Foundation

Bill & Melinda Gates Foundation Trust

102 fund investments across 87 managers in opportunistic, private credit, private equity and real assets, as last reported 2023-12-31.

EIN 91-1663695

Fund investments

102

As of 2023-12-31

Managers

Reported NAV

…

Top-10 concentration

…

Share of reported NAV in the ten largest funds

Where the NAV sits

Each rectangle is a fund, sized by current NAV and colored by strategy.

NAV by strategy

Current reported value by top-level strategy.

Commitments by vintage

Capital committed to funds of each vintage year.

Portfolio Holdings

102 fund investments

Fund Name	Vintage	Strategy	Sub-Strat	Geo	Commit	NAV	IRR	TVPI	DPI
522 Funding Clo Ltd	—	Private Credit	Structured Credit	Global	—	$1.4M	—	—	—
Abpci Direct Lending Fund Clo	—	Private Credit	Direct Lending	Global	—	$1.2M	—	—	—
Accredited Mortgage Loan Trust	—	Real Assets	Real Estate Debt	North America	—	$2.9M	—	—	—
American Express Credit Accoun	—	Private Credit	Direct Lending	North America	—	$9.0M	—	—	—
Americredit Automobile Receiva	—	Private Credit	Direct Lending	North America	—	$508,271	—	—	—
Apex Credit Clo LLC	—	Private Credit	Structured Credit	Global	—	$686,986	—	—	—
Ara Fund II, LP	2021	Private Equity	Buyout	Global	—	$360,153	—	—	—
Arsenal Capital Partners Growth	2022	Private Equity	Growth Equity	North America	—	$7.3M	—	—	—
Arsenal Capital Partners VI LP	2022	Private Equity	Buyout	North America	—	$105.3M	—	—	—
Asset Backed Funding Certifica	—	Private Credit	Direct Lending	Global	—	$4.7M	—	—	—
Avis Budget Rental Car Funding	—	Private Credit	Direct Lending	North America	—	$23.3M	—	—	—
Bain Capital Credit Clo, Limit	—	Private Credit	Direct Lending	Global	—	$1.5M	—	—	—
Balboa Bay Loan Funding Ltd	—	Private Credit	Direct Lending	North America	—	$890,024	—	—	—
Banc of America Funding Corpor	—	Private Equity	Buyout	North America	—	$2.1M	—	—	—
Bear Stearns Mortgage Funding	—	Real Assets	Real Estate Debt	North America	—	$281,737	—	—	—
Benefit Street Partners Clo Lt	—	Private Credit	Direct Lending	North America	—	$504,547	—	—	—
Bravo Residential Funding Trus	—	Real Assets	Real Estate Equity	North America	—	$2.2M	—	—	—
Bridgewater Pure Alpha	—	Private Equity	Buyout	Global	—	$88.5M	—	—	—
Brightwood Capital Mm Clo Ltd.	—	Private Credit	Structured Credit	North America	—	$1.3M	—	—	—
Cantor Commercial Real Estate	—	Real Assets	Real Estate Equity	North America	—	$1.9M	—	—	—
Canyon Capital Clo Ltd	—	Private Credit	Structured Credit	Global	—	$301,259	—	—	—
Centex Home Equity	—	Real Assets	Real Estate Equity	North America	—	$72,327	—	—	—
Chase Funding Loan Acquisition	—	Private Credit	Direct Lending	North America	—	$3.1M	—	—	—
Chevy Chase Mortgage Funding C	—	Real Assets	Real Estate Debt	North America	—	$9,062	—	—	—
Chromium Fund LP	—	Private Equity	Buyout	North America	—	$125.8M	—	—	—
Cifc Funding Ltd	—	Private Credit	Direct Lending	Global	—	$1.4M	—	—	—
Citadel Securities LP	—	Opportunistic	Tactical	Global	—	$909,629	—	—	—
Citibank Credit Card Issuance	—	Private Credit	Direct Lending	Global	—	$3.7M	—	—	—
Clarios Global LP	—	Opportunistic	Tactical	Global	—	$339,574	—	—	—
Colt Funding LLC	—	Private Credit	Direct Lending	North America	—	$1	—	—	—
Countrywide Home Equity Loan T	—	Real Assets	Real Estate Equity	North America	—	$517,836	—	—	—
Denham Sustain Infrast Fund II	—	Real Assets	Infrastructure	Global	—	$16.9M	—	—	—
Deutsche Financial Capital Sec	—	Opportunistic	Tactical	Global	—	$1.1M	—	—	—
Driven Brands Funding, LLC	—	Private Equity	Buyout	North America	—	$1.9M	—	—	—
Dryden Senior Loan Fund	—	Private Credit	Direct Lending	North America	—	$1.9M	—	—	—
Emrld Borrower LP	—	Private Credit	Direct Lending	Global	—	$720,268	—	—	—
Focus Brands Funding LLC	—	Private Equity	Venture Capital	North America	—	$3.5M	—	—	—
Focus Financial Partners, LLC	—	Private Equity	Venture Capital	North America	—	$945,759	—	—	—
Ford Credit Auto Owner Trust/f	—	Private Credit	Direct Lending	North America	—	$1.1M	—	—	—
Ford Credit Floorplan Master O	—	Private Credit	Direct Lending	North America	—	$894,558	—	—	—
Fortress Credit Bsl Limited	—	Private Credit	Direct Lending	Global	—	$738,286	—	—	—
Global Good Fund I	—	Private Equity	Venture Capital	Global	—	$1	—	—	—
Golub Capital Partners Clo Ltd	—	Private Credit	Direct Lending	North America	—	$574,867	—	—	—
Golub Capital Partners Clo, Lt	—	Private Credit	Direct Lending	North America	—	$630,919	—	—	—
Greenbriar Equity Fund Iii, LP	—	Private Equity	Buyout	North America	—	$18.8M	—	—	—
Greenbriar Equity Fund IV a	—	Private Equity	Buyout	North America	—	$156.3M	—	—	—
Greenbriar Equity Fund V LP	—	Private Equity	Buyout	North America	—	$372.7M	—	—	—
Greenbriar Equity Fund VI, L.P.	2023	Private Equity	Buyout	North America	—	$126.0M	—	—	—
Greenpoint Mortgage Funding Tr	—	Real Assets	Real Estate Debt	North America	—	$20,534	—	—	—
Gsaa Home Equity Trust	—	Real Assets	Real Estate Equity	North America	—	$3.1M	—	—	—

Showing 1 to 50 of 102 holdings

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