The estate of Microsoft co-founder Paul Allen has sold its stake in Cercano Management, completing a further unwind of assets linked to the late billionaire and leaving the wealth adviser fully employee-owned, says Bloomberg.

Cercano, which oversees about $10.5bn in assets, was spun out of Allen’s family office four years ago and continues to manage investments on behalf of the estate and family foundation, according to a person familiar with the matter.

The firm allocates capital across public markets, private equity, real estate, and private credit, and typically works with clients who commit at least $250m. It is led by Chris Orndorff, Allen’s former chief investment officer, who is now listed as sole principal owner.

Allen, who co-founded Microsoft in 1975, built a $26bn fortune before his death in 2018. Since then, his estate has pursued a broad programme of disposals, including artwork, real estate, and professional sports assets, while channelling proceeds into philanthropy.

The sale underscores the growing independence of large multi-family offices as employee-owned investment firms, even as they continue to manage capital for founding families.

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