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EDGAR Verified
Primary Source · SEC.gov

Makena Perpetual U.S. Real Estate Fund, L.P.

CIK 0001710034Fund Vehicle2025 vintage506(b), 3(c)
Makena Perpetual U.S. Real Estate Fund, L.P.

Raised

$498M

Investors

19

Min Invest

$0

AltStreet Analysis

·

Generated from EDGAR primary sources

Makena Perpetual U.S. Real Estate Fund, L.P. is a Delaware pooled investment fund filed under Rule 506(b) and Section 3(c), raising $498.0M from 19 accredited investors as of July 15, 2025 (amended filing). No minimum investment is stated, and no first sale date is disclosed. The fund is managed by Makena Capital Management entities with a board including Lara Banks, Joseph Dekker, and other named directors.

This real estate fund represents an institutional-scale vehicle typical of large private equity real estate platforms using the 506(b) exemption for non-publicly advertised raises. The absence of a stated minimum investment combined with a $498M raise from only 19 investors suggests an average commitment of approximately $26.2M per investor, consistent with institutional or ultra-high-net-worth allocation strategies rather than retail distribution.

Data Flags

minimumInvestment$0 stated minimum on a $498M raise from 19 investors implies average check size of ~$26.2M, suggesting institutional investor base where formal minimums may not apply
firstSaleDateNo first sale date disclosed on an amended filing with $498M already sold, preventing vintage year determination and compliance timeline verification
generalAmendment filing with substantial capital raised but no prior filing history visible in provided data context

EDGAR Filing Data

Form D — Primary Source

View on SEC.gov
CIK Number0001710034
Entity NameMakena Perpetual U.S. Real Estate Fund, L.P.
Exemption506(b), 3(c)
First Sale Date—
Filing DateJuly 15, 2025
Accession Number0001231919-25-000118
Total Amount Sold$498M
Total Investors19
Minimum Investment$0 (no stated minimum)
Securities TypePooled Investment Fund
State of IncorporationNot specified
Amendment CountOriginal filing only

Related Persons (Form D)

Executive officers, directors, and promoters listed on the SEC Form D filing. Source: SEC.gov.

N/A Makena Performance Holdings, L.P.

Director · Menlo Park, CA

N/A Makena Capital Management (Cayman), LLC

Director · Menlo Park, CA

N/A Makena Capital Management GP, LLC

Director · Menlo Park, CA

Lara Banks

Director · Menlo Park, CA

Joseph Dekker

Director · Menlo Park, CA

Jackson Garton

Director · Menlo Park, CA

Kia Ghorashi

Director · Menlo Park, CA

William McGrath

Director · Menlo Park, CA

Mike Tremmel

Director · Menlo Park, CA

Luke Proskine

Director · Menlo Park, CA

Brian Rodde

Director · Menlo Park, CA

Jonathan Van Gorp

Director · Menlo Park, CA

Joseph Magher

Director · Menlo Park, CA

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Data Methodology

Capital raise figures, investor counts, and filing dates are sourced directly from SEC EDGAR Form D primary documents via the SEC EDGAR submissions API and full-text search index. AltStreet analysis (summaries, flags, category context) is generated by Claude from this primary source data and reviewed for accuracy. Platform-provided information (if present) is clearly labeled and does not affect EDGAR data or AltStreet editorial coverage. EDGAR data is verified read-only — platforms may request factual corrections for demonstrable inaccuracies by contacting research@altstreet.investments. This page does not constitute investment advice.