How We Invest We seek to preserve and grow multigenerational capital by building diversified portfolios of high-quality assets through partnership with premier private and alternative asset managers. Investment Philosophy We seek to preserve and grow our clients’ capital over a long time horizon by maintaining a disciplined investment approach. Our commingled investment vehicle structure ensures alignment with and across our client base while also allowing our investment team to focus on investing a single pool of capital. Investing in alternative assets – sourcing, due diligence, and manager selection – is a core competitive advantage of Makena’s experienced investment team. The investment vehicles we offer are thoughtfully diversified across high-quality alternative assets in order to mitigate risk and preserve and grow capital for the next generation. To ensure unwavering focus on achieving our investment goal, we have developed six principles which permeate our investment process: Maintain a Long-Term Focus Play to Our Strengths Understand that Markets are Efficient Maintain Balanced Diversification Maintain a Value Discipline People Matter Maintain a Long-Term Focus Maintaining a long-term focus is key to building high-quality, durable portfolios. Being a long-term investor requires the consistency, patience and discipline to weather short-term market volatility without shifting strategy or portfolio positioning. Being a long-term investor also allows Makena to build strong partnerships with extraordinary investment managers who demonstrate a sustainable edge in security selection and adding value to their portfolio companies and assets over full market cycles. Manager Selection & Due Diligence Our Manager Selection process invariably begins with our extensive network of both General Partners and Limited Partners developed through our collective industry experience. This network supplies our Investment Team with high-quality deal flow which competing investors do not have; it is our unique network that provides unique investment access. Our long-term orientation and partnership approach distinguish Makena as a sought-after and value-add investor among investment managers. As our Investment Team progresses towards a formal investment recommendation, our due diligence process escalates. Due diligence at Makena is a cross-functional and ongoing assessment which involves our Investment, Compliance/Legal, Accounting, Tax and IT teams. Findings are aggregated into a formal report which is included in all Investment Committee Memoranda. Importantly, due diligence at Makena is never “complete.” Investment managers, and their vendors, are subject to annual reviews, the findings of which are summarized and presented to the Investment Committee. Responsible Investing Makena Capital believes an investment process that integrates environmental, social, and governance (“ESG”) factors enhances our ability to manage risk and create value for our investors. As a global, multi-asset class investment manager focused on preserving and growing capital over an extended horizon, we are keenly focused on responsible investment practices and stewardship of capital at all levels of the investment process. Makena became a UN PRI Signatory in 2016 and has since only strengthened our commitment to responsible investing across our portfolio. As part of our fiduciary duty to all investors, we believe formal incorporation of ESG considerations into our investment process sharpens our ability to identify potential risks and opportunities and improve overall investor outcomes. VIEW ESG REPORT 650.926.0510 Makena Capital Management, LLC 2755 Sand Hill Road Suite 200 Menlo Park, CA 94025 RESOURCES Insights Client & Partnership Models Why Makena Contact LEGAL Terms of Use Disclosures INSIGHTS Sign up to receive updates from Makena Capital Enter Your Email © 2021 Makena Capital.