Not at all, it was founded in 1841 as a school for missionary children, but has never had any racial restrictions or customs in the modern era. It is also is/was very expensive despite having an endowment fund that colleges would kill for. 10 kids apply for every one that gets in. It is one of the very best prep schools in the nation. I think its the only non college in the .edu hierarchy (www.punahou.edu). It is very token christian (note the use of the small c). Disproportionate shares of its graduates go on to become MDs and JDs. Its graduates are normally over represented at places like Stanford, the Ivy League schools, and the military academies. Obama is not the only high profile graduate. Steve Case (of AOL fame) went there, some of the original members of the Kingston Trio, Mosilua Tatupu (NFL), and others who have done well in many fields.
Even while I was there in the 70s, Punahou was swinging to the left. The faculty had a steady influx of liberals from the eastern universities, some of which were Punahou graduates themselves. During various straw polls, the staff would go for Dems and the students go Republican. The contrast was most stark when McGovern was running. The campus politics are now even further left wing.
It should be noted that my siblings and I are Punahou graduates
My daughter-in-law is a Kemehameha grad.What a beautiful place to grow up.
Oops,Kamehameha!