William Fisher | $1B+
Get in touch with William Fisher | William S. Fisher, founder and CEO of Manzanita Capital, is a discreet, long-horizon investor who built a London-based private investment firm focused on premium consumer and luxury brands. A member of the founding family behind Gap Inc., Fisher also serves as a director of the retailer, bringing decades of global retail experience shaped by his earlier leadership of Gap’s international expansion. Through Manzanita, he has pursued brand-led value creation with patient capital, operating with a low public profile while maintaining influence across consumer businesses and governance.
William Sydney Fisher is an American businessman and investor, best known as the son of Gap Inc. founders Donald and Doris Fisher and for his executive role in the company's international expansion.[1] Born around 1957, Fisher holds a bachelor's degree in English from Princeton University and an MBA from Stanford University.[2] As founder and president of Gap Inc.'s International Division, he led the retailer's growth into markets such as Canada, Japan, and Europe during the 1980s and 1990s.[1][2] In 2001, Fisher established Manzanita Capital, a London-based private equity firm where he serves as chief executive officer, focusing on investments in consumer and retail sectors.[2][1] He joined the Gap Inc. board of directors in 2009 and continues to serve, contributing to governance and sustainability oversight.[3]
Early Life and Education
Family Background and Upbringing
William S. Fisher was born in 1958, the middle son of Donald G. Fisher (1928–2009) and Doris F. Fisher, co-founders of the apparel retailer Gap Inc., which they established in San Francisco on August 21, 1969.[1][4] The couple, both San Francisco natives and longtime family friends prior to their 1953 marriage, raised their three sons—Robert (born 1954), William, and John (born 1961)—in a Jewish household amid the city's entrepreneurial culture.[5][6] Donald Fisher, whose own parents were Jewish immigrants Sydney Fisher, a businessman, and Aileen Emanuel, a cabinetmaker, instilled values of innovation and discipline, drawing from his experience as an All-American swimmer and water polo player at the University of California, Berkeley.[7]
Fisher's upbringing occurred during Gap Inc.'s formative years, as the company's expansion from a single jeans store to a multinational chain generated substantial family wealth, enabling a privileged yet business-oriented home life in San Francisco.[1] Doris Fisher, a Stanford University graduate, complemented this environment with a focus on education and family cohesion, though specific childhood details remain limited in public records.[6] The brothers' early exposure to retail operations foreshadowed their later involvement in the firm, with the family's collective ownership eventually comprising about 43% of Gap Inc. shares by the early 2000s.[8]
Academic Pursuits
William S. Fisher earned a Bachelor of Arts degree in English from Princeton University in 1979.[2][4] He subsequently obtained a Master of Business Administration from Stanford Graduate School of Business.[2][1] These degrees provided foundational knowledge in humanities and business principles that informed his later career in retail expansion and investment management.[9]
Investment and Business Career
Roles at Gap Inc.
William S. Fisher began his tenure at Gap Inc. in 1984 as a store manager for its Banana Republic subsidiary.[10] He advanced through various operating roles over the next 14 years, including general manager in Canada and contributions to early international efforts.[9][10]
Fisher founded and led Gap Inc.'s International Division as its president, establishing operations in Canada, France, the United Kingdom, Japan, and Germany, which marked the company's initial forays into global markets beyond North America.[10][1][2] This expansion laid the groundwork for Gap Inc.'s subsequent growth to 50 countries, $3 billion in international sales, and over 3,200 company-operated stores by the mid-2010s.[9] He departed the company in 1998 to launch Manzanita Capital.[10]
On November 17, 2009, Fisher was elected to Gap Inc.'s board of directors, filling the vacancy left by his father, Donald Fisher, who had died earlier that year; at the time, Gap Inc. CEO Glenn Murphy highlighted Fisher's "extensive global experience and business acumen" from his prior roles.[10] He has remained a director continuously since then.[3]
Establishment of Manzanita Capital
After departing from Gap Inc. in 1998, where he had founded and led the international division, expanding operations into markets including Canada, Japan, the United Kingdom, and France, William S. Fisher established Manzanita Capital as a private equity firm.[11] [2] The firm was incorporated on May 24, 2001, as Manzanita Capital Limited (company number 04223121) under United Kingdom law, with its headquarters in London.[12] [13]
Fisher serves as the founder and chief executive officer of Manzanita Capital, which initially focused on investments in branded consumer products and acquisitions of established brands and entrepreneurs, leveraging his retail industry expertise.[1] [14] The firm operates with a long-term investment horizon, emphasizing control stakes in niche, high-quality companies rather than short-term financial engineering.[15] As a London-based entity, it has managed investments primarily in Europe and the United States, drawing on Fisher's family background in apparel retail from the Gap Inc. founders.[1] [16]
Notable Investments and Strategies
Manzanita Capital, founded by Fisher in 2001, adopts a patient, long-term investment strategy focused exclusively on the beauty sector, prioritizing luxury and premium niche brands with exceptional products and strong founding teams. The firm deploys family-like capital without predetermined exit horizons, emphasizing deep operational involvement to scale companies into enduring global entities across regions including the US, UK, Europe, and Asia. This approach leverages Fisher's prior expertise in Gap Inc.'s international expansion to identify and nurture consumer-facing disruptors.[15][1]
Early-stage venture investments form a core tactic, often leading or co-leading seed and Series A rounds in innovative beauty startups. For instance, Manzanita participated in Glossier's $8.5 million Series A in November 2014, supporting the direct-to-consumer cosmetics brand's evolution into a unicorn valued at $1.8 billion during its 2021 Series E funding. The firm has also backed SuperOrdinary, a distributor of K-beauty and indie brands; Unbound, a sexual wellness company; A-Frame, focused on clean beauty; and Sam McKnight, a haircare line from the renowned stylist.[17][18][19]
Private equity-style acquisitions and buyouts represent another pillar, with Manzanita acquiring controlling stakes to professionalize operations. Notable examples include Space NK, its inaugural investment, which Manzanita developed into a premium retailer before selling to Ulta Beauty on July 10, 2025; Diptyque, acquired in 2005 and later divested to Puig; and Cult Beauty, an online platform acquired by THG in August 2021. These moves have yielded exits through strategic sales to larger conglomerates, aligning with the firm's goal of building scalable, high-margin brands.[20][17][21]
Political Involvement
Campaign Contributions
Fisher has directed substantial financial support toward Republican candidates and initiatives opposing progressive policies in California. His contributions emphasize business-friendly measures and moderate reforms in San Francisco politics, often through political action committees (PACs).[22]
Key donations include $2,700 to Paul Ryan's congressional campaign on April 13, 2016, the maximum individual limit at the time for a Republican House member focused on fiscal conservatism.[23] In 2010, he contributed $10,000 to Meg Whitman's gubernatorial bid, supporting her Republican platform emphasizing economic deregulation and tax cuts.[22]
Fisher has been a major funder of opposition to Proposition 30 in 2022, donating $980,000 on September 12 to the "No on 30" campaign, which sought to block a measure imposing taxes on high-income earners and oil companies to subsidize electric vehicle infrastructure; the proposition failed with 59.5% voting against it.[22] He has also backed Neighbors for a Better San Francisco, a PAC advocating for public safety and governance reforms amid rising crime concerns, with contributions including $50,000 on September 18, 2020, and $250,000 on April 11, 2025, via associated entities.[22][24]
Date Amount Recipient Purpose/Notes
April 13, 2016 $2,700 Paul Ryan for Congress Support for Republican fiscal policies[23]
May 21, 2010 $10,000 Meg Whitman (R) Gubernatorial Campaign California economic reform platform[22]
September 12, 2022 $980,000 No on Proposition 30 Opposition to EV tax measure[22]
September 18, 2020 $50,000 Neighbors for a Better San Francisco SF public safety and reform PAC[22]
April 11, 2025 $250,000 Neighbors for a Better San Francisco Advocacy Continued support for moderate governance[24]
These contributions reflect a pattern of funding aligned with free-market principles and resistance to expansive government interventions, consistent with Fisher's investment background.[22] OpenSecrets data indicates no major donations to Democratic statewide candidates in recent cycles, distinguishing his giving from broader Fisher family patterns that have included support for figures like Gavin Newsom.[22][25]
Policy Positions and Public Stances
Fisher has demonstrated conservative-leaning political engagement primarily through financial contributions to Republican candidates, committees, and causes opposing progressive policies. In the 2018 election cycle, he donated $247,000 to the McCarthy Victory Fund supporting House Majority Leader Kevin McCarthy (R-CA).[26] He contributed over $500,000 to the National Republican Congressional Committee since 2015 and $243,000 to the Ryan-McCarthy Victory Committee in 2015 to bolster GOP House leadership.[26] Additionally, in 2012, Fisher gave $2 million to Americans for Job Security, a nonprofit that spent against Barack Obama's re-election campaign.[27]
On specific ballot measures, Fisher contributed $980,000 in September 2022 to the "No on 30" campaign opposing California Proposition 30, which sought to allocate billions in state funds for electric vehicle incentives, air quality improvements, and wildfire prevention but faced criticism for potential fiscal inefficiency and favoritism toward certain tech and union interests.[28] His smaller donations include $800 to Donald Trump's campaign committee in October 2020 and $100 to Kevin McCarthy's campaign in March of an unspecified year.[29] [30]
In San Francisco politics, Fisher donated $50,000 to Neighbors for a Better San Francisco, a political action committee founded in 2020 that backs moderate candidates and opposes progressive ballot measures, emphasizing stricter enforcement on public safety, educational reforms including school choice, and governance accountability amid rising crime and homelessness concerns.[31] [32] While his contributions skew Republican, he has made limited bipartisan gestures, such as $5,400 to Senator Dianne Feinstein (D-CA) in 2018 and $1,000 to Representative Jimmy Panetta (D-CA) in June 2024.[26] [33] These actions reflect a pattern of supporting pro-business and fiscally conservative priorities without extensive public commentary on policy details.
Philanthropic Activities
Key Donations and Initiatives
William S. Fisher and his wife, Sakurako Fisher, established the Sakana Foundation to channel their philanthropic giving, with the organization holding assets over $100 million and prioritizing education, arts, and cultural initiatives primarily in the San Francisco Bay Area. The foundation supports established institutions and programs aimed at fostering civic engagement and artistic expression, including grants to universities and museums.[34][35]
In higher education, the Fishers endowed the Sakurako and William Fisher Family Directorship at Stanford University's Asia-Pacific Research Center, enhancing research on regional policy and economics. They also provided an undisclosed foundational gift in 2023 to endow the Summer Fellows Program at Stanford's Center on Democracy, Development and the Rule of Law, ensuring ongoing training for mid-career practitioners from Asia-Pacific and other emerging regions. Fisher serves on the advisory council for Stanford's Graduate School of Business, reflecting his commitment to the institution where he earned an MBA. Earlier, since the 1990s, the couple donated several million dollars to education reform efforts, including charter school operator KIPP and teacher recruitment nonprofit Teach For America.[35][36][37]
The Fishers have backed social impact initiatives through substantial commitments, such as a $15 million pledge over three years announced in 2015 to an education organization following extensive due diligence, representing a high-risk strategy to scale proven interventions in underserved communities. In the arts, Fisher acts as vice chair of the Exploratorium, supporting interactive science education exhibits, while Sakurako Fisher, as former president of the San Francisco Symphony from 2012 to 2020, directed family resources to orchestral programming and community outreach. Additional grants have gone to the Headlands Center for the Arts and civic education programs like iCivics and Global Citizen Year, emphasizing experiential learning and democratic participation.[38][37]
Areas of Focus and Impact
William S. Fisher's philanthropic endeavors emphasize the arts and culture, channeled primarily through the Sakana Foundation, co-managed with his wife Sakurako D. Fisher since its establishment. The foundation targets established arts and culture organizations in the San Francisco Bay Area and broader California, awarding grants to support operational needs and programmatic activities in visual arts, performing arts, and cultural institutions. In fiscal year 2024, it disbursed $5,103,792 in grants, reflecting a focus on sustaining nonprofit cultural entities amid funding challenges.[39][35]
Complementing this, the Fisher Art Foundation—where Fisher serves as a trustee alongside family members—prioritizes art acquisition, preservation, and public dissemination. The foundation has granted over $6.5 million in 2024 alone, funding art-related initiatives and enabling long-term loans of more than 1,100 works from the Fisher family collection to institutions like the San Francisco Museum of Modern Art (SFMOMA). This arrangement, initiated around 2010, has expanded SFMOMA's holdings in modern and contemporary art, drawing over 1 million visitors annually post-expansion and broadening access to high-caliber collections otherwise held privately.[40][41][42]
Fisher's involvement extends to urban environmental enhancement via the City Fields Foundation, a family-linked entity partnering with San Francisco Parks and Recreation to develop and maintain green spaces in underserved neighborhoods. These efforts have rehabilitated multiple city fields and playgrounds since the early 2000s, promoting community health and recreation for thousands of residents through improved public infrastructure. Overall, his giving—estimated in the tens of millions cumulatively—bolsters cultural vitality and civic amenities, countering institutional underfunding in arts nonprofits where public support has stagnated below 10% of budgets for many Bay Area organizations.[43][37]
Personal Life and Residences
Family and Relationships
William S. Fisher is the youngest son of Doris F. Fisher and Donald G. Fisher, who co-founded Gap Inc. in 1969.[10] He has two older brothers, Robert J. Fisher and John J. Fisher, both of whom have also held roles in the family business.[37]
Fisher married Sakurako D. Fisher, a philanthropist and former president of the San Francisco Symphony who was born in Japan and graduated from Stanford University in 1982.[44] The couple resides in San Francisco and has three children: Sam, Remy, and Rose.[45] No public records indicate prior marriages or other significant relationships for Fisher.
Lifestyle and Interests
Fisher maintains a low-profile lifestyle primarily based in San Francisco, California, having previously resided in Canada, France, and the United Kingdom during his international business expansions.[31] His personal interests encompass the arts, demonstrated by his appointment as a trustee to the San Francisco Museum of Modern Art in April 2022.[46] This involvement underscores a commitment to modern art and cultural institutions, aligning with family-oriented activities in the Bay Area's vibrant arts scene.[45]
Wealth and Ongoing Influence
Financial Status and Holdings
William Sydney Fisher, one of the heirs to the Gap Inc. retail fortune founded by his parents Donald and Doris Fisher, derives the majority of his wealth from substantial ownership in the company. As of October 26, 2025, Forbes estimates his net worth at $1.6 billion, reflecting changes in Gap Inc. stock value and his investment activities.[1] This figure aligns with his status as a significant insider shareholder, though recent sales of company stock have adjusted his direct holdings.[47]
Fisher's primary financial holding is in Gap Inc., where he has served as a director since 2009 and is classified as a 10% owner. As of September 15, 2025, he beneficially owned approximately 41.35 million shares, valued at over $952 million based on contemporaneous market prices, encompassing direct ownership of about 15.94 million shares and indirect holdings through limited partnerships totaling around 22.02 million shares.[47] [48] In September 2025, he sold over 243,000 shares for approximately $5.7 million, part of routine insider transactions that reduced his stake but maintained his substantial influence.[49] These holdings stem from family inheritance following the Fishers' founding of Gap in 1969, supplemented by his executive role in expanding the company's international division into markets like Canada, Japan, and Europe during the 1990s.[2]
Beyond Gap Inc., Fisher manages wealth through Manzanita Capital, a London-based private equity firm he founded in 2001, which specializes in acquiring and scaling entrepreneurs and emerging brands, particularly in luxury and premium niche sectors such as beauty.[14] The firm's portfolio remains largely undisclosed due to its private nature, but it focuses on providing capital and operational expertise to consumer-oriented companies poised for global expansion, contributing to Fisher's overall financial diversification.[15] No public disclosures detail specific asset values or returns from Manzanita, though the firm's strategy has supported his billionaire status independent of Gap fluctuations.[50]
Board Positions and Legacy
William S. Fisher serves as a director on the Gap Inc. Board of Directors, a position he has held since November 2009, contributing to the governance of the family-founded retail company amid its global operations and strategic challenges.[3] In this role, he participates in key committees, including oversight of corporate strategy and sustainability, drawing on his prior executive experience at the firm.[51]
Beyond Gap Inc., Fisher joined the board of directors of Lanetix, a cloud-based software platform provider, in September 2014, leveraging his expertise in international business expansion to support the company's growth in enterprise solutions.[9] He also holds a position on the Advisory Council of the Stanford Graduate School of Business, where he advises on educational and leadership initiatives aligned with his MBA background from the institution.[2]
Fisher's legacy stems from his instrumental role in scaling Gap Inc.'s international footprint as founder and president of its International Division, launching operations in Canada, Japan, the United Kingdom, and France during the 1980s and 1990s, which diversified revenue streams and elevated the brand's global presence.[1] As CEO and founder of Manzanita Capital since 2001, he has directed investments into retail, technology, and consumer sectors, building on family wealth from Gap while maintaining a low public profile.[2] His board service and business acumen have sustained the Fisher family's influence in apparel and finance, with an estimated net worth exceeding $1.5 billion as of recent assessments, underscoring a commitment to long-term value creation over short-term trends.
Disclaimer: This profile is based on publicly available information. No endorsement or affiliation is implied.
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