Clients
Makena Capital Management serves 48 clients, 36 of them pooled investment vehicles. The average client has about $506 million with the firm.
- Pooled investment vehicles36 clients97%
- Charitable organizations12 clients3%
Show client breakdownHide client breakdown
| Client type | Clients | Regulatory AUM | Share | Avg. per client |
|---|---|---|---|---|
| Pooled investment vehicles | 36 | $23,602,896,496 | 97.2% | $655.6M |
| Charitable organizations | 12 | $673,813,196 | 2.8% | $56.2M |
| Total | 48 | $24,276,709,692 | 100% | $505.8M |
- Clients
- 36
- Regulatory AUM
- $23,602,896,496
- Share
- 97.2%
- Avg. per client
- $655.6M
- Clients
- 12
- Regulatory AUM
- $673,813,196
- Share
- 2.8%
- Avg. per client
- $56.2M
Total
- Clients
- 48
- Regulatory AUM
- $24,276,709,692
- Share
- 100%
- Avg. per client
- $505.8M
What it does
Makena Capital Management provides portfolio management for pooled vehicles, portfolio management for institutions and selecting other managers. It is paid through a percentage of assets, performance-based fees and other arrangements.
Makena Capital Management advises 29 private funds.
98.1% of assets ($23.81B across 43 accounts) are managed with discretion; $464.9M across 5 accounts are not. 23% of clients are outside the U.S., and 0 clients received advice without assets under management last fiscal year.
What the accounts hold
- Funds62%
- Bonds13%
- U.S. government and agency bonds7%
- Investment grade corporate bonds6%
- Cash25%
Custodians
Makena Capital Management’s client accounts are held mainly at Charles Schwab, with 1% of managed assets, and The Bank of New York Mellon, with 1%. Makena Capital Management has custody of $445.3M for 5 clients.
- Charles SchwabCharles Schwab Bank · San Francisco, CA · $218.1M1%
- The Bank of New York MellonThe Bank of New York Mellon · New York, NY · $205.5M1%
- OtherU.S. Bancorp, All other custodians98%
Ownership and leadership
Makena Capital Holdings, L.P. owns 75% or more of Makena Capital Management.
- Owns 75% or more of Makena Capital Management, LLC
Makena Capital Holdings, L.P.
Control person · since January 2020
Makena Capital Management GP, LLC
General partner · Control person · since January 2020
- Owns 5% to 10% of Makena Capital Management, LLC
Luke Proskine
Control person · since January 2011
- Owns 5% to 10% of Makena Capital Management, LLC
Brian Rodde
Control person · since January 2015
- Owns 5% to 10% of Makena Capital Management, LLC
Lara Banks
since January 2017
- Owns 5% to 10% of Makena Capital Management, LLC
Jackson Garton
since January 2017
- Owns 5% to 10% of Makena Capital Management, LLC
Joseph Dekker
since January 2015
Leadership
- Mike TremmelChief Financial Officer & Managing Director
- William McGrathChief Compliance Officer, General Counsel & Managing Director
- Lara BanksManaging Director
- Joseph DekkerManaging Director
- Jackson GartonManaging Director & Chief Investment Officer
- Kia GhorashiManaging Director
- Joseph MagherManaging Director
- Luke ProskineManaging Director
- Brian RoddeManaging Director
- Jonathan Van GorpManaging Director
Staff
- 77 employees
- 30 in advisory functions
Reported holdings
Makena Capital Management’s reported 13F holdings total $951.8M across 26 positions, and the ten largest make up 69.6% of it.
- $951.8M
- Reported 13F value
- 26
- Positions
- 69.6%
- In the 10 largest
- +9.9%
- Value vs. prior quarter
- Vanguard Index Fds · S&P 500 ETF Shs30.5%
- iShares TR · Core MSCI Eafe10.3%
- iShares Inc. · Core MSCI Emkt5.1%
- Veeva Sys Inc. · CL A3.8%
- Guidewire Software Inc.3.7%
- Taiwan Semiconductor Manufac · Sponsored ADS3.6%
- Select Sector SPDR TR · ST Str Care ETF3.3%
- Visa Inc. · Com CL A3.3%
- Amazon Com Inc.3.3%
- Moodys Corp.2.8%
Together, the ten largest are 69.6% of reported value.
A 13F covers only exchange-traded long positions the firm holds with discretion, so this $951.8M is not its $24.28B in regulatory assets and does not represent any individual client's portfolio.
Fees
Makena Capital Management is paid through a percentage of assets under management, performance-based fees and other.
Makena Capital Management’s fee rates are not included in this profile. Find its brochure on the SEC’s site.
Offices and registrations
Besides its headquarters, Makena Capital Management has 0 offices, with 1 listed address in 1 state.
California · 1 listed address
- 2755 Sand Hill Road, Suite 200, Menlo ParkHQ
Registration details
- Legal name
- Makena Capital Management, LLC
- Headquarters
- 2755 Sand Hill Road, Suite 200, Menlo Park, CA 94025
- Phone
- 650-926-0510
- Website
- www.makenacap.com
- SEC file
- 801-74068
- Structure
- Delaware LLC
- Fiscal year end
- December
This directory does not report disciplinary history, for any firm or individual, in either direction. The SEC publishes the complete record, including any disciplinary events, and it is the authoritative place to check one. See this firm's record on adviserinfo.sec.gov
Common questions
How many clients does Makena Capital Management have?
Makena Capital Management has 48 clients and manages $24.3 billion for them, as of March 2026. They include 36 pooled investment vehicles and 12 charitable organizations.
Source: Form ADV Part 1A, Items 5.D and 5.F, filed 31 March 2026
What services does Makena Capital Management offer?
Makena Capital Management provides portfolio management for pooled vehicles, portfolio management for institutions and selecting other managers.
Source: Form ADV Part 1A, Item 5.G, from the SEC's 2 October 2026 data file
Which custodians does Makena Capital Management use?
Makena Capital Management’s separately managed account assets are held at Charles Schwab Bank (San Francisco, CA), with $218,148,794, The Bank of New York Mellon (New York, NY), with $205,546,233 and U.S. Bancorp (Minneapolis, MN), with $68,040,682. Only custodians holding at least a tenth of those assets are named.
Source: Form ADV Part 1A, Schedule D, Section 5.K.(3), filed 31 March 2026
How many financial advisors does Makena Capital Management have?
Makena Capital Management has 0 investment adviser representatives registered with state securities authorities, out of 77 employees, and 30 perform investment advisory functions. None are registered representatives of a broker-dealer or licensed insurance agents.
Source: Form ADV Part 1A, Items 5.A and 5.B, from the SEC's 2 October 2026 data file
What does Makena Capital Management invest in?
At the end of its last fiscal year, Makena Capital Management’s separately managed accounts held 62% registered funds (mutual funds, ETFs, BDCs), 25% cash and equivalents, 7% U.S. government and agency bonds and 6% investment grade corporate bonds. It advises 29 private funds.
Source: Form ADV Part 1A, Items 5.K.(1) and 7.B, from the SEC's 2 October 2026 data file
Who owns Makena Capital Management?
Makena Capital Management’s direct owners are Makena Capital Holdings, L.P. (75% or more), Luke Proskine (5% to 10%), Brian Rodde (5% to 10%), Lara Banks (5% to 10%), Jackson Garton (5% to 10%) and Joseph Dekker (5% to 10%).
Source: Form ADV Part 1A, Schedules A and B, filed 31 March 2026
How does Makena Capital Management get paid?
Makena Capital Management is paid through a percentage of assets under management, performance-based fees and other arrangements. Its Form ADV lists no commissions among how it is paid.
Source: Form ADV Part 1A, Item 5.E, from the SEC's 2 October 2026 data file
