Fund Manager, Commercial Real Estate

LISC is one of the country’s largest community development organizations, helping forge vibrant, resilient communities across America. LISC works with residents and partners to close gaps in health, wealth, and opportunity so that people and places can thrive. We do this by acting as a conduit for grants, loans and equity--and by providing technical assistance and capacity building--to locally rooted organizations that carry out the work in communities.

About LISC Fund Management – Where community and capital grow together

LISC Fund Management (LFM) is a national impact investment platform that designs, raises, and manages mission-driven funds to expand access to capital for housing and small businesses in communities across the country. Drawing on LISC’s deep expertise in community development financing, LFM (a LISC subsidiary), connects private, public, and philanthropic capital to local initiatives that drive inclusive economic growth and long-term community stability.

As an SEC-registered investment advisor, LFM partners with cities, investors, developers, and community stakeholders to deliver innovative public-private solutions that balance measurable impact with responsible financial returns. Our work is grounded in the belief that capital, when thoughtfully deployed, can be a powerful tool for advancing opportunity and strengthening communities nationwide.

Our Vision

To become a national investment partner — delivering innovative public-private solutions that scale local investment, drive high impact, and generate responsible returns.

Our Mission

Harnessing LISC’s expertise in community development financing to expand investment opportunities in housing and small business — connecting capital to community initiatives and driving sustainable growth nationwide.

Our Core Values

Partnership • Opportunity • Performance • Stewardship • Innovation

These values guide how we collaborate, invest, manage risk, and measure success — ensuring accountability to our investors, partners, and the communities we serve.

How We Work

LFM operates as an integrated investment platform, aligning capital raising, investment execution, and long-term fund stewardship to deliver measurable impact and responsible returns. Our teams work collaboratively across the full fund lifecycle — from concept and capitalization through deployment, asset management, and reporting — ensuring continuity, accountability, and strategic alignment at every stage.

We bring funds to market through our Fund Development and Marketing department , building strong investor partnerships and clearly communicating both impact and performance. Our Fund Investment and Asset management department ensures disciplined underwriting, active portfolio oversight, and long-term value creation for communities and investors alike. Fund Management and Finance provides the financial rigor, transparency, and fiduciary oversight required of an SEC-registered investment advisor, while Operations and Administration ensure compliance, governance, and scalable internal systems that support sustainable growth.

Together, this integrated approach allows LFM to connect capital to community initiatives efficiently and responsibly — turning local investment into lasting, national impact.

Position Summary

The Fund Manager, Commercial Real Estate role resides within the Fund Management & Finance team and is responsible for overseeing the financial management, reporting, and operational performance of designated impact investment funds, including place-based affordable housing vehicles.

Reporting to the Director, Fund Management, the Fund Manager is accountable for fund-level financial reporting, fund performance and analysis, capital management, investor communications support, and coordination across internal teams to ensure disciplined execution throughout the fund lifecycle. The role works closely with other LFM departments: Fund Investments & Asset Management, Fund Design & Marketing (specifically Investor Relations) and with LISC departments including Legal, Compliance, and LISC shared services to support accurate reporting, regulatory compliance, and fund performance transparency.

The Fund Manager leads preparation of quarterly and annual financial statements, oversees capital call and distribution processes, monitors fund expenses and budgeting, portfolio level inputs, and supports investor reporting and board materials. The position requires strong financial analysis capabilities, comfort working with complex real estate investment structures, and the ability to interpret portfolio performance within the context of fund strategy. The Fund Manager contributes to maintaining LFM’s track record of financial discipline, transparency, and responsible stewardship of investor capital.

Responsibilities

Fund Financial Management & Reporting

Build, maintain, and regularly update financial models for assigned funds, incorporating actual fund performance, investment activity, capital deployment, repayments, expenses, cash flows, and other relevant assumptions to forecast fund performance through the end of the fund term.

Use fund models to evaluate projected liquidity, deployment pacing, investor returns, management fees, and other key financial outcomes; identify variances from plan and recommend adjustments as needed.

Review and approve quarterly and annual financial statements, investor reports, CECL impairment, and performance analysis for assigned funds, ensuring accuracy, completeness, and compliance with fund governing documents

Analyze fund-level performance, including income statements, balance sheets, capital accounts, and portfolio returns. Present quarterly overview of fund performance to executive leadership and LISC Finance.

Monitor and manage fund-level expenses, budgeting, and forecasting in coordination with Finance and shared services

Oversee calculation and payment of management fees and other fund-level obligations

Support preparation of impact and performance reporting materials in coordination with Investor Relations and Asset Management

Capital Management & Cash Flow Oversight

Manage capital call and distribution processes, including reconciliation of construction draws, pipeline timing, and fund liquidity

Monitor portfolio cash flows and coordinate with Asset Management and Investments to ensure alignment between deployment and fund capacity

Maintain oversight of fund models to assess performance trends, validate assumptions, confirm model outputs, and disseminate key findings to investors and senior leadership

Review and validate capital account activity and investor allocations

Identify and elevate potential fund-level risks related to liquidity, timing, or portfolio concentration

Investor Reporting & Stakeholder Coordination

Contribute to preparation of investor decks and reporting materials in collaboration with Investor Relations

Support investor meetings by preparing analysis and responding to fund-specific inquiries. Present on fund financial performance, outlook, and fund strategy in investor meetings.

Ensure timely dissemination of quarterly and annual reports to investors

Collaborate with Investor Relations to maintain strong transparency and communication with fund stakeholders

Fund Operations, Compliance & Cross-Functional Strategy

Coordinate closely with Investments, Asset Management, Legal, Compliance, and LISC shared services to ensure timely and accurate documentation and reporting in compliance with legal agreements, regulatory requirements, and LFM policies

Develop, maintain, and contribute to continuous improvement of fund management processes, policies, systems, and reporting tools

Collaborate on overall fund strategic direction for assigned funds, including cash management, distribution, fundraising, and investment allocation and structuring decisions

Team Management and Develo