The opportunity

A unique open-ended (evergreen) fund that provides immediate exposure to a mature portfolio of private assets already generating compelling returns. Access best-in-class private equity managers and (fee free) co-investments, diversified across 14 vintage years, strategy and sector.

An efficient way to access private assets: no J-curve, minimal ongoing capital calls in steady-state, substantial cash flow coupon back to investors in steady-state, and a single consolidated investment for tax purposes.

About the manager

Makena Capital Management, LLC was founded in 2005. The core of the Makena team dates back to 2000 at the Stanford University Endowment, with a track record that consistently ranked performance among the top 4 endowment teams in the US.

The team of 18 partners and 28 investment professionals represent exceptional experience across all asset classes. The average partner’s experience is 20+ years, complemented by a Fiduciary Investment Board of outstanding calibre.

About the strategy

Makena partners with sector specialists who have a proven track record and repeatable investment process. Makena targets a rich universe of smaller companies and funds, with less competition of capital and more small companies to target. With a demonstrated ability to identify ‘best in class’ first time funds, Makena opportunistically seeds new funds to secure future allocations to tomorrow’s investment talent. This is balanced with a select large-cap managers. The strategy focuses on developed markets with select investments in high conviction emerging market managers.

1. Performance is as of 31 December 2019 and in terms of IRR. Return to the reference