Makena Capital Management, LLC is an SEC-registered investment adviser based in Menlo Park, CA that reports managing 14 hedge funds on Form ADV. It reports $24.3 billion in regulatory assets under management. Its private funds, of all types, hold $21.6 billion in gross assets. Its disclosed U.S. stock holdings returned an estimated +5.4% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +38.7% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $24.3 billionForm ADV Item 5.F
- Gross assets of private funds
- $21.6 billionAll private fund types, Form ADV
- Hedge funds managed
- 1429 private funds in total
- Employees
- 77Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 156855
- Latest Form ADV
- 03/31/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +11.0% | +14.8% |
| Q1 2026 | -5.0% | -4.6% |
| Q4 2025 | +0.9% | +2.4% |
| Q3 2025 | +7.5% | +7.8% |
| Q2 2025 | +12.5% | +10.4% |
| Q1 2025 | -1.4% | -4.5% |
| Q4 2024 | +0.1% | +2.1% |
| Q3 2024 | +9.1% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Largest disclosed holdings
- Vanguard S&P 500 ETF$290.0 million
- Ishares TR Core MSCI Eafe$98.3 million
- Ishares Inc Core MSCI Emerging$48.9 million
- Veeva SYS Inc$35.9 million
- Guidewire Software Inc$34.8 million
- Taiwan Semiconductor MFG LTD Sponsored ADS$34.1 million
- State Street Global Advisors SPDR Trust$31.3 million
- Visa Inc CL A$31.0 million
- Amazon Com Inc Com$30.9 million
- Moodys Corp$27.0 million
As of 2026-06-30, from 13F filing by Makena Capital Management LLC.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. HedgeMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures