Washington and Lee University

1. You maintain a concentrated portfolio approach and can commit across fund sizes.

We’re a boutique, owner-managed hedge fund running a concentrated best-ideas portfolio—well-suited to a selective, concentrated allocator that is open to smaller managers.

Evidence

“The university’s endowment is large enough to make meaningful commitments across fund sizes, but the team maintains a concentrated portfolio approach.”

2. You prioritize long-term GP relationships and are highly selective, valuing consistency, alignment, and differentiated strategies.

Our entrepreneurial, aligned structure and differentiated, high-conviction process with a long track record fit a program built on durable manager partnerships.

Evidence

“Fund managers seeking to work with Washington and Lee’s endowment should understand that the institution operates a focused investment program built on long-term GP relationships.” “The team is selective about adding new managers and values consistency, alignment, and strategy differentiation.”

3. Referrals and introductions from the institutional community are your preferred sourcing path for new managers.

We often work via allocators and GP networks; we’re happy to facilitate introductions through existing institutional relationships.

Evidence

“Referrals from existing GP partners and introductions through the institutional investor community are the most effective approach.”

4. You allocate to global public equities and embrace globally diversified exposures.

Our global mandate, with dedicated emerging markets capability, can complement your global equity sleeve and broaden international alpha sources.

Evidence

“The remaining portfolio is invested in global public equities, fixed income, and other liquid strategies.” “Makena’s Multi-Asset Class portfolio is diversified across geographies, strategies, and over 130 investment managers.”

5. You emphasize diversification and absolute return characteristics to deliver returns with substantially lower volatility than equities and a predictable funding stream.

Our low-correlation, risk-managed return profile aims to dampen volatility while contributing to steady total returns that support payout needs.

Evidence

“The portfolio is structured across the asset and sub-asset classes to generate performance in excess of relevant benchmarks while realizing substantially lower volatility than equity markets.” “The University targets a diversified asset allocation that places emphasis on investments in equities, bonds and absolute return strategies to achieve its long -term return objectives within prudent risk constraints.” “The University has adopted investment and spending policies for endowment assets that attempt to provide a predictable stream of funding to programs supported by its endowment while seeking to maintain the purchasing power of the endowment assets.”

6. Your policy targets a total return to support a 5% spend, with a 7.5% long-term return objective guiding manager expectations.

We focus on delivering long-term total return (capital appreciation plus income) consistent with meeting spending needs while managing drawdown risk.

Evidence

“The applied spending rate was 5.00% for the years ended June 30, 2025 and 2024.” “Returns on a nominal basis for endowment funds with external managers fell short of the University’s long- term expected return (5.3% actual versus 7.5% targeted).” “To satisfy its long-term rate-of-return objectives, the University relies on a total return strategy in which investment returns are achieved through both capital appreciation (realized and unrealized) and current yield (interest and dividends).”

7. Your implementation is largely via an OCIO with pooled, NAV-based vehicles—favoring transparent, reviewable valuations.

We offer a commingled fund with clear NAV reporting and institutional governance, built to slot into OCIO platforms and pooled endowment structures.

Evidence

“Approximately 84% and 85% of the University’s endowment funds were held at Makena as of June 30, 2025 and 2024, respectively.” “The various net asset values, which are used as a practical expedient for fair values, are based on valuations provided by external investment managers, which are reviewed by the University for reasonableness.” “Most of the University’s long-term investments are held in an investment pool.”