Michael G. McCaffery

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 the majority of the Stanford University's endowment assets through the Merged Endowment Pool (MEP), which is a diversified portfolio of actively managed financial and real estate assets. SMC, with assistance from its board, actively manages the endowment, while remaining committed to a consistent long-term investment strategy. The MEP portfolio is constructed on a foundation of modern portfolio theory and strategic asset allocation and is tested through the rigors of state-of-the-art risk management techniques. The portfolio is designed to optimize long-term returns, create consistent annual payout to the University's operating budget and preserve purchasing power for future generations of Stanford faculty and students.The Absolute Return portfolio is constructed to provide returns that are substantially uncorrelated to the equity and bond markets. The portfolio includes quantitative and fundamental equity hedge fund strategies, emerging markets, distressed debt, fixed income relative value and multi-strategy arbitrage funds.Driven by appreciating commodity prices, the Natural Resources portfolio holds a diverse portfolio of managers in the oil, gas, energy and timber industries.Stanford's endowment historically has had a substantial commitment to Real Estate. The strategy of overweighting real estate investments is based on SMC's experience in real estate development and management of University lands. The portfolio includes direct investments in commercial and residential real estate development, limited partnership positions in real estate opportunity funds and publicly traded REITs. SMC prefers to invest in real estate assets outside of the San Francisco Bay Area and Santa Clara County to provide economic diversification and seismic risk mitigation. The MEP's global Real Estate portfolio creates returns through value-added activities and the demand for well-positioned assets.

RS Investment Management Co. provides investment advice to separately managed accounts and pooled investment vehicles across a range of investment strategies and styles. The firm offers value strategies, growth strategies, emerging markets, and international developed markets. In addition, RS Investments oversee the management of various fixed income strategies and a natural resources strategy (offered through the RS mutual funds). Sub-advisers manage the day-to-day investment programs of these strategies.