Cercano Management
Also known as Cercano Management LLC, Vulcan Capital
Bellevue, Washington adviser spun out of Vulcan Capital, Paul G. Allen's family-office investment group; manages Allen estate and foundation assets and other ultra-wealthy clients' money.
USEFUL FOR Founders · Business owners seeking a long-term partner · Co-investors
Formerly Vulcan Capital, the investment group of the family office of the late Microsoft co-founder Paul G. Allen; renamed and spun out as Cercano Management. Not Vulcan Real Estate (vulcanrealestate.com), not Vulcan Materials, and not other firms named Vulcan Capital.
Family & background
- FAMILY
- Allen
- WEALTH ORIGIN
- Technology (Microsoft co-founder Paul G. Allen)
- HEADQUARTERS
- Bellevue, United States
- AUM
- $7.3B (2025)
- OUTSIDE CAPITAL
- Yes — also manages others' money
Investment approach
- SECTORS
- Fintech
- STAGES
- Series A
- ROUTES
- Direct investments
- STRATEGIES
- Public equitiesPrivate equityPrivate creditReal estate
Overview
Cercano Management is the former Vulcan Capital, the investment-management group of the family office of Microsoft co-founder Paul G. Allen, who died in 2018. In January 2022 it was reported to oversee investment assets for Allen's estate and family foundation, to be led by former Vulcan Capital chief investment officer Chris Orndorff, and to allocate across public markets, private equity, private credit and real estate for ultra-high-net-worth clients, who typically need at least $100 million to open an account. Cercano Management LLC is an SEC-registered adviser in Bellevue, Washington; its September 2026 Form ADV reports about $7.3 billion of regulatory assets under management across 48 accounts, mostly pooled investment vehicles. In July 2025 it co-led a $6 million Series A in fintech firm EduFund with MassMutual Ventures.
Holdings & investments (1)
- EduFundFintech · since 2025
People
Classification
Family-anchored Fund. Started with one family's capital but now also manages money for third parties. How family capital is classified →
FAQ
Cercano Management is a family-anchored fund based in Bellevue, the United States.
Cercano Management invests on behalf of the Allen family (Technology (Microsoft co-founder Paul G. Allen)).
Cercano Management invests directly in companies. Its stated asset mix includes public equities, private equity, private credit and real estate.
Cercano Management invests at Series A stage in Fintech.
Key people at Cercano Management include Christopher Orndorff (President, Management Committee Member), Albert Hwang (Executive Vice President and Management Committee Member), Yongbai Choi (Executive Vice President and Management Committee Member) and Joel Shoop (Chief Financial Officer).
Cercano Management's holdings and investments include EduFund.
The most recent publicly reported investment by Cercano Management is EduFund (Series A (co-led with MassMutual Ventures)), announced in Jul 2025.
Yes. Cercano Management manages capital from outside investors.