Makena Capital Management, LLC
Updated today
Data sourced from SEC public records (and other sources when available). Refreshed weekly • Updated today.
Total assets under management
$24,276,709,692
This total excludes 48 entity clients. Entities are clients such as corporations, partnerships, or trusts.
Total clients
0
Total advisors
1
of 77 employees
Firm size
Investment Manager
May not manage individual clients
Average clients per advisor
0
Average account size
—
About
Makena Capital Management, LLC serves institutional and long-term investors — including endowments, foundations, family offices, sovereign wealth funds and similar institutions — by managing a suite of pooled investment vehicles (the Funds) that follow an endowment-style, perpetual capital model. The firm acts as general partner or investment manager of these pooled vehicles and also manages a limited number of separately managed accounts that invest primarily in the Funds.
Makena operates a manager-of-managers approach, allocating largely to third‑party Portfolio Funds and conducting bottom‑up Portfolio Manager selection and ongoing operational due diligence by its asset class teams. Its investment program is multi‑asset and long‑term oriented (targeting an equity‑equivalent risk profile around a 70/30 stock‑bond mix), and the Funds may obtain exposure through designated Asset Class Master Funds, derivatives, futures and commodity exposures while managing liquidity for annual payouts and unfunded commitments.
What distinguishes Makena from many peers is its structural emphasis on selecting and overseeing other advisers via the Asset Class Master/Feeder framework and Perpetual Feeder Funds, which allows third parties to invest alongside the flagship MEP on concentrated asset‑class bases and participate in co‑investments. The firm’s documents also describe features that are operationally atypical for its category — including use of side‑pocketing and cross‑trade mechanics, active allocation into commodity and derivative instruments, and negotiated side‑letter arrangements and fee accommodations for certain investors and employees.
Client services
Portfolio management
Selection of other advisers
Expertise
Private / alternative investments
Real estate investing
Active portfolio management
Concentrated stock management
Occupation focus
Retired
Fee options
Performance-based compensation is authorized upon the Funds’ achievement of certain specified investment return thresholds; details are set forth in Governing Documents and vary by Fund.
Main office location
Makena Capital Management, LLC
2755 Sand Hill Road, Suite 200
Menlo Park CA 94025, United States
Number of offices
1
Most active in
Makena Capital Management, LLC has reported serving >5 clients in these states in the last 12 months.
California · Virginia
Disclosures
Firm disclosures are reported in Form ADV Part 1A, Item 11. They include criminal charges, regulatory actions, civil proceedings, and professional disciplinary events involving the firm or its advisory affiliates.
Exclamation point means they have disclosures of this type. Check mark means no disclosures of this type were found.
Business activities & affiliations
These affiliations may expand the services this firm offers and, in some cases, how they are compensated.
Is active or affiliated with:
Broker-dealer / trader
They provide brokerage services and may earn transaction-based compensation in addition to advisory fees.
Fund sponsor
They manage or sponsor investment funds and may earn management or performance-based fees if clients invest in them.
Is not active or affiliated with:
-
Insurance agent
They sell insurance products and may earn commissions on those sales.
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Bank
They're affiliated with a bank that may offer its own financial products and services.
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Trust company
They provide trust and estate administration services, typically for separate fees.
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Accountant / CPA / tax prep
They offer tax and accounting services, typically for separate fees.
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Lawyer
They provide legal services, typically billed separately.
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Real estate agent
They facilitate real estate transactions and may earn commissions.
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Other specialized services
They may provide services such as pension consulting or municipal advisory work, typically for separate fees.
Forms ADV
Quick links
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