David C. Burke

Makena Capital Management manages funds based on an endowment-model investment approach that seeks to achieve long-term capital appreciation with relatively low investment volatility and risk. The firm seeks to generate long-term, risk-adjusted returns and capital appreciation by investing in investment funds, investment partnerships, securities, and discretionary accounts across a broad range of marketable and alternative asset classes. Makena implements this strategy primarily by selecting and investing in investment funds, separately-managed accounts and other vehicles managed by third-party investment managers. The funds also directly purchase certain public securities. The funds are characterized by broad diversification across asset classes, strategies, geographies, and currencies. This investment approach incorporates the full range of asset classes, including private equity, real estate, natural resources, absolute return, tactical/hedged equity, global public equity, fixed income and cash. Investments may include publicly traded securities, securities traded over-the-counter, swaps, investment contracts, options, derivatives, debt instruments, futures, commodities, currencies, real estate, fixed income securities and private or restricted securities.

Stanford Management Co. manages investments in public equities, real estate, private equity, natural resources, absolute return strategies and fixed-income. The majority of Stanford University's assets are invested in the Merged Pool (MP), a diversified portfolio of actively managed financial and real estate assets. The MP portfolio's investment philosophy is based on modern portfolio theory and strategic asset allocation. The portfolio seeks to maximize long-term returns, create consistent annual payouts to the University's operating budget and preserve purchasing power for future generations of Stanford University's faculty and students. Stanford Management Co. actively manages the MP, selecting third-party managers to deploy the MPs capital. They seek to place capital with a diversified set of managers across geographies and investment strategies. Stanford Management Co. also seeks to add value through effective risk management, tactical portfolio rebalancing and opportunistic investment tilts.

In 1991, a network of foundations founded a cooperative-style investment organization whose structure and eligibility criteria have evolved over time but whose essential mission has not. Known colloquially as TIFF, the organization's mission is: to seek to enhance the investment returns of non-profit organizations to reduce the investment and administrative expenses of non-profit organizations to broaden the universe of investment choices available to non-profit organizations to assist non-profit organizations in deploying their assets in a manner that will support charitable expenditures while preserving the purchasing power of their assets to help non-profit organizations monitor and evaluate their investment performance to promote within the non-profit community an understanding of investment managemen