The Private Equity asset class pursues an opportunistic strategy that invests globally across a range of primary, secondary and co-investment opportunities. The portfolio has an emphasis on mid-cap and small-cap managers, which are complemented with select large-cap exposures. Managers are a mix of tenured, difficult to access firms that are balanced by talented, newer firms. The Private Equity asset class seeks to deliver a measurable illiquidity premium to investors above public equities.

The Venture Capital asset class pursues an opportunistic strategy that invests globally. The portfolio has an emphasis on U.S. seed and early-stage technology managers, which are complemented with select growth equity and life sciences managers. Leveraging our network and Silicon Valley presence, managers are a mix of top-tier, difficult to access firms that are balanced by talented, newer firms. The Venture Capital asset class seeks to deliver a measurable illiquidity premium to investors above public equities by capitalizing on new and disruptive technologies.

The Listed Equity asset class invests in long-only managers in both Developed Markets and Emerging Markets, and also invests in Long/Short managers using a bottom-up approach. Recognizing the fact that most public markets are fairly efficient, we emphasize areas of inefficiency where competitive advantages exist, leveraging our long time horizon to invest in concentrated portfolios rooted in deep fundamental analysis. We seek to partner with managers who have a proven track record of investing in high-quality businesses run by high-quality management teams. Managers are a mix of tenured, difficult to access firms that are balanced by talented, newer firms.

The Real Estate asset class seeks to invest in assets through private structures which are benefitting from localized market dynamics, characterized by demographic and needs-based demand. Domestically, we partner with specialized operators who have a demonstrated track record of capitalizing on market inefficiencies; we often partner with these operators through bespoke investment structures which place Makena closer to the asset for improved economics and oversight. Internationally, we invest in managers who have a proven ability to identify and access investment opportunities to drive alpha generation over a full market cycle.

The Natural Resources asset class targets investment opportunities with advantaged cost structures by partnering with proven operators. We seek to generate a diversified return stream by executing value‐add initiatives and harvesting a development premium. Given the fragmented nature of the asset class, we source investment opportunities through our proprietary network and allocate capital to primary funds, co‐investments, and secondaries. The portfolio is diversified across sectors such as upstream and midstream energy, power generation, mining, agriculture, water infrastructure and sustainable energy.

The Absolute Return asset class seeks to generate strong risk-adjusted returns that are diversifying to traditional, equity-oriented portfolios. We target investment strategies with the proven ability to generate durable returns over full market cycles with an emphasis on downside protection and compounding capital over time. The portfolio consists of experienced, differentiated managers deploying capital within a flexible mandate. We also pursue investments characterized by high levels of inefficiency, with a particular emphasis on complex, process-oriented credit investments.