|last=Stych|first=Ed|date=2012-05-07|website=Minneapolis/St. Paul Business Journal|access-date=2018-02-07}}</ref>
| 25%<ref>{{cite web |last1=Stych |first1=Ed |title=Bill Gates' stake in Ecolab could get bigger |url=https://www.bizjournals.com/twincities/news/2012/05/07/microsoft-gates-can-invest-in-ecolab.html |website=[[American City Business Journals]] |access-date=April 3, 2021 |date=May 7, 2012}}</ref>
|-
|-
| [[Canadian National Railway]]
| [[Canadian National Railway]]
| {{ubl|{{Toronto Stock Exchange|CNR}}|{{New York Stock Exchange|CNI}}}}
| {{ubl|{{Toronto Stock Exchange|CNR}}|{{New York Stock Exchange|CNI}}}}
| Rail transport
| Rail transport
| 14.2%<ref>{{Cite news|url=https://www.sec.gov/Archives/edgar/data/16868/000110465920020187/a20-7783_1sc13ga.htm|title=SCHEDULE 13G|access-date=2020-04-21|language=en-US}}</ref>
| 14.2%<ref>{{cite web |title=Canadian National Railway Company {{!}} SC 13G |url=https://www.sec.gov/Archives/edgar/data/16868/000110465920020187/a20-7783_1sc13ga.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=3 April 2021 |date=December 31, 2019}}</ref>
|-
|-
| [[FEMSA]]
| [[FEMSA]]
| {{ubl|{{BMV|FEMSA|5305}}|{{NYSE|FMX}}}}
| {{ubl|{{BMV|FEMSA|5305}}|{{NYSE|FMX}}}}
| Beverage and Retail
| Beverage and Retail
| <ref name=":1" />
| <ref name="ft-15" />
|-
|-
| [[Berkshire Hathaway]]
| [[Berkshire Hathaway]]
| {{ubl|{{NYSE|BRK.A}}|{{NYSE|BRK.B}}}}
| {{ubl|{{NYSE|BRK.A}}|{{NYSE|BRK.B}}}}
| Conglomerate
| Conglomerate
| 4%<ref name=":1" />
| 4%<ref name="ft-15" />
|-
|-
| [[Strategic Hotels & Resorts]]
| [[Strategic Hotels & Resorts]]
| {{n/a|Private}}
| {{n/a|Private}}
| Hospitality
| Hospitality
| 9.8%<ref name=":1"/><ref>{{cite news | url=https://www.chicagobusiness.com/article/20150810/CRED03/150819997/bill-gates-could-acquire-chicago-s-strategic-hotels | title=Could Bill Gates be the next owner of Strategic Hotels? | first=ALBY | last=GALLUN | work=[[Crain Communications]] | date=August 10, 2015}}</ref>
| 9.8%<ref name="ft-15"/><ref>{{cite web |last1=Gallun |first1=Alby |title=Could Bill Gates be the next owner of Strategic Hotels? |url=https://www.chicagobusiness.com/article/20150810/CRED03/150819997/bill-gates-could-acquire-chicago-s-strategic-hotels |website=[[Crain's Chicago Business]] |access-date=April 3, 2021 |language=en |date=August 10, 2015}}</ref>
|-
|-
| [[Republic Services]]
| [[Republic Services]]
| {{nyse|RSG}}
| {{nyse|RSG}}
| Waste management
| Waste management
| 34.1%<ref>{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1060391/000119312520083880/d757944ddef14a.htm|title=DEF 14A|website=www.sec.gov|access-date=2020-04-21}}</ref>
| 34.1%<ref>{{cite web |title=Republic Services, Inc. {{!}} DEF 14A |url=https://www.sec.gov/Archives/edgar/data/1060391/000119312520083880/d757944ddef14a.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=3 April 2021 |date=March 24, 2020}}</ref>
|-
|-
| [[Deere & Company]]
| [[Deere & Company]]
| {{nyse|DE}}
| {{nyse|DE}}
| Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer.
| Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer.
| 10.06%<ref>{{Cite web|title = Deere & Co. DEF 14A|url=https://www.sec.gov/Archives/edgar/data/315189/000120677421000055/de3809451-def14a.htm|publisher= Securities and Exchange Commission|access-date=2021-02-06}}</ref>
| 10.06%<ref>{{cite web |title=Deere & Company {{!}} DEF 14A |url=https://www.sec.gov/Archives/edgar/data/315189/000120677421000055/de3809451-def14a.htm |website=[[U.S. Securities and Exchange Commission]] |access-date=April 3, 2021 |date=January 8, 2021}}</ref>
|-
|-
| [[Bunzl]]
| [[Bunzl]]
| {{lse|BNZL}}
| {{lse|BNZL}}
| Distribution and Outsourcing
| Distribution and Outsourcing
| 6%<ref name=":1" />
| 6%<ref name="ft-15" />
|-
|-
| [[Carpetright]]
| [[Carpetright]]
| {{lse|CPR}}
| {{lse|CPR}}
| Retail
| Retail
| 3%<ref name=":1" />
| 3%<ref name="ft-15" />
|-
|-
| [[Diageo]]
| [[Diageo]]
| {{ubl|{{lse|DGE}}|{{nyse|DEO}}}}
| {{ubl|{{lse|DGE}}|{{nyse|DEO}}}}
| Beverages
| Beverages
| <ref name=":1" />
| <ref name="ft-15" />
|-
|-
| [[AutoNation]]
| [[AutoNation]]
| {{nyse|AN}}
| {{nyse|AN}}
| Car dealership
| Car dealership
| 14%<ref name=":0" /><ref>{{Cite news|url=https://www.businessinsider.com/bill-gates-worth-over-100-billion-95-billion-richer-2019-3|title=Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft|website=businessinsider.com|access-date=March 24, 2019}}</ref><ref>{{Cite web|url=https://fintel.io/i/cascade-investment|title=Cascade Investment – Latest 13F Holdings|website=Fintel|language=en-US|access-date=2018-09-02}}</ref>
| 14%<ref name="wsj-14"/><ref>{{cite web |last1=Bort |first1=Julie |title=Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft |url=https://www.businessinsider.com/bill-gates-worth-over-100-billion-95-billion-richer-2019-3 |website=[[Business Insider]] |access-date=April 3, 2021 |date=Mar 20, 2019}}</ref><ref>{{cite web |title=Cascade Investment – Portfolio Holdings |url=https://fintel.io/i/cascade-investment |website=Fintel.io |access-date=April 3, 2021 |language=en}}</ref>
|-
|-
| [[Microsoft]]
| [[Microsoft]]
| {{NASDAQ|MSFT}}
| {{NASDAQ|MSFT}}
| Software and Hardware conglomerate
| Software and Hardware conglomerate
| 3.6%<ref name=":0" />
| 3.6%<ref name="wsj-14"/>
|-
|-
| [[Beyond Meat]]
| [[Beyond Meat]]
| {{NASDAQ|BYND}}
| {{NASDAQ|BYND}}
| Food
| Food
| <ref name=":0" /><ref>{{Cite news|url=http://fortune.com/2013/10/03/the-bill-gates-backed-company-thats-reinventing-meat/|title=The Bill Gates-backed company that's reinventing meat|work=Fortune|access-date=2018-02-07|language=en}}</ref>
| <ref name="wsj-14"/><ref>{{cite web |last1=Gunther |first1=Marc |title=The Bill Gates-backed company that’s reinventing meat |url=https://fortune.com/2013/10/03/the-bill-gates-backed-company-thats-reinventing-meat |website=[[Fortune (magazine)|Fortune]] |access-date=April 3, 2021 |language=en |date=October 3, 2013}}</ref>
|-
|-
| [[Ritz-Carlton]] in San Francisco
| [[Ritz-Carlton]] in San Francisco
| {{n/a|Private}}
| {{n/a|Private}}
| Hospitality
| Hospitality
| <ref name="slate"/>
| <ref>{{Cite news|url=http://www.slate.com/blogs/business_insider/2014/09/20/bill_gates_investment_manager_michael_larson_runs_cascade_investment_llc.html|title=The Man Making Bill Gates Richer|last=Bort|first=Julie|date=2014-09-20|work=Slate|access-date=2018-02-07|language=en-US|issn=1091-2339}}</ref>
|-
|-
| [[TerraPower]]
| [[TerraPower]]
| {{n/a|Private}}
| {{n/a|Private}}
| Nuclear power
| Nuclear power
| <ref name=":0" />
| <ref name="wsj-14"/>
|-
|-
| [[Transformco]]
| [[Transformco]]
| {{n/a|Private}}
| {{n/a|Private}}
| Retail and real estate
| Retail and real estate
| Debt interest<ref>{{cite news|last=Zumbach|first=Lauren|title=Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates|work=Chicago Tribune|date=June 4, 2018|url=https://www.chicagotribune.com/business/ct-biz-sears-loan-lampert-cascade-0605-story.html|access-date=2020-03-02}}</ref>
| Debt interest<ref>{{cite web |last1=Zumbach |first1=Lauren |title=Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates |url=https://www.chicagotribune.com/business/ct-biz-sears-loan-lampert-cascade-0605-story.html |website=[[Chicago Tribune]] |access-date=April 3, 2021 |date=June 4, 2018}}</ref>
|-
|-
|[[Vroom.com|Vroom]]
|[[Vroom.com|Vroom]]
|{{NASDAQ|VRM}}
|{{NASDAQ|VRM}}
|Car dealership
|Car dealership
|[https://www.sec.gov/Archives/edgar/data/1580864/000119312520145219/d801274ds1.htm#toc Page 151]
|<ref>{{cite web |title=Vroom, Inc. {{!}} S-1 |url=https://www.sec.gov/Archives/edgar/data/1580864/000119312520145219/d801274ds1.htm#bc801274_16 |website=[[U.S. Securities and Exchange Commission]] |access-date=April 3, 2021 |date=May 18, 2020}}</ref>
|-
|-
| [[StorageMart]]
| [[StorageMart]]
| {{n/a|Private}}
| {{n/a|Private}}
| Self-storage
| Self-storage
| <ref>{{Cite news|url=https://www.creherald.com/bill-gates-cascade-investment-gic-buy-stakes-in-storagemart/|title=Bill Gates' Cascade Investment, GIC buy stakes in StorageMart|work=CRE Herald|access-date=2020-10-15|language=en}}</ref>
| <ref>{{cite web |last1=Herald |first1=C. R. E. |title=Bill Gates' Cascade Investment, GIC buy stakes in StorageMart |url=https://www.creherald.com/bill-gates-cascade-investment-gic-buy-stakes-in-storagemart |website=CRE Herald |access-date=April 3, 2021 |date=October 14, 2020}}</ref>
|}
|}


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==References==
==References==
{{reflist}}
{{Reflist}}


==External links==
==External links==

Revision as of 13:06, 3 April 2021

Cascade Investment, L.L.C.
Company typePrivate
IndustrieInvestments
Conglomerate
Gegründet1995; 29 years ago (1995)
GründerBill Gates
Hauptsitz,
Vereinigte Staaten
Key people
Bill Gates (Chairman)
Michael Larson (CIO)
OwnerBill Gates
Number of employees
100[1]
SubsidiariesFront Range Investment Holdings LLC,
Cottonwood Ag Management LLC,
Lakeland Sands Florida, LLC

Cascade Investment, L.L.C. (Cascade) is an American holding and investment company headquartered in Kirkland, Washington, United States. It is controlled by Bill Gates, and managed by Michael Larson.[2] More than half of Gates' fortune is held in assets outside his holding of Microsoft shares.[3] Cascade is the successor company to Dominion Income Management, the former investment vehicle for Gates' holdings, which was managed by convicted felon Andrew Evans.[4]

Larson controls Bill and Melinda Gates Investments (BMGI) as Chief Investment Officer, and as such manages Gates' personal wealth through Cascade, "as well as handling the Bill & Melinda Gates Foundation Trust endowment."[5] Cascade "does not like to call itself" a family office and BMGI "does not label itself as a family office."[5] Larson accrued over the twenty years from 1995 an 11% compound annual return,[5] and as of 2014 had 100 employees working under his direction.[1]

Notable investments

Unternehmen Ticker Sector Ownership %
Four Seasons Hotels and Resorts Private Hospitality 47%[5][6]
Ecolab NYSEECL Conglomerate 25%[7]
Canadian National Railway Rail transport 14.2%[8]
FEMSA Beverage and Retail [5]
Berkshire Hathaway Conglomerate 4%[5]
Strategic Hotels & Resorts Private Hospitality 9.8%[5][9]
Republic Services NYSERSG Waste management 34.1%[10]
Deere & Company NYSEDE Agricultural, construction, forestry, outdoor power and turf maintenance equipment. OEM diesel and natural gas engine manufacturer. 10.06%[11]
Bunzl LSEBNZL Distribution and Outsourcing 6%[5]
Carpetright LSECPR Einzelhandel 3%[5]
Diageo Beverages [5]
AutoNation NYSEAN Car dealership 14%[2][12][13]
Microsoft NasdaqMSFT Software and Hardware conglomerate 3.6%[2]
Beyond Meat NasdaqBYND Food [2][14]
Ritz-Carlton in San Francisco Private Hospitality [1]
TerraPower Private Nuclear power [2]
Transformco Private Retail and real estate Debt interest[15]
Vroom NasdaqVRM Car dealership [16]
StorageMart Private Self-storage [17]

See also

References

  1. ^ a b c Bort, Julie (September 20, 2014). "Meet Bill Gates' Investment Manager". Slate. Retrieved April 3, 2021.
  2. ^ a b c d e Das, Anupreeta; Karmin, Craig (September 19, 2014). "This Man's Job: Make Bill Gates Richer". The Wall Street Journal. Retrieved April 3, 2021.
  3. ^ Miller, Matthew (March 5, 2008). "Gates No Longer World's Richest Man". Forbes. Retrieved April 3, 2021.
  4. ^ Torres, Craig (March 7, 1993). "Convicted Felons Handle Gates Fortune". The Seattle Times. Retrieved April 3, 2021.
  5. ^ a b c d e f g h i j Warwick-Ching, Lucy (October 21, 2015). "Cascade Investment, Bill Gates' wealth manager". Financial Times. Retrieved April 3, 2021.
  6. ^ "Four Seasons Hotels agrees to bid from Gates and Alwaleed". The New York Times. February 12, 2007. Retrieved April 3, 2021.
  7. ^ Stych, Ed (May 7, 2012). "Bill Gates' stake in Ecolab could get bigger". American City Business Journals. Retrieved April 3, 2021.
  8. ^ "Canadian National Railway Company | SC 13G". U.S. Securities and Exchange Commission. December 31, 2019. Retrieved 3 April 2021.
  9. ^ Gallun, Alby (August 10, 2015). "Could Bill Gates be the next owner of Strategic Hotels?". Crain's Chicago Business. Retrieved April 3, 2021.
  10. ^ "Republic Services, Inc. | DEF 14A". U.S. Securities and Exchange Commission. March 24, 2020. Retrieved 3 April 2021.
  11. ^ "Deere & Company | DEF 14A". U.S. Securities and Exchange Commission. January 8, 2021. Retrieved April 3, 2021.
  12. ^ Bort, Julie (Mar 20, 2019). "Bill Gates is $9.5 billion richer than he was a year ago, worth over $100 billion, but not just from Microsoft". Business Insider. Retrieved April 3, 2021.
  13. ^ "Cascade Investment – Portfolio Holdings". Fintel.io. Retrieved April 3, 2021.
  14. ^ Gunther, Marc (October 3, 2013). "The Bill Gates-backed company that's reinventing meat". Fortune. Retrieved April 3, 2021.
  15. ^ Zumbach, Lauren (June 4, 2018). "Sears gets more time to repay lenders, including funds tied to CEO Edward Lampert and Bill Gates". Chicago Tribune. Retrieved April 3, 2021.
  16. ^ "Vroom, Inc. | S-1". U.S. Securities and Exchange Commission. May 18, 2020. Retrieved April 3, 2021.
  17. ^ Herald, C. R. E. (October 14, 2020). "Bill Gates' Cascade Investment, GIC buy stakes in StorageMart". CRE Herald. Retrieved April 3, 2021.