Why Makena

Makena Capital Management is a leading investment firm whose objective is the preservation and appreciation of long-term capital

History

Makena Capital Management, LLC was formed in 2005 by senior executives from the Stanford Management Company along with other leading practitioners from elite North American endowments and foundations. We offer investment expertise, scale and access to our diverse client base which includes endowments, foundations, family offices, sovereign wealth funds and international institutions focused on preserving and growing multigenerational capital. Our approach is based on investment disciplines pioneered by the leading North American university endowments and foundations. Makena began investing capital on April 1, 2006.

Aligned Interests

Makena is an independently-owned, multigenerational firm with a single line of business and no subsidiaries. Broad equity ownership spans multiple generations of our employees, ensuring Makena is constructed for the long term, consistent with the capital which we manage. Broad equity ownership also assists in Makena’s ability to attract and retain talent. Partners, employees and members of Makena’s Board of Directors have significant personal investment in our vehicles directly alongside our clients’ capital. The commingled structure of our vehicles aligns interests with and across our clients while eliminating allocation conflicts; each client owns a pro rata portion of each investment we make. This structure also enables our investment team to focus on investing a single pool of capital.

Diversity, Equity, and Inclusion at Makena

DEI Statement

Makena believes that diversity, equity, and inclusion are integral to our values and our mission. We further believe that diversity will make for a richer firm culture and better investment outcomes. We seek to build a team of the best and the brightest, welcoming individuals from any background, race, ethnicity, gender identity, sexual orientation, disability, socioeconomic status and religion.

DEI Principles

Our efforts in DEI encompass all aspects of our business, spanning our internal team, our investment portfolio and the communities in which we live and work.

  • Team: We strive to recruit, retain, and develop a diverse employee base to foster a culture of inclusion where all viewpoints can be shared
  • Portfolio: We seek to source, diligence and invest in a diverse group of managers, while also incorporating and sharing best practices across the industry
  • Community: We engage and partner with organizations that focus on supporting and empowering underserved and marginalized communities

Makena Foundation

Sustainable Investing at Makena extends beyond our portfolio and into our communities. Through the Makena Foundation, we are committed to volunteering our time and making donations to local nonprofits and charities which reduce systemic inequality, unlock potential in youth, and support vulnerable populations. We firmly believe that improving our communities is one of the most impactful things we can do as an organization, and we are honored to be able to partner with nonprofits and charities who share our long-term perspective on sustainability and growth. The Makena Foundation will exist in perpetuity supported by an annual budget that will enable us to continue committing resources to improving our communities.

Makena Foundation Partner Organizations

Board of Directors

Eric Doppstadt

Eric Doppstadt, CFA, is Vice President and Chief Investment Officer of The Ford Foundation in New York, and has over 20 years’ experience in investment management. He is responsible for managing the Foundation’s $12 billion endowment, where he leads a team of fifteen professionals. Before assuming his current position in June 2009, he spent fifteen years in a number of alternative investment roles at the Foundation, including nine years managing the Foundation’s investments in venture capital, private equity, distressed investments, and hedge funds. Prior to joining the Foundation, he spent five years practicing corporate law with the firm of Paul, Weiss, Rifkind, Wharton & Garrison in New York.

He is a member of the World Economic Forum Committee on the Future of Long-Term Investing and a Director and member of the Finance & Investment Committee of Arch Capital Group, Ltd. (NASDAQ: ACGL), a Bermuda-based company that provides specialty insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.

He received his undergraduate degree with Honors from The University of Chicago, studied international economics at Georgetown University on a fellowship from the Fund for American Studies, and received a law degree from NYU School of Law, where he was Articles Editor of the NYU Annual Survey of American Law. He also holds the Chartered Financial Analyst designation from the CFA Institute.

Peter Henry

Peter Henry is W. R. Berkley Professor of Economics and Finance and Dean Emeritus at New York University’s Leonard N. Stern School of Business. He joined Stern from Stanford University where he was the Konosuke Matsushita Professor of International Economics, the John A. and Cynthia Fry Gunn Faculty Scholar, and the Associate Director of the Center for Global Business and the Economy at Stanford’s Graduate School of Business. In September of 2022, he returned to Stanford University and was jointly appointed as the Class of 1984 Senior Fellow at the Hoover Institution, and a senior fellow at Freeman Spogli Institute for International Studies (FSI).

Peter led the external economic advisory group for Barack Obama’s presidential campaign and was subsequently chosen to lead the Presidential Transition Team’s review of international lending agencies such as the International Monetary Fund and the World Bank. In June 2009, President Obama appointed him to the President’s Commission on White House Fellowships.

He is a published author on topics including debt relief, international capital flows and the role of institutions in economic growth. He has regularly been invited to address the IMF and to testify before the U.S. Senate Committee on Foreign Relations and before various ambassadors to the United Nations.

Peter received his PhD in economics from the Massachusetts Institute of Technology. He was a Rhodes Scholar at Oxford University where he earned a BA degree in mathematics, and he also holds a BA degree in economics from the University of North Carolina at Chapel Hill. He currently serves on the boards of Citigroup, Nike, the National Bureau of Economic Research, and the Economic Club of New York. He is also a member of the Economic Advisory Panel of the Federal Reserve Bank of New York.

Dr. Jeffrey Jaensubhakij

Dr. Jeffrey Jaensubhakij is the Group Chief Investment Officer of GIC (Government of Singapore Investment Corporation). He was appointed to this position on January 1, 2017. In 1998 he joined GIC as a Senior Economist covering the US economy and since then he has held asset allocation portfolio responsibilities as Co-Head of Asset Allocation Strategy in the Economics and Strategy Department. From 2003 to 2011 Dr. Jaensubhakij was Head of Total Return Equities and the US Equities teams based in GIC’s New York Office. In 2011, he was appointed President of Europe, responsible for coordinating GIC’s investment activities in Europe across public and private asset classes. He was then appointed President of Public Markets and Director of Public Equities in 2013 and Deputy Group Chief Investment Officer in 2016.

Dr. Jaensubhakij holds a B.A. in Economics from Cambridge University as well as a master’s and a Ph.D. in Economics from Stanford University.

Michael McCaffery

Michael McCaffery is Chairman of Makena’s Board of Directors. Mike was the firm’s founding CEO and has also served as the Executive Chairman and Managing Partner. Prior to forming Makena Capital Management in 2005, Mike was the President and CEO of the Stanford Management Company overseeing the Stanford University endowment, which he joined in 2000. Previously, he was Chairman and CEO of the investment bank Robertson Stephens and Company. Mike joined Robertson Stephens as Director of Investment Banking in 1988. Prior to Robertson Stephens, Mike was with Morgan Stanley and Company.

Mike was named to the board of directors of NVIDIA Corp. in March 2015 and is a director of C3.ai. He also serves as Trustee Emeritus of the Rhodes Scholarship Trust. Mike is a member of the advisory boards of several fund managers and the Stanford Institute for Economic Policy Research (SIEPR). Mike graduated with a B.A. from Princeton University, and as a Rhodes Scholar attend Merton College at Oxford University, where he earned a B.A Honors and an M.A. Mike also has an M.B.A. from the Stanford Graduate School of Business.

Pamela Peedin

Ms. Peedin served as Chief Investment Officer for Dartmouth College (2011-2017). As CIO, she led the 14-person investment office tasked with the management of the university’s investment assets, made up of the endowment, two intermediate-term investment pools and the defined benefit pension plan.

Prior to joining Dartmouth, Pam served as Chief Investment Officer at Boston University, where she established the institution’s investment office and oversaw the management of the endowment. Before joining Boston University, Ms. Peedin was a managing director at investment consulting firm Cambridge Associates, where she worked for 9 years serving clients including endowments, foundations and family offices. Pam began her career in teaching and educational administration in secondary schools.

Currently, Pam is Trustee and Chair of the Investment Committee of the Boston Symphony Orchestra. She is also on the Board of Advisors and the Investment Committee of the Isabella Stewart Gardner Museum as well as the Investment Committee of Partners Healthcare. She serves on the Board of Directors of The Investment Fund for Foundations and is also a member of the investment advisory boards of three multi-generational family offices.

Ms. Peedin graduated from Dartmouth College and received her MBA from Tuck School of Business. She lives with her husband and two teenage sons in Milton, MA.

Dr. Condoleezza Rice

Dr. Condoleezza Rice is the Thomas and Barbara Stephenson Senior Fellow on Public Policy at the Hoover Institution, the Denning Professor in Global Business and the Economy at the Stanford Graduate School of Business, and professor of political science at Stanford University. From January 2005 to 2009, she served as the 66th Secretary of State of the United States. Prior to assuming that position, she served as the Assistant to the President for National Security Affairs (the National Security Advisor) from January 2001 to 2005. Dr. Rice joined the Stanford University faculty as a professor of political science in 1981 and served as Stanford University’s provost from 1993 to 1999. She was a senior fellow at the Hoover Institution from 1991 to 1993 and returned to the Hoover Institution after serving as provost until 2001.

Dr. Rice earned her Ph.D. from the Graduate School of International Studies at the University of Denver in 1981 and her master’s degree from the University of Notre Dame in 1975. She earned her bachelor’s degree in political science, cum laude and Phi Beta Kappa, from the University of Denver in 1974.

Makena Team

All Teams

All Teams

Client Services

Investments

Operations and Finance

Masoud Adina

Masoud is a Senior Compliance Officer joining Makena in 2023. Prior to joining Makena, Masoud was most recently a member of the Legal & Compliance team at KKR where he had responsibilities for several core areas including the Firm’s Insider Trading framework, conflicts analysis, AML, regulatory filings and regulatory preparedness and response. Masoud earned his B.A. in History and Political Science from the University of California, Davis and a J.D. from the University of San Francisco School of Law.

Sharon Argo

Sharon Argo is a Senior Executive Assistant at Makena, providing support for Chief Investment Officer Lawrence Kochard. Additionally, Sharon works closely with Makena’s administrative and accounting teams to provide firm-wide assistance with travel and expenses. Prior to joining Makena in 2018, Sharon was an Executive Assistant at the University of Virginia Investment Management Company. Sharon earned an A.A. in Business Administration and Management from the University of Phoenix.

Lara Banks

Lara Banks, a Managing Director, is co-head of Makena’s Private Equity team, responsible for day-to-day portfolio management and manager selection across private equity investments. Prior to joining Makena in 2012, Lara was an associate at GE Energy Financial Services, a financial division investing across the capital structure of energy assets. Before working at GE, Lara was a power markets analyst at DC Energy, a proprietary energy trading firm. Lara earned an M.B.A. from Harvard Business School and a B.A. in Economics and Government, magna cum laude, from Cornell University.

Casey Borovsky

Casey Borovsky is a Senior Investment Analyst working on the Real Assets team. In this capacity Casey conducts investment diligence on managers and new investments. Casey holds a B.S. with Distinction in Management Science and Engineering from Stanford University.

David Busch

David Busch is a Manager on Makena’s Performance Reporting Group and is responsible for portfolio reporting, data integrity, and trade operations. He also helps support risk management functions and portfolio strategy. Prior to joining Makena, David was a Vice President of Operations at Point72 Asset Management where he was responsible for portfolio financing, valuation, and performance reporting. David earned a B.S. in Business Administration from the University of New Hampshire.

Jonathan Chan

Jonathan Chan, a Managing Director, oversees all financial operations of Makena vehicles. Prior to joining Makena, Jonathan was the Controller at Parador Asset Management, a long/short Canadian hedge fund. Before joining Parador, Jonathan was the Finance Manager at Pantera Capital Management, a global macro hedge fund. Jonathan received a B.S. in Mathematics and a B.A. in Economics from the University of California, Irvine.

Bianca Chan

Bianca Chan is an Investment Analyst working across Private Equity, Marketables, Real Assets and Risk Management teams on investment diligence and portfolio management. Bianca graduated from Princeton University with a B.A. degree from the school of Public and International Affairs with a certificate in East Asian Studies.

Lisa Chen

Lisa Chen is a Director at Makena, working on various functions within Makena’s management company. Prior to joining Makena in 2008, Lisa was a Fund Controller at JPMorgan Chase. Lisa earned a B.A. in Accounting from Eastern Washington University and is a CPA in California (inactive).

Courtney Chen

Courtney is an Associate General Counsel. Prior to joining Makena, she most recently was a partner at Kirkland & Ellis LLP, where she specialized in the formation and operation of private funds. Courtney earned a B.S. in Business Administration from the University of California, Berkeley and a J.D. from New York University School of Law.

Cristin Chinn

Cristin Chinn is a Managing Director and Head of Human Capital at Makena, where she leads all people-oriented strategies and programs. She also chairs the Diversity, Equity and Inclusion Committee. Prior to Makena, Cristin spent 14 years at McKinsey & Company in multiple roles: Management Consultant, Chief of Staff to the CEO, and most recently, Professional Development Associate Director. Cristin holds an A.B. magna cum laude from Harvard College in Economics, and an M.B.A. from Harvard Business School, where she graduated with Distinction.

Madie Chou

Madie Chou is a Senior Investment Analyst working on the Private Equity team. In this capacity Madie conducts investment diligence on managers and new investments. Madie holds a B.A. in Economics from Stanford University and a Master’s degree in Finance from the University of Cambridge.

Fiona Chung

Fiona is an Assistant Controller on Makena’s Financial Operations Team. Prior to joining Makena in 2022, Fiona was a VP Controller at Litman Gregory Wealth Management. Before that, Fiona was a Fund Controller at SteelWave and Stockbridge Capital Group. Fiona began her career as an Auditor and ultimately an Audit Manager at Ernst & Young. Fiona is a Certified Public Accountant and a graduate of San Francisco State University, where she earned a B.S. in Business Administration with a double major in accounting and finance, and later earned a Master of Business Administration.

Maddie Clarfield

Maddie Clarfield is a Vice President at Makena. Maddie is responsible for supporting portfolio management and manager selection across Marketable asset classes. Maddie received a B.A in Business Administration with an emphasis in Finance at the University of Michigan’s Ross School of Business, where she graduated with High Honors.

Garrett Clinton

Garrett Clinton is a Portfolio Solutions Associate primarily working with Makena’s OCIO clients on investment portfolios. Garrett also works alongside Makena’s client team conducting diligence and onboarding prospective clients. Garrett graduated from Washington & Lee University with a B.A. in Political Science.

Katie Connor

Katie Connor is a Client Operations Manager on the Client Operations team within Makena’s Client Strategy Group. Katie joined Makena in 2011 and supports investor communication, reporting, and events, and leads Makena’s client data systems. Katie holds a B.A. in Advertising and Public Relations from Loyola University of Chicago.

Logan Crespan

Logan Crespan is an Analyst in Makena’s Performance Reporting Group, working across multiple Makena funds with a focus on private equity. Prior to joining Makena in 2021, Logan was an auditor at Frank, Rimerman + Co. LLP, an accounting firm, where he specialized in venture capital audits. Logan earned a B.A. in Economics and Accounting from the University of California, Santa Barbara.

Andre Cuerington

Andre Cuerington, a Managing Director in Makena’s Client Strategy Group, is responsible for advising Makena’s institutional clients on the integration of alternative investments into portfolios with diverse goals and structures. Before joining Makena in 2016, Andre was a Senior Vice President in Business Development at the TCW Group in Los Angeles. Before TCW, Andre helped start the business development team at Waterfall Asset Management, a credit-focused hedge fund headquartered in New York. Prior to Waterfall, Andre was a Vice President with PineBridge Investments in Los Angeles, where he focused on business development with Western U.S. public pension funds. Before PineBridge, Andre spent six years at Western Asset Management as a client service executive focused on large institutional clients. He began his investment career at Callan Associates, where he managed the Quantitative Consulting team, which primarily focused on asset/liability studies. Andre served for 13 years in the United States Army and held various leadership roles. He earned a B.S. in Operations Research from the United States Military Academy, an M.S. in Applied Mathematics from the Naval Postgraduate School, and an M.S. in Engineering-Economic Systems from Stanford University.

Rossella Curci

Rossella Curci, a Managing Director, leads the team responsible for Investor Relations and Client Operations at Makena. Previously, Rossella was part of the Investor and Fund Management team at CCMP Capital Advisors in New York City. Prior to CCMP, she was a Vice President at JPMorgan Partners, where her responsibilities included fund management and portfolio valuation. Rossella began her career at KPMG where she was a manager in both the valuation services and assurance practices. Rossella holds a B.S. degree in Business Administration from the Walter A. Haas School of Business at the University of California, Berkeley, and is a CPA.

Lori Daveggio

Lori Daveggio serves as Lead Executive Assistant at Makena, responsible for administrative development and office management systems, while also providing primary support for the Operations Team. Prior to joining Makena, She was an EA at Paine Schwartz Partners, LLC, supporting their Managing Partner and CIO. Lori holds a Graduate Certificate in Human Resources Management from Ohio University College of Business, and a B.S. in Communications from the Scripps College of Communication at Ohio University.

Alison Davis

Alison Davis is a Director in Makena’s Client Strategy Group, working closely with both domestic and international clients across different segments, including family offices, Endowments and Foundations (E&F), and sovereign wealth funds, on their investment portfolios. Prior to joining Makena in 2016, Alison worked at NEPC in Boston as an investment analyst in the E&F practice. Alison earned a B.A. in Political Economy from Williams College.

Joe Dekker

Joe Dekker, a Managing Director, is head of Risk Management and Portfolio Strategy at Makena. Joe is responsible for the construction and risk management of internal and external multi-asset class portfolios and serves as the portfolio manager for many of our Outsourced CIO (OCIO) clients. Prior to the formation of Makena, Joe was an associate at the Stanford Management Company, where he was responsible for asset allocation and risk analytics in support of the Stanford Endowment. Joe holds a B.S. degree in Finance from the University of North Carolina-Wilmington, where he graduated with honors, and an M.B.A. from the Wharton School. Joe is a CFA Charterholder.

Peter Dolan

Peter Dolan, a Managing Director, oversees investments on Makena’s Private Equity team, including venture capital. Prior to joining Makena, Peter served as a Managing Director at the Harvard Management Company, where he oversaw the private equity and venture capital portfolio. Prior to joining the Harvard Management Company in 1995, he worked as a consultant at Cambridge Associates and as a private equity analyst at Liberty Mutual Insurance Company. Peter served as a board member of the University of Virginia Investment Management Company for a ten-year period ending June 2012. Peter holds an M.B.A. from the Darden School at the University of Virginia, and a B.A. in Economics from Harvard University.

Dan Drury

Dan Drury is a Managing Director and responsible for leading two finance teams of the firm. Dan leads all tax operations of the firm, including tax strategy, planning, structuring and compliance. He assists global clients to ensure the most efficient tax structuring for investment in the Makena funds. Dan also leads the management company team where his team covers all accounting and operational aspects of the firm including budgeting, planning, GP economics, compensation, benefits and retirement plans.
Prior to joining Makena, Dan was the VP of Tax for Advantage Capital Partners for seven years, where he led all tax aspects of the firm, including tax planning, M&A, projections, and compliance, as well as many matters of the investment funds and underlying investors. Dan began his career with PricewaterhouseCoopers, where he concentrated in tax consulting and compliance for investment management and alternative asset clients. Dan earned an M.A. in Accountancy and a B.S. from the College of Business at the University of Missouri, Columbia, and is an active CPA.

Emily Dyer

Emily Dyer is an Executive Assistant at Makena, supporting the Marketables and Real Assets teams. Prior to joining Makena, Emily worked at Peterson Partners in Salt Lake City, UT, where she served as an Administrative Assistant with the Ventures and Private Equity teams, in addition to coordinating largely attended LP conferences. Emily holds a degree in Business and Communications from LDS Business College (Ensign College).

Louanne Feng

Louanne Feng is a Senior Accountant in Makena’s management company. Prior to joining Makena in 2023, Louanne was a senior tax consultant at Deloitte & Touche LLP. Louanne earned a B.S. in Accounting from University of Oregon and is a CPA licensed in California.

Anne Marie Fleurbaaij

Anne Marie is a Managing Director and Co-Head of Marketable Investments, working across Public Equity, Hedge Funds, and Fixed Income. She joined Makena in July 2023 from the University of Cambridge Investment Management Limited, where she had been a Managing Director. Previously, she was with GIC, a sovereign wealth fund, where she spent 12 years as a Senior Vice President and Global Equities Portfolio Manager, and Morgan Stanley, where she worked for seven years as an equities Portfolio Manager and an Equity Research Analyst. She also spent seven years with Deloitte & Touche in the US and UK.

She earned her MBA from London Business School and her Bachelor of Arts degree (with Honors and Distinction) from the University of California at Berkeley.

Outside of work, Anne Marie is the Co-Chair/Co-Founder of the charity Girls Are Investors (GAIN), which encourages young women to consider investment management as a career.

Jackson Garton

Jackson Garton is Co-Chief Investment Officer at Makena Capital Management. Jackson was previously Deputy CIO and head of Marketable Investments at Makena. He also serves on the advisory boards of several of our public equity managers. Prior to his M.B.A., Jackson was an associate at Makena supporting asset allocation, following his role as an analyst having joined Makena in 2006. Jackson earned a B.S. degree in Mathematical and Computational Science from Stanford University and an M.B.A. from the Stanford Graduate School of Business where he was an Arjay Miller Scholar and received the Robichek award for achievement in finance. He is also a member of the Stanford Graduate School of Business Trust whose members manage a portion of the GSB endowment. Jackson is a CFA Charterholder.

Kia Ghorashi

Kia Ghorashi is a Managing Director and Co-Head of Marketable Investments, working across Public Equity, Hedge Funds, and Fixed Income. Prior to Makena, Kia was an associate at RiceHadleyGates LLC, a strategy consulting firm founded by former Secretary of State Condoleezza Rice, National Security Advisor Stephen Hadley, and Secretary of Defense Robert Gates. Kia received a B.A. in International Relations from the University of Virginia, an M.A. in International Relations from Stanford University, and an M.B.A. from the Stanford Graduate School of Business.

Carter Gipson

Carter Gipson is an Investment Analyst on the Risk Management and Portfolio Strategy Team. He also serves as an artillery officer in the California Army National Guard. Carter graduated from Princeton University with a B.A. in Economics.

Forrest Hamil

Forrest is an Investment Analyst on Makena’s Private Equity team, focused on investments across the Venture Capital, Growth Equity, and Buyout asset classes. Prior to joining Makena, Forrest was an Investment Banking Analyst at Goldman Sachs as a member of the TMT Equity Capital Markets team, where he focused on IPOs, direct listings, and follow-on offerings. Forrest graduated from the University of North Carolina at Chapel Hill with a B.S. in Business Administration from the Kenan-Flagler Business School.

Nhi Hoang

Nhi Hoang is an Assistant Controller at Makena, responsible for accounting and operational functions for Makena’s management company. Prior to joining Makena in 2022, Nhi was an Accounting Manager at Strada Investment Group. Nhi earned a B.A. in Economics from the University of California, Davis, and is a CPA licensed in California.

Michelle Hung

Michelle Hung is a Manager on Makena’s Performance Reporting Group. She is responsible for portfolio reporting, data integrity, and exposures tracking. Prior to joining Makena in 2014, Michelle was a Supervisor at Citco Fund Services where she was responsible for middle office operations. Michelle holds a B.A. in Political Economy from the University of California, Berkeley.

Christopher Kan

Christopher Kan is a Director within Makena’s Financial Operations team. Chris oversees the daily accounting and financial operations across the firm’s funds and manages the relationships with key vendors. Prior to joining Makena in 2014, Chris was a Senior Account Manager at CITCO Fund Services, a fund administrator in San Francisco, where he oversaw the reconciliation and accounting functions for an alternative credit and energy-focused client. Chris earned a B.A. in Biological Sciences from the University of California, Davis.

Ali Kariotis

Ali Kariotis is an Associate working on the Real Assets team, conducting diligence on managers and new investments. Ali holds a B.A. in Government from Dartmouth College.

Larry Kochard

Larry Kochard is Co-Chief Investment Officer at Makena Capital Management and a member of Makena’s Executive Committee. Larry was previously the Chief Investment Officer at Makena for six years. Prior to that, he was Chief Executive Officer and Chief Investment Officer of the University of Virginia Investment Management Company (UVIMCO) for seven years. Prior to joining UVIMCO, Larry served as CIO at Georgetown University for nearly seven years. From 2001 to 2004, he was Managing Director of Equity and Hedge Fund Investments for the Virginia Retirement System. From 1997 to 2004, he taught in the McIntire School of Commerce at the University of Virginia as an adjunct and later as a full-time assistant professor. He spent the early part of his career in debt capital markets at Goldman Sachs and corporate finance at Fannie Mae and DuPont. Larry received his B.A. in Economics from the College of William & Mary, an M.B.A. degree in Finance and Accounting from the University of Rochester, and an M.A. and Ph.D. in Economics from the University of Virginia. He is a CFA Charterholder.

He serves as Chair of the Investment Advisory Committee of the Virginia Retirement System, member of the Advisory Board of UK-based firm Eighteen48, and Foundation Director and member of the Investment Committee of Virginia Museum of Fine Arts.  Larry has also served on the boards of the Virginia Environmental Endowment (VEE), VCU Investment Management Co., The College of William and Mary Foundation (W&M), and the public company board of Janus Henderson Group, where he chaired their compensation committee. He chaired the investment committees at VEE and W&M. Larry was the 2015 winner of the Rodney H. Adams Award for Endowment Management from the National Association of College and University Business Officers (NACUBO), which recognizes outstanding contributions to university endowment and investment management. Larry is a longtime moderator of the premier endowment and foundation industry conference, NMS, and is the author of several industry publications, including Foundation and Endowment Investing: Philosophies and Strategies of Top Investors and Institutions. Larry has been interviewed by Ted Seides on two Capital Allocators podcasts and once by Chas Burkhart on his Global Investment Leaders podcast.

Daniel Landers

Daniel Landers, a member of Makena’s Client Strategy Group, is responsible for advising institutional and wealth management investors on the integration of alternative investments into portfolios. Before joining Makena, Daniel was the Co-Head of Investor Relations at Horsley Bridge Partners, an early-stage venture fund of funds. Prior to Horsley Bridge, Daniel helped start the family office business at Cohen & Steers. Daniel started his career at BlackRock, spending the better part of a decade there working with family offices, endowments and foundations. He earned a BA in Economics and International Relations from Tufts University.

Derek Lapcevic

Derek Lapcevic is the Director of Performance Reporting at Makena, where he leads the team responsible for portfolio reporting, data integrity and trade operations. Prior to joining Makena, Derek was an Operations Manager at CITCO Fund Services, where he was responsible for the portfolio valuation, profit and loss reporting and middle office operations of CITCO San Francisco’s hedge fund clients. Derek earned a B.S. from California Polytechnic State University, San Luis Obispo. He is a CFA Charterholder.

Jessica Lateur

Jessica Lateur is a Client Operations Analyst on the Client Operations team with Makena’s Client Strategy Group. Prior to joining Makena, Jessica was a Client Service Associate at First Republic Investment Management, working with high-net-worth individuals. Jessica holds a B.S. in Mathematical Analytics and Operations Research from the University of California, Davis.

Dan Leblond

Daniel Leblond is a Director of Fund Operations in Makena’s Financial Operations team. Dan’s responsibilities include operational oversight of a number of Makena’s funds and their service providers. Prior to joining Makena in 2017, Dan was a partner at Vastardis/Conifer, which had provided fund administration services to Makena since Makena’s inception. Dan has spent the majority of his more-than-20-year career focusing on financial operations for asset allocators including funds of funds, endowments & foundations, and family offices. Dan earned a B.A. in Economics from the State University of New York at Geneseo and a M.S. in Finance from the Rochester Institute of Technology.

Ben Levison

Ben Levison is a Vice President, responsible for supporting portfolio management and manager selection for Makena’s Marketable asset classes. Ben also provides underwriting support for direct investments across all of Makena’s asset classes. Ben rejoined Makena after earning his M.B.A. at the Stanford Graduate School of Business. Prior to his M.B.A., Ben was an associate at Makena supporting the Listed Equity, Asset Allocation, and Risk Management teams. Ben received a B.S. in Business Administration, magna cum laude, from the University of Southern California. Ben is a CFA and CAIA Charterholder.

Justine Liu

Justine Liu is a Director on Makena’s Private Equity team, responsible for supporting portfolio management, manager selection, and direct investments for Makena’s Private Equity asset class. Before joining Makena, Justine was a Senior Associate at Apollo Global Management, where she focused on the evaluation and execution of private equity investments. Prior to Apollo, Justine was an Associate at Goldman Sachs in the Principal Investment Area within the Merchant Banking Division, where she analyzed private credit investment opportunities across the capital structure. Previously, Justine was an Investment Banking Analyst in Goldman’s Leveraged Finance group. Justine graduated cum laude from Harvard University with a B.A. in Statistics and a Secondary in Economics.

Kevin Macias

Kevin Macias is an Investment Analyst working across Private Equity, Marketables, Real Assets and Risk Management teams on investment diligence and portfolio management. Kevin graduated from Ohio Wesleyan University with degrees in Finance Economics and Business Administration.

Joseph Magher

Joseph Magher is a Managing Director and Head of Business Development and Client Partnerships at Makena with a particular focus on Endowment and Foundation (E&F) and family office clients. He has successfully led the development and growth of our E&F and Outsourced CIO (OCIO) practice. Makena now partners with over 50 E&F clients, including 12 relationships in a fully outsourced capacity. Prior to joining Makena in 2009, he worked at Morgan Stanley as a Vice President, advising institutions on their hedge fund portfolios as well as advising hedge funds on capital raising and strategic business matters. Previously, Joseph worked at Credit Suisse First Boston in Private Wealth Management advising high net worth families and foundations on alternative investments. He began his career at a Salomon Smith Barney affiliate in Buenos Aires, Argentina covering local pension funds and Latin America focused investment funds for four years. Joseph received a B.A. in Economics from the University of Virginia and an M.B.A. from the Stanford University Graduate School of Business.

Arthur Markley

Arthur Markley is a Senior Investment Analyst working on the Marketables team. In this capacity Arthur conducts investment diligence on mangers and new investments. Arthur graduated from Princeton University with a B.A. in Economics.

Jennifer Marrkand

Jennifer Marrkand is an Analyst in Makena’s Client Strategy Group and is responsible for supporting investor relationships across E&F’s, family offices, and global institutions. Prior to joining Makena, Jennifer oversaw the client service experience for ultra-high net worth and institutional clients at Morgan Stanley Wealth Management in Boston. Jennifer graduated from the University of Virginia with a B.A. in Media Studies.

Claire Marshall

Claire Marshall is a Senior Investment Analyst working on the Private Equity team. In this capacity Claire conducts investment diligence on managers and new investments. Claire graduated from Dartmouth College with a B.A. in Psychological and Brain Sciences.

Samrit Mathur

Samrit Mathur is an Investment Analyst working across Private Equity, Marketables, Real Assets and Risk Management teams on investment diligence and portfolio management. Samrit graduated from Dartmouth College with a B.A degree in Economics Modified with Psychology.

Milla McCaghren

Milla McCaghren is an Investment Analyst working across the Private Equity, Marketables, Real Assets, and Risk Management teams on investment diligence and portfolio management. Milla graduated from Dartmouth College with a B.A. in Economics and Russian language & area studies.

Bill McGrath

Bill McGrath is Makena’s General Counsel and Chief Compliance Officer. Before joining Makena, Bill was the EVP & General Counsel at Vulcan Inc., the family investment office of Microsoft co-founder Paul Allen. Prior to Vulcan, Bill held senior legal positions at several Silicon Valley-based technology companies and worked for two national law firms. Bill received a B.A. in Political Science from Claremont McKenna College and a J.D. from the University of Chicago.

Amanda McLaughlin

Amanda McLaughlin is a Director of Operational Due Diligence. Amanda joined Makena in 2020, with nine years of direct ODD experience and twelve years of overall experience with alternative investments. Prior to joining Makena, Amanda was a Senior Hedge Fund Analyst at K2 Advisors for six years, responsible for initial and ongoing due diligence reviews of hedge fund and long-only fund managers across numerous strategies and jurisdictions. Prior to K2, Amanda held alternative investment roles in operational due diligence, valuation, and fund analysis. Throughout her career Amanda has conducted diligence on asset managers of varying strategies, including long-only equity, hedge funds, private equity, real estate, and natural resources. Amanda earned an M.B.A. from Southern Methodist University (Cox School of Business) and a B.A. in Business Administration and International Studies. Amanda is a Chartered Alternative Investment Analyst (CAIA).

Laura-Sofia Mehta

Laura-Sofia Mehta is an Investment Analyst working across the Private Equity, Marketables, and Real Assets teams. In this role, she conducts diligence on managers and new investments. Laura-Sofia graduated from Stanford University with a B.S. in Management Science and Engineering.

Bill Miller

William Miller is a Managing Director of Makena Capital Management. Bill joined Makena in its first year and served as the firm’s Chief Operating Officer from 2006 through 2020. Prior to joining Makena, Bill was the President and CEO of Valchemy, a financial services technology company he led from initial funding in 2002 until it was acquired by IBM in 2006. Before Valchemy, Bill was President and COO of iMediation, S.A, a private software company. Bill spent the first third of his career at Intel and its investment arm, Intel Capital, where his team was responsible for the majority of Intel’s North American equity investments and technology licensing. In his twelve years at Intel, Bill was a senior finance executive for two business groups and served as a general manager, a marketing executive, and a manufacturing engineer.

Bill serves on the board of Western Technology Investment, a registered venture debt investment firm. He holds a B.S. in Industrial & Systems Engineering from the Georgia Institute of Technology.

Diane Moncada

Diane Moncada is a Vice President in Makena’s Client Strategy Group, serving as the primary account manager for a number of Makena’s clients and overseeing all aspects of these relationships. In addition, Diane contributes to various business development opportunities and is a member of the firm’s ESG Committee. Prior to joining Makena in 2023, Diane was a Relationship Manager in Cambridge Associates’ Private Client Practice. Diane received a B.S. in International Business from Northeastern University.

Trey Olsen

Trey Olsen is an Investment Senior Associate on Makena’s Risk Management and Portfolio Strategy Groups, which work in concert with Makena’s asset class teams to manage the risk and asset allocation profile of our multi-asset class portfolios. Trey holds a B.A. in Finance Economics from Ohio Wesleyan University.

Bailey Patchen

Bailey Patchen is an Analyst in Makena’s Performance Reporting Group, working across multiple Makena funds with a focus on developed markets and natural resources. Prior to joining Makena in 2022, Bailey was a senior auditor at Frank, Rimerman + Co. LLP, an accounting firm, where she specialized in venture capital audits. Bailey earned a B.S. in Finance and a B.S. in Accountancy from Arizona State University. She is a Certified Public Accountant.

Frank Perez

Frank Perez is a Managing Director, responsible for managing Makena’s operational due diligence (ODD) function. Frank brings over 15 years of alternative investment due diligence experience to his role with Makena. Prior to joining Makena in 2015, Frank was engaged in the ODD efforts at Saguenay Strathmore Capital, Morgan Stanley and UBP, where he focused on private equity, real estate and hedge fund investments. Earlier in his career, Frank held risk management roles within the capital markets divisions of several global investment banking institutions, where he was responsible for conducting due diligence on hedge fund counterparties. Frank graduated with a B.A. in Economics and English from Rutgers University.

Thomas Pettit

Thomas Pettit is an Investment Analyst working across Private Equity, Marketables, Real Assets and Risk Management teams on investment diligence and portfolio management. Thomas graduated from Stanford University with a B.S. degree in Management Science and Engineering.

Taylor Pilossoph

Taylor Pilossoph is an Associate at Makena, working on the Client Operations team in the Client Strategy Group. Prior to joining Makena in 2019, Taylor was an analyst at Goldman Sachs on the Risk Management and Analytics team in the Private Equity group. Taylor earned a B.A. in Political Economy and Political Science from the University of California, Berkeley.

Luke Proskine

Luke Proskine is Makena’s Managing Partner leading client and portfolio strategy, and a member of the Executive Committee. Prior to his appointment as co-Managing Partner, Luke served in several leadership roles at the firm, including head of Portfolio Strategy, Chief Investment Officer and Deputy Chief Investment Officer. Luke joined Makena at its inception in 2005 and has worked extensively in both private equity and portfolio management functions. Luke has extensive experience working with UHNW families and serves as a board member for a prominent family office.

Prior to the formation of Makena, Luke worked as a Senior Investment Manager at the Stanford Management Company, where he was responsible for portfolio management and risk analysis as well as private equity and real assets investing for the Stanford Endowment. Prior to joining Stanford Management Company, Luke worked for the Thomas Weisel Partners Investment Banking Group, where he was involved in a variety of corporate finance and M&A transactions. Luke holds a B.S. in Economics, magna cum laude, from Vanderbilt University, and an M.B.A. with a major in Finance, with honors, from the Wharton School.

Brian Rodde

Brian Rodde is Makena’s Managing Partner leading firm operations, and a member of the Executive Committee. Brian is also co-head of Private Equity and a member of Makena’s Management and Investment Committees. Prior to his appointment as co-Managing Partner, Brian served as the head of Private Equity and as the portfolio manager for Makena’s private equity funds. While at Makena, Brian has led portfolio construction and manager selection activities in the Private Equity, Venture Capital, Real Estate, and Natural Resources portfolios. Given his breadth of experience across the private assets, Brian is often called on to advise Makena’s global clients on the integration of private asset strategies into client portfolios. Prior to joining Makena, Brian was an associate at SVB Capital, where he evaluated private equity partnership investment opportunities. Brian earned an M.B.A. from the Stanford Graduate School of Business and a B.A. in Economics from Stanford University.

Callie Rosenthal

Callie Rosenthal is an Investment Analyst working across Private Equity, Marketables, Real Assets and Risk Management teams on investment diligence and portfolio management. Callie graduated from Stanford University with a B.A. degree in Economics.

Ed Ruiz

Ed Ruiz is the Director of Information Technology and Security where he provides vision and leadership in the development and implementation of IT infrastructure, information security and cloud computing environment. Prior to joining Makena, Ed was the Sr. IT Manager at Strava where he was responsible for the technology infrastructure, strategy, and operations. He established an information security program and retooled technology platforms within different departments. Ed was also Principal, IT at Kohlberg Kravis Roberts & Co. where he was responsible for next generation network architecture, server infrastructure and information security with a notable achievement of scaling the company’s network from five to fifteen offices globally.

With nearly 15 years of experience in providing leadership and managing IT teams, Ed has a proven track record of developing IT efficiencies and strategies incorporating a wide range of applications and technologies.

Sean Semeniuk

Sean Semeniuk is an Assistant Controller at Makena, working closely with the Financial Operations Team on Makena’s flagship fund. Prior to joining Makena in 2021, Sean was a Senior Fund Accountant at Top Tier Capital Partners, a family of funds focused in venture capital. Before joining Top Tier Capital Partners, Sean was a Senior Associate at PricewaterhouseCoopers, where he specialized in the taxation of financial products. Sean earned a B.S. in Business Administration with a focus in Accounting from the University of San Francisco.

Adam Seymour

Adam Seymour, a Managing Director based in Makena’s London office, is responsible for efforts in both investment and client strategy. Prior to Makena, Adam was Head of Absolute Return at the Qatar Investment Authority (QIA), responsible for manager selection and portfolio construction. As a senior member of the Fund Investments Department, Adam helped formulate strategic and tactical asset allocation, while chairing the department’s investment committee. Prior to QIA, Adam worked at HSBC and Morgan Stanley as an equity sell-side analyst covering European integrated oil and gas companies. Adam started his career at the Oxford Institute for Energy Studies where he published numerous monographs on crude oil and oil product markets, including “The Oil Price and Non-OPEC Supplies” (1990), and was editor of The Oxford Energy Forum. Adam is a CFA Charterholder and holds an M.S. in Development Economics from London University.

Dharini Shukla

Dharini Shukla is a Vice President on the Private Equity team, responsible for supporting portfolio management, manager, selection, and direct investments for Makena’s Private Equity asset class. Before joining Makena, Dharini was a Vice President at FFL Partners, where she focused on sourcing, evaluation, and execution of private equity investments in the tech-enabled business services sector. Previously, Dharini was a Vice President at Madison Dearborn Partners, where she evaluated and executed a number of private equity investments, mostly in the industrials and financial services sectors. Prior to business school, Dharini worked as an Investment Banking Analyst at Bank of America Merrill Lynch, as a Corporate Development Associate at Henry Crown & Company, and as a Business Operations Associate at Linkedin.

Dharini received an M.B.A. from the Stanford Graduate School of Business, an M.A. in Education from the Stanford Graduate School of Education, and graduated magna cum laude with departmental honors from Northwestern University with a B.A. in Mathematical Methods in Social Sciences and Economics.

Marcus Solomon

Marcus Solomon is a Senior Associate on Makena’s Real Asset team, where he conducts diligence on managers and new investments. He has six years of prior experience at Morgan Stanley, where he worked on the public side of the bank’s trading desk, covering a wide range of sectors, before transitioning to the private real estate team. He also has a B.A. in Finance with a minor in Economics from Pace University.

Cuan Soo Hoo

Cuan Soo Hoo is an Associate in Makena’s Performance Reporting Group. Prior to joining Makena in 2018, Cuan was a Senior Associate at EisnerAmper, where he worked primarily on audits of investment fund clients. Cuan earned a B.A. in Economics & Accounting from the University of California, Santa Barbara.

Haidee Sprague

Haidee is an Executive Assistant at Makena supporting the Marketables and Real Assets teams. Before joining Makena, she was an Executive Assistant to the investment team at a tech-focused hedge fund based in Redwood Shores, CA. Haidee also has a decade-long experience in the hospitality industry, working in sales and event planning. Haidee graduated from the University of the Philippines with a B.S. in Tourism.

Breanna Stein Genecov

Breanna (Bre) Stein Genecov is a Director at Makena focusing on risk management and portfolio strategy, supporting the design, implementation, and management of multi-asset class portfolios across Makena’s vehicles. Bre also plays a leading role with the firm’s select Outsourced CIO (OCIO) clients, applying tools from Makena’s portfolio and risk management functions to meet the custom needs of these portfolios. Previously, Bre worked on the Natural Resources team, where she was responsible for supporting portfolio management and manager selection for Makena’s Traditional and Sustainable Natural Resources portfolios.

Bre rejoined Makena after earning her M.B.A. at the Stanford Graduate School of Business. Prior to her M.B.A., Bre was an associate on Makena’s Listed Equity team, while supporting the CIO, various asset class teams, and the team overseeing asset allocation. Bre received a B.A. in Economics with a minor in Finance from Vanderbilt University, where she graduated Phi Beta Kappa, and with Honors in the College of Arts & Sciences.

Brandon Talagtag

Brandon Talagtag is the Office Coordinator responsible for firmwide event support, procurement, and facilities. Prior to joining Makena, Brandon was a department manager for H&M, and a General Merchandise Leader at Target.  Brandon holds a BBA in Marketing from De Anza College, and Marketing Operations credential from DeVry University.

Lily Tang

Lily is a Tax Manager at Makena, responsible for the federal, state, and international tax compliance of the Makena funds.  Prior to joining Makena in 2015, Lily was a financial controller at Open Door Capital Advisors for four years and a Senior Tax Associate with Ernst & Young for five years.  Lily holds an M.S. in Accounting from Syracuse University and is a CPA in California (inactive).

Vanessa Tollefson

Vanessa Tollefson is a Director on the Client Operations team with Makena’s Client Strategy Group. She is responsible for investor communication and reporting while supporting business development efforts. Prior to joining Makena, Vanessa was the Director of Compliance, Regulatory and Investor Reporting at Coastland Capital. Vanessa holds a B.A. in International Relations from the University of Southern California.

Mike Tremmel

Mike Tremmel is Makena’s Chief Financial Officer. As CFO, Mike is responsible for the oversight of the financial operations of the firm, managing all operational processes for the Makena investment strategies, including financial policies, audits, risk controls and service provider relationships. Prior to joining Makena in 2009, Mike was the Chief Financial Officer at Pantera Capital Management, a global macro hedge fund in San Francisco, where he oversaw the operational, trading, accounting, and tax functions. Before joining Pantera, Mike was Senior Audit Manager with Ernst and Young, where he served for six years in San Francisco and the Cayman Islands. Mike received a Bachelor of Management degree with a major in Accounting from the University of Lethbridge, Canada, and is a CPA in California (inactive) and British Columbia, Canada.

Jackie Tsai

Jackie Tsai is a Manager in Makena’s Performance Reporting Group, and is responsible for portfolio reporting and data integrity.  Prior to joining Makena, Jackie was on the Investment Operations team at KKR, where she was responsible for portfolio pricing, performance track records, and data maintenance.  She was previously a Senior Associate at Citco Fund Services, focusing on middle office operations.  Jackie earned a B.A. in Economics from the University of California, Los Angeles and is a CFA Charterholder.

Ryan Tsujimoto

Ryan Tsujimoto is an Assistant Controller in Makena’s Financial Operations Team. Before joining Makena in 2022, Ryan was a Senior Fund Accountant at Asia Alternatives Management LLC. Prior to Asia Alternatives Management LLC, Ryan was a Senior Assurance Associate at Ernst & Young LLP. Ryan earned a B.A. in Business Administration: Accounting and a Masters in Professional Accounting: Audit and Assurance from the University of Washington.

Haochen Tu

Haochen Tu is an investment analyst working across the Private Equity, Marketables, Real Assets, and Risk Management teams on investment diligence and portfolio management. Haochen graduated magna cum laude from Washington and Lee University with a B.S. in Computer Science and Business Administration, with a minor in Renaissance Study.

Jonathan Van Gorp

Jonathan Van Gorp, a Managing Director, is responsible for leading portfolio management and partner selection across Makena’s Real Assets investments. In addition to his duties overseeing real assets investments, Jonathan co-leads the firms sustainability efforts as they relate to investment diligence and oversight. Prior to joining Makena, Jonathan was a Vice President at Paxion Capital, a Bay Area family office, where he oversaw the buildout of the real assets portfolio. Previously, Jonathan was a Director at the Stanford Management Company, overseeing domestic and international real asset investments. Jonathan began his career at Bank of America Merrill Lynch in the Real Estate Investment Banking Group. Jonathan received a B.B.A. in Finance from the University of Georgia.

Sarah Walker

Sarah Walker is a Managing Director, responsible for advising Makena’s Endowment and Foundation (E&F) clients in the integration and implementation of alternative asset strategies into existing portfolios. Previously, Sarah worked as a consultant in the Investor Relations group at Hall Capital Partners, an investment firm based in San Francisco. Sarah began her career as an Investor Relations Associate at Pantera Capital Management, where she was solely responsible for managing all marketing and investor relations activities. Sarah earned her M.B.A. from the Walter A. Haas School of Business at the University of California, Berkeley. Sarah holds a B.A. degree in History, with honors, from Yale University.

Ryan Walters

Ryan Walters is a Senior Associate on Makena’s Performance Reporting Group. He is responsible for portfolio reporting, trade operations, and exposures tracking. Prior to joining Makena, Ryan worked in the Middle Office at CITCO Fund Services, where he was responsible for portfolio valuation and P&L reporting. Ryan earned a B.S. in Business Administration with a concentration in Finance from California Polytechnic State University, San Luis Obispo.

Lan Wang

Lan Wang is a Tax Manager at Makena. Lan is responsible for tax compliance, tax planning, and equity placement analysis. Prior to joining Makena, Lan was a tax manager at Deloitte, specializing on tax compliance and consulting for asset management. Lan earned an M.S. in Accountancy from University of Illinois at Urbana-Champaign and a B.S. in Agricultural Economics from Purdue. Lan is an active CPA.

Jordan Wheeler

Jordan Wheeler is an Executive Assistant at Makena, working alongside the Private Equity team. Prior to joining Makena in 2017, Jordan was the Operations Manager at Harrison Metal, overseeing daily functions of the company and office.

Ryan Young

Ryan Young is an Associate in Makena’s Client Strategy Group and is responsible for supporting investor relationships across E&F’s, family offices, and global institutions. Prior to joining Makena, Ryan supported relationships with Endowments, Foundations, and family offices as well as provided investment analysis at Stamos Capital Partners. Ryan graduated from Colorado College with a B.A. in Economics.

Mengru Zhang

Mengru Zhang is a Director at Makena who focuses on risk management and portfolio strategy, supporting the design, implementation, and management of multi-asset class portfolios across Makena’s vehicles. Prior to joining Makena, Mengru was a Director on the Investment Strategy Group of ICONIQ Capital, where she led the firm’s public market portfolio across long-only equities, hedge funds, tail hedging, and fixed income. Prior to ICONIQ, Mengru worked at RJA Asset Management, where she focused on options-based strategy research and portfolio management. Mengru holds a Master’s degree in Finance from the MIT Sloan School of Management and a Bachelor’s degree in Economics and Finance (First Class Honors) from the University of Hong Kong. Mengru is a CFA Charter holder.

John Zuercher

John Zuercher is an Analyst on the Private Equity team, focusing on conducting diligence on new investments and managers across the Venture Capital, Growth Equity, and Buyout asset classes. John graduated from Stanford University with a B.S. in Management Sciences and Engineering.