{ "crd_number": 156855, "slug": "makena-capital-management-llc-menlo-park-ca-156855", "primary_business_name": "MAKENA CAPITAL MANAGEMENT, LLC", "legal_name": "MAKENA CAPITAL MANAGEMENT, LLC", "dbas": [], "city": "Menlo Park", "state": "CA", "country": "United States", "cbsa_code": "41860", "metro": { "cbsa_code": "41860", "common_name": "San Francisco", "msa_name": "San Francisco-Oakland-Fremont, CA", "path": "/advisors/ca/san-francisco" }, "registration_type": "sec", "registration_status": "Approved", "registration_date": "2012-03-30", "years_registered": 14, "period": "2026-10-01", "filing_date": "2026-03-31", "carried_forward": false, "raum_total": 24276709692.0, "raum_discretionary": 23811782270.0, "raum_non_discretionary": 464927422.0, "raum_band": "over_5b", "raum_band_label": "Over $5 billion", "total_employees": 77, "advisory_employees": 30, "client_count_bucket": null, "clients_by_type": { "charitable": { "raum": 673813196.0, "count": 12 }, "pooled_investment_vehicles": { "raum": 23602896496.0, "count": 36 } }, "compensation_types": [ "other", "percentage_of_aum", "performance_based" ], "advisory_activities": [ "portfolio_management_businesses_institutional", "portfolio_management_pooled_vehicles", "selection_of_other_advisers" ], "wrap_fee_participant": false, "disclosure_yes_count": 0, "states_registered": [ "CA", "VA" ], "websites": [ "https://linkedin.com/COMPANY/MAKENA-CAPITAL", "https://makenacap.com" ], "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156855", "city_as_filed": "MENLO PARK", "url": "https://advisorcensus.com/firm/makena-capital-management-llc-menlo-park-ca-156855", "display_name": "Makena Capital Management, LLC", "summary": "Makena Capital Management, LLC is an SEC-registered investment advisory firm in Menlo Park, CA, registered since 2012, reporting over $5 billion in regulatory assets under management in its Form ADV filing dated March 31, 2026.", "citation": "AdvisorCensus. Makena Capital Management, LLC (CRD 156855): Form ADV filing data as of October 2026.", "registration_type_label": "SEC-registered investment adviser", "compensation_labels": [ "A percentage of assets under your management", "Performance-based fees", "Other" ], "advisory_activity_labels": [ "Portfolio management for pooled investment vehicles (other than investment companies)", "Portfolio management for businesses (other than small businesses) or institutional clients", "Selection of other advisers (including private fund managers)" ], "quick_answers": [ { "q": "How is Makena Capital Management, LLC compensated?", "a": "On its Form ADV (Item 5.E, October 2026), Makena Capital Management, LLC reports these compensation arrangements: a percentage of assets under its management; performance-based fees; other." }, { "q": "Where is Makena Capital Management, LLC located?", "a": "Makena Capital Management, LLC's principal office is in Menlo Park, CA, according to its Form ADV; the March 2026 filing also lists 1 other office (Schedule D, Section 1.F)." }, { "q": "Is Makena Capital Management, LLC registered with the SEC or a state?", "a": "Makena Capital Management, LLC is an SEC-registered investment advisory firm, registered since 2012. Status as filed: Approved. CRD 156855." }, { "q": "How much does Makena Capital Management, LLC manage?", "a": "Makena Capital Management, LLC reports $24,276,709,692 in regulatory assets under management in its Form ADV filing dated March 31, 2026 (98% discretionary)." }, { "q": "How have Makena Capital Management, LLC's assets and staff changed since 2021?", "a": "In the Form ADV data for Makena Capital Management, LLC: Regulatory assets under management: $22,700,128,949 in the October 2021 data and $24,276,709,692 in the October 2026 data, up 7%. Total employees: 76 in October 2021 and 77 in October 2026. Assets under management move with markets as well as with clients coming and going." }, { "q": "What types of clients does Makena Capital Management, LLC serve?", "a": "By number of clients on Form ADV Item 5.D: pooled investment vehicles (other than investment companies and business development companies) (36); charitable organizations (12)." }, { "q": "Which custodians does Makena Capital Management, LLC use?", "a": "Makena Capital Management, LLC's most recent Form ADV filing (Schedule D, Section 5.K(3)) lists Charles Schwab Bank, The Bank of New York Mellon and U.S. Bancorp as custodians holding 10% or more of its separately managed account assets." }, { "q": "Does Makena Capital Management, LLC report any disciplinary disclosures?", "a": "Reports no disclosure items on Form ADV Item 11. The detail of any item is on the firm's SEC record: https://adviserinfo.sec.gov/firm/summary/156855" }, { "q": "What changed in Makena Capital Management, LLC's recent Form ADV filings?", "a": "In the April 2026 filing data: Employees performing advisory functions went from 27 to 30. No longer lists an office in Charlottesville, VA. Updated its list of owners and control persons (Schedule A)." } ], "filing_history": [ { "period": "2021-10-01", "regulatory_assets_under_management": 22700128949.0, "total_employees": 76, "filing_date": "2021-03-30" }, { "period": "2022-10-01", "regulatory_assets_under_management": 24956773327.0, "total_employees": 76, "filing_date": "2022-05-25" }, { "period": "2023-10-01", "regulatory_assets_under_management": 23696103779.0, "total_employees": 77, "filing_date": "2023-03-30" }, { "period": "2024-10-01", "regulatory_assets_under_management": 23372608054.0, "total_employees": 85, "filing_date": "2024-03-28" }, { "period": "2025-10-01", "regulatory_assets_under_management": 23923658010.0, "total_employees": 80, "filing_date": "2025-03-28" }, { "period": "2026-10-01", "regulatory_assets_under_management": 24276709692.0, "total_employees": 77, "filing_date": "2026-03-31" } ], "recent_changes": [ { "period": "2026-04-01", "period_label": "April 2026", "notes": [ "Employees performing advisory functions went from 27 to 30.", "No longer lists an office in Charlottesville, VA.", "Updated its list of owners and control persons (Schedule A)." ] } ], "fees_from_brochure": null, "custodians": [ { "name": "Charles Schwab Bank", "name_as_filed": "CHARLES SCHWAB BANK", "affiliated": false }, { "name": "The Bank of New York Mellon", "name_as_filed": "THE BANK OF NEW YORK MELLON", "affiliated": false }, { "name": "U.S. Bancorp", "name_as_filed": "U.S. BANCORP", "affiliated": false } ], "custodians_note": "Custodians holding 10% or more of the firm's separately managed account assets, as filed on Form ADV (Schedule D, Section 5.K(3)). A custodian holds client assets; it does not endorse or supervise the firm. AdvisorCensus has no relationship with any custodian.", "markdown_url": "https://advisorcensus.com/firm/makena-capital-management-llc-menlo-park-ca-156855.md", "clients": [ { "type": "pooled_investment_vehicles", "label": "Pooled investment vehicles (other than investment companies and business development companies)", "count": 36, "fewer_than_5": false, "raum": 23602896496.0 }, { "type": "charitable", "label": "Charitable organizations", "count": 12, "fewer_than_5": false, "raum": 673813196.0 } ], "disclosure_line": "Reports no disclosure items on Form ADV Item 11.", "disclosure_items": [], "indexable": true, "suppressed": false, "claimed": false, "enhanced": false, "provided_by_the_firm": null, "source": { "name": "Form ADV", "as_of": "2026-10-01", "iapd_url": "https://adviserinfo.sec.gov/firm/summary/156855", "operator": "BH Monitor Services, LLC", "license": "https://creativecommons.org/licenses/by/4.0/", "credit": "AdvisorCensus (advisorcensus.com), from SEC Form ADV data" } }