MAKENA CAPITAL MANAGEMENT LLC

MENLO PARK, CA · CIK 1359262 · 13F filing filed 2026-08-10

SEC-registered investment adviser since 2012 · limited liability company

Assets managed$24.3bn
Staff77 · 30 in investment roles
Main clients (by assets)Private funds 97%, Charities 3%
Private funds29 (14 hedge) · $21.6bn gross assets
Form ADV · 2026-03-31SEC adviser record

Legal entityMAKENA CAPITAL MANAGEMENT, LLC (US)

Kindhedge funds, private equity, futures
Others nearbyMenlo Park, CA

As an employer

Offices in1 country
Private fundshedge 14, private equity 15

US visa salary filings

Filings FY2024–20252
Median salary offered$145,000
Middle half$122,500 – $167,500
Job titles2

Job title	Filings	Median	Range
Assistant ControllerMenlo Park, CA	1	$190,000
Investment AnalystMenlo Park, CA	1	$100,000

Source: US Department of Labor, Labor Condition Application disclosure data (certified, full-time, yearly equivalent). These are the salaries the employer committed to pay the visa roles it filed for, at least the prevailing wage for the job and place; they are not the pay of all its staff. Filed by: MAKENA CAPITAL MANAGEMENT, LLC.

$951.8m reported value +9.9% vs Q1 2026

26positions

69.6%in top 10

2 new 12 added 10 reduced 3 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	VANGUARD INDEX FDS S&P 500 ETF SHS VOO	VOO	422,234	$290.0m30.47%	30.47%	Reduced -20.5k	-20,503 -4.6%
2	ISHARES TR CORE MSCI EAFE IEFA	IEFA	1,017,877	$98.3m10.33%	10.33%	Reduced -60.0k	-59,999 -5.6%
3	ISHARES INC CORE MSCI EMKT IEMG	IEMG	590,622	$48.9m5.14%	5.14%	Reduced -101.5k	-101,501 -14.7%
4	VEEVA SYS INC CL A COM VEEV	VEEV	202,465	$35.9m3.77%	3.77%	Added +47.2k	+47,167 30.4%
5	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	282,984	$34.8m3.66%	3.66%	Added +82.3k	+82,341 41.0%
6	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	71,453	$34.1m3.59%	3.59%	Reduced -12.3k	-12,273 -14.7%
7	SELECT SECTOR SPDR TR SBI HEALTHCARE XLV	XLV	197,201	$31.3m3.29%	3.29%	Added +23.3k	+23,328 13.4%
8	VISA INC COM CL A V	V	90,249	$31.0m3.25%	3.25%	Added +188	+188 0.2%
9	AMAZON COM INC COM AMZN	AMZN	129,820	$30.9m3.25%	3.25%	Reduced -17.4k	-17,363 -11.8%
10	MOODYS CORP COM MCO	MCO	59,671	$27.0m2.84%	2.84%	Added +10.6k	+10,613 21.6%
11	LIBERTY LIVE HOLDINGS INC COM SHS SER C LLYVK	LLYVK	239,774	$25.3m2.66%	2.66%	Added +9.9k	+9,923 4.3%
12	MASTEC INC COM MTZ	MTZ	60,452	$25.2m2.64%	2.64%	Reduced -18.8k	-18,773 -23.7%
13	GE AEROSPACE COM NEW GE	GE	67,220	$25.1m2.64%	2.64%	Added +457	+457 0.7%
14	MERCADOLIBRE INC COM MELI	MELI	14,405	$24.5m2.57%	2.57%	New
15	S&P GLOBAL INC COM SPGI	SPGI	55,598	$22.6m2.38%	2.38%	Added +9.6k	+9,569 20.8%
16	CRH PLC ORD CRH	CRH	205,853	$22.0m2.31%	2.31%	Added +17.1k	+17,054 9.0%
17	PROCORE TECHNOLOGIES INC COM PCOR	PCOR	497,726	$20.2m2.12%	2.12%	Added +177.0k	+177,045 55.2%
18	COUPANG INC CL A CPNG	CPNG	1,096,053	$19.0m2.00%	2.00%	Added +213.3k	+213,287 24.2%
19	NVIDIA CORPORATION COM NVDA	NVDA	94,728	$19.0m1.99%	1.99%	Reduced -11.4k	-11,448 -10.8%
20	ALPHABET INC CAP STK CL A GOOGL	GOOGL	52,622	$18.8m1.98%	1.98%	Reduced -8.9k	-8,866 -14.4%
21	NEW YORK TIMES CO CL A NYT	NYT	233,848	$16.4m1.72%	1.72%	New
22	JOHNSON CTLS INTL PLC SHS JCI	JCI	104,115	$15.2m1.60%	1.60%	Reduced -9.1k	-9,122 -8.1%
23	FIRST SOLAR INC COM FSLR	FSLR	57,851	$13.7m1.43%	1.43%	Unchanged
24	SELECT SECTOR SPDR TR SBI CONS STPLS XLP	XLP	134,810	$11.2m1.18%	1.18%	Reduced -17.5k	-17,538 -11.5%
25	SONIDA SENIOR LIVING INC COM SNDA	SNDA	185,000	$7.5m0.79%	0.79%	Unchanged
26	MEDLINE INC COM CL A MDLN	MDLN	96,631	$3.8m0.40%	0.40%	Added +2.7k	+2,682 2.9%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
MICROSOFT CORP MSFT	MSFT	55,744	$20.6m55.7k shares
SOMNIGROUP INTERNATIONAL INC SGI	SGI	251,222	$18.6m251.2k shares
FIGMA INC FIG	FIG	28,113	$594.3k28.1k shares