Makena Capital Management, Llc
- Regulatory AUM
- $24.3B
- Discretionary
- $23.8B
- Clients
- 48
- Avg AUM / client
- $506M
- Accounts
- 48
- Employees
- 77
AUM over time
Annual snapshots from Form ADV filings · as of Mar 31, 2026
Investments (13F portfolio — 27 positions, $866,074,070)
13F period Mar 31, 2026| # | Issuer | Class | Value | Shares | % of 13F | % of AUM |
|---|---|---|---|---|---|---|
| 1 | Vanguard Index Fds | S&P 500 ETF SHS | $264,557,494 | 442,737 | 30.5% | 1.09% |
| 2 | Ishares Tr | CORE MSCI EAFE | $97,580,114 | 1,077,876 | 11.3% | 0.4% |
| 3 | Ishares Inc | CORE MSCI EMKT | $48,275,579 | 692,123 | 5.57% | 0.2% |
| 4 | Amazon Com Inc | COM | $30,653,803 | 147,183 | 3.54% | 0.13% |
| 5 | Guidewire Software Inc | COM | $30,008,167 | 200,643 | 3.46% | 0.12% |
| 6 | Taiwan Semiconductor Manufac | SPONSORED ADS | $28,295,202 | 83,726 | 3.27% | 0.12% |
| 7 | Veeva Sys Inc | CL A COM | $27,279,647 | 155,298 | 3.15% | 0.11% |
| 8 | Visa Inc | COM CL A | $27,220,037 | 90,061 | 3.14% | 0.11% |
| 9 | Select Sector Spdr Tr | STATE STREET HEA | $25,491,521 | 173,873 | 2.94% | 0.11% |
| 10 | Mastec Inc | COM | $25,489,852 | 79,225 | 2.94% | 0.1% |
| 11 | Liberty Live Holdings Inc | COM SHS SER C | $21,631,278 | 229,851 | 2.5% | 0.09% |
| 12 | Moodys Corp | COM | $21,401,553 | 49,058 | 2.47% | 0.09% |
| 13 | Microsoft Corp | COM | $20,634,756 | 55,744 | 2.38% | 0.08% |
| 14 | Crh Plc | ORD | $19,846,551 | 188,799 | 2.29% | 0.08% |
| 15 | S&P Global Inc | COM | $19,577,975 | 46,029 | 2.26% | 0.08% |
| 16 | Ge Aerospace | COM NEW | $18,945,337 | 66,763 | 2.19% | 0.08% |
| 17 | Somnigroup International Inc | COM | $18,570,330 | 251,222 | 2.14% | 0.08% |
| 18 | Nvidia Corporation | COM | $18,517,094 | 106,176 | 2.14% | 0.08% |
| 19 | Procore Technologies Inc | COM | $18,278,817 | 320,681 | 2.11% | 0.08% |
| 20 | Alphabet Inc | CAP STK CL A | $17,681,489 | 61,488 | 2.04% | 0.07% |
| 21 | Coupang Inc | CL A | $16,666,622 | 882,766 | 1.92% | 0.07% |
| 22 | Johnson Controls Internation | SHS | $14,828,385 | 113,237 | 1.71% | 0.06% |
| 23 | Select Sector Spdr Tr | STATE STREET CON | $12,489,489 | 152,348 | 1.44% | 0.05% |
| 24 | First Solar Inc | COM | $11,411,688 | 57,851 | 1.32% | 0.05% |
| 25 | Sonida Senior Living Inc | COM | $5,966,250 | 185,000 | 0.69% | 0.02% |
Top 25 of 27 positions from the manager's latest Form 13F · source filing (EDGAR) ↗. 13F covers long US-listed positions only. "% of AUM" is share of the firm's total regulatory AUM (Form ADV Item 5.F).
Who they serve
| Client type | Clients | AUM | % of AUM |
|---|---|---|---|
| Pooled investment vehicles (non-investment companies) | 36 | $23.6B | 97.2% |
| Charitable organizations | 12 | $674M | 2.78% |
Private funds (29)
View all →Reported in Form ADV Section 7.B.(1), filing of Mar 2024 · $25.4B combined gross assets
| Fund | Type | Domicile | Gross assets | Owners |
|---|---|---|---|---|
| Makena Capital Associates (U.S.), L.P. master | Hedge Fund | Delaware | $9.6B | 474 |
| Makena Capital Splitter X, L.P. | Hedge Fund | Delaware | $3.8B | 92 |
| Makena Capital Splitter B, L.P. | Hedge Fund | Delaware | $3.3B | 10 |
| Alternative Endowment Portfolio (Cayman), L.P. | Hedge Fund | Cayman Islands | $1.9B | 1 |
| Makena Perpetual Private Equity Fund, L.P. master | Private Equity Fund | Delaware | $1.3B | 107 |
| Makena Capital Splitter Y, L.P. | Hedge Fund | Delaware | $1.2B | 1 |
| Makena Perpetual Venture Capital Fund, L.P. master | Private Equity Fund | Delaware | $1.1B | 100 |
| Makena Capital (U.S.), L.P. | Hedge Fund | Delaware | $846M | 1 |
| Makena Private Equity Fund Iii, L.P master | Private Equity Fund | Delaware | $260M | 34 |
| Makena Strategic Opportunities Portfolio, L.P. | Hedge Fund | Delaware | $258M | 1 |
| Coast To Coast Real Asset Fund, L.P. | Private Equity Fund | Delaware | $254M | 1 |
| Makena Active Equity Portfolio, L.P. feeder | Hedge Fund | Delaware | $235M | 18 |
| Makena Perpetual U.S. Real Estate Fund, L.P. master | Private Equity Fund | Delaware | $222M | 15 |
| Makena Strategic Opportunities Fund Kh Cayman, Lp | Private Equity Fund | Cayman Islands | $177M | 4 |
| Makena Strategic Opportunities Fund Kandle, L.P. | Private Equity Fund | Delaware | $170M | 128 |
Nonprofit clients
Charities that reported this firm as a top-paid contractor (investment services) on Form 990.
| Charity | Location | Period |
|---|---|---|
| California Healthcare Foundation EIN 954523231 | Oakland, CA | 03/31/2024 |
People (11)
roster as of Jul 20, 2026| Name | Role / title | Credentials | With firm since | Ownership |
|---|---|---|---|---|
| Proskine, Luke, John | Managing Director | Jan 2011 (16y) | 5% – 10% | |
| Mcgrath, William, Leon | Chief Compliance Officer, General Counsel & Managing Director | Sep 2011 (15y) | Less than 5% | |
| Dekker, Joseph, Paul | Managing Director | Jan 2015 (12y) | 5% – 10% | |
| Rodde, Brian, Lee | Managing Director | Jan 2015 (12y) | 5% – 10% | |
| Tremmel, Mike | Chief Financial Officer & Managing Director | Jan 2015 (12y) | Less than 5% | |
| Banks, Lara, Dolan | Managing Director | Jan 2017 (10y) | 5% – 10% | |
| Garton, Jackson, Jacob | Managing Director & Co Chief Investment Officer | Jan 2017 (10y) | 5% – 10% | |
| Lawrence Edward Kochard | Managing Director & Co Chief Investment Officer | CFA | Jan 2018 (9y) | 5% – 10% |
| Magher, Joseph, Meade | Managing Director | Jan 2018 (9y) | Less than 5% | |
| Ghorashi, Kia, Moayed | Managing Director | Jan 2019 (8y) | Less than 5% | |
| Van Gorp, Jonathan | Managing Director | Jan 2023 (4y) | Less than 5% |
Entity owners (Schedule A/B)
| Entity | Title / status | Since | Sch. | Ownership |
|---|---|---|---|---|
| Makena Capital Holdings, L.P. | Member | Jan 2020 | A | 75% or more |
| Makena Capital Management Gp, Llc | General Partner | Jan 2020 | B | GP / trustee / elected manager of Makena Capital Holdings, L.P. (indirect) |
Roster from the IAPD representatives feed; ownership and acquisition dates from Form ADV Schedule A/B. "Since" is the earliest filed registration or acquisition date.
Private funds (29, $25.4B gross assets)
Top 25 of 29 funds by gross assets · all funds
From Form ADV Section 7.B private fund reporting.
Foundations & charities (1)
| Organization | Type | Assets | As of |
|---|---|---|---|
| California Healthcare Foundation | Public charity | $807M | 03/31/2024 |
From IRS Form 990 investment-management-fee disclosures.
Documents (1 archived)
| Form | Period | Size | |
|---|---|---|---|
| Form ADV (full filing) | 03/31/2026 | 7.16 MB | View · PDF · Source ↗ |
Archived copies of the firm's regulatory filings, versioned by content hash.
Disciplinary disclosures
No disciplinary events reported on the firm's latest Form ADV filing.
How they charge
- • Percentage of assets under management
- • Performance-based fees
- • Other fees
- • CARRIED INTEREST
Services
- • Portfolio management for pooled investment vehicles
- • Portfolio management for businesses/institutional clients
- • Selection of other advisers
Custody
Reported custodians
- Charles Schwab & Co. $218M (1% of AUM) Mar 2026
- BNY Mellon $206M (1% of AUM) Mar 2026
- Us Bancorp $68.0M (0% of AUM) Mar 2026
Amounts as reported in ADV Item 5.K.(3) (custodians holding 10%+ of SMA assets).
Firm reports having custody of client funds or securities (Item 9.A).
Source
All data on this page comes from this firm's Form ADV filings, reproduced without modification. Latest filing: Mar 31, 2026.
View current Form ADV (SEC/IAPD) ↗