MAKENA CAPITAL MANAGEMENT, LLC

Makena Capital Management, LLC (“Makena,” the “Firm,” “we,” or “us”), a Delaware limited liability company and registered investment adviser, provides diversified alternative asset exposure through its range of pooled investment vehicles (the “Funds”). Makena’s goal is to offer alternative investment expertise, scale, and access to its diverse client base, which includes endowments, foundations, family offices, sovereign wealth funds and international institutions, with a focus on preserving and growing perpetual capital. This global investment approach incorporates a full range of asset classes and strategies. 

The Firm was founded in 2005 by a team of professionals from the Stanford Management Company, as well as other leading practitioners from North American endowments and foundations. Makena is a privately-held firm, the majority of which is owned by the Firm’s partners (the “Managing Directors”). Please refer to Schedule A of Part 1 of Makena’s Form ADV for a list of Makena’s direct owners and executive officers. 

Makena’s mission is to help its clients achieve their investment goals by seeking to deliver superior risk[1]adjusted returns over the long term or multiple market cycles. This approach is based on investment disciplines pioneered by leading North American university endowments and foundations. The Firm is positioned to provide the expertise, operating platform and risk management required to effectively execute this alternative investment-focused strategy. Makena’s significant scale, experience and pooled investment structure allow it to provide its clients with access to broadly diversified, global investment opportunities that span asset classes and strategies. 

Types of Advisory Services 

Since commencing operations in February 2006, Makena’s primary advisory business has been managing pooled investment vehicles. Makena (or an affiliate) serves as the investment manager of each of the Funds. In addition, certain special purpose vehicles have been established for a variety of investment, tax, and other planning purposes. The Funds generally invest in investment funds or other investment vehicles (collectively, the “Portfolio Funds”) managed by third-party investment managers (the “Portfolio Managers”) and also allocate to Portfolio Managers through separate accounts within the Funds. The Funds are also authorized to and on occasion do hold certain public securities directly. The Portfolio Funds and Portfolio Managers invest in a wide range of securities and other investments, including, but not limited to, publicly traded securities, securities traded over-the-counter, swaps, investment contracts, options, derivatives, debt instruments, futures, commodities, currencies, real estate, fixed income securities, and private or restricted securities. 

The Funds are primarily structured as limited partnerships, in which investors are limited partners (each, a “Limited Partner” and collectively, the “Limited Partners”) and Makena, or an affiliate,serves as the general partner. The Makena Endowment Portfolio (the “MEP”) is the Firm’s flagship offering. The MEP is a globally diversified, multi-asset class portfolio offering the endowment investment model to endowments, foundations, family offices, and other long-term investors around the world. 

The MEP’s investments in Portfolio Funds and other Portfolio Manager products that fall within certain asset classes (e.g., private equity, venture capital, real estate, and public equities) are made through asset class funds (the “Asset Class Master Funds”). The portfolio of investments held through the Asset Class Master Funds is determined by the MEP’s investment selection and portfolio management processes as well as the overall portfolio management of the MEP, including asset allocation and risk management decisions across all asset classes in the MEP’s portfolio. Makena believes this provides a benefit from the scale of the Makena team and access to bespoke strategies and managers. Further, the Asset Class Master Funds are able to acquire side pocketed assets from redeeming MEP Limited Partners in order to alter asset allocation and actively manage risks. 

In addition to investing in the MEP, third party investors can also invest alongside the MEP in certain illiquid Asset Class Master Funds through the “Perpetual Feeder Funds”. Makena is also authorized to form investment vehicles to participate directly in the Asset Class Master Funds (“Permitted Funds”). The Perpetual Feeder Funds along with any other participating Permitted Funds (collectively, the “Asset Class Feeder Funds”), invest in the Asset Class Master Funds, generally on a pro rata, pari passu basis with the MEP, which allows investors in such feeder funds to participate on a concentrated basis in certain asset classes within Makena’s single investment program centered on the MEP’s endowment model of long-term investing. 

On occasion Makena has raised and will raise opportunistic funds which are designed to take advantage of specific market opportunities and to meet existing client demand. And lastly, Makena has formed a small number of separately managed accounts, or “funds of one,” for certain clients seeking sizable exposure, typically to a single asset class. 

All governing and organizational documents of the Funds, including the limited partnership agreements, the offering memoranda (or private placement memoranda), the subscription documents and other documents provided to Limited Partners by Makena (collectively, the “Governing Documents”) should be carefully reviewed prior to making an investment. 

As of December 31, 2024, Makena had approximately $23.9 billion of regulatory assets under management (“RAUM”) on a discretionary basis. 

Client Investment Objectives and Restrictions 

Makena provides advisory services to the Funds based upon the criteria set forth in the Governing Documents. Each Fund’s investment strategy and any applicable investment restrictions are set forth in detail in those documents. Because Makena manages these pooled investment vehicles on a fully discretionary basis, individual Limited Partners do not have the ability to impose restrictions on Makena’s investments in certain securities or types of securities. 

Wrap-Fee Programs 

Not applicable to Makena. 

Assets under Management 

As of December 31, 2024, Makena had approximately $19.8 billion of assets under management (“AUM”) on a discretionary basis. This AUM number differs from the RAUM number shown above (and on Form ADV Part 1, Item 5) primarily due to how liabilities are treated in calculating RAUM and the fact that the RAUM figure includes unfunded Limited Partner commitments in certain of the Asset Class Feeder Funds.