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

• 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 Development

• Supervise and manage a Financial Analyst
• Ensure proper workload distribution and resource allocation across funds and LFM functions
• Provide ongoing performance feedback and foster professional development opportunities

Qualifications 

• Bachelor’s degree in Finance, Economics, Business Administration, Accounting, or related field required; CFA, MBA, MPA, or other relevant advanced degree preferred
• Minimum 6 years of experience in fund management, private equity, real estate investment management, financial services, or community development finance
• Demonstrated experience managing fund-level financial reporting, capital accounts, capital calls, and investor reporting processes
• Strong understanding of real estate investment structures and fund economics, including waterfall calculations, capital allocations, and fee structures
• Experience working with affordable housing, impact investment funds, or place-based real estate vehicles preferred; familiarity with LIHTC, HTC, or NMTC preferred
• Advanced proficiency in Excel, including financial modeling and complex reconciliation; experience with fund accounting or financial reporting systems required
• Strong analytical and problem-solving skills, with the ability to interpret financial performance in the context of fund strategy and investor expectations
• Strong written and verbal communication skills; experience coordinating across investments, asset management, legal, compliance, and finance teams; ability to manage multiple deadlines, exercise sound judgment, operate independently, and maintain commitment to mission-driven, impact-oriented investment objectives

Organizational Alignment 

The position fits within the Fund Management team’s structure by reporting to the Director, who reports to the Vice President of Fund Management and Finance, who reports to the President. This role does not duplicate finance, underwriting, originations, or legal functions. Expectations are consistent with a more advanced fund management role level across LISC Fund Management, but not quite at a Director level.

Compensation

LISC offers a competitive salary ($127,685-$159,606) and excellent fringe benefit

*Actual salaries may be based on several factors including, but not limited to, a candidate's skill set, experience, education, work location and other qualifications.

Our benefits include: 

Medical, Dental, Vision Coverage: Comprehensive health plans for you and your family's well-being; Disability Insurance: Long-term and short-term coverage for peace of mind; Retirement Savings: Secure your future with our 401(k) and 403(b) plans; Generous Holidays: Enjoy ample time off to recharge and celebrate; Vacation, PTO, and Sick Days: Take advantage of flexible time-off policies to maintain work-life balance; Tuition Assistance: Pursue your educational goals with support from our tuition assistance program; Referral Program: Earn rewards for referring qualified candidates to join our team; Professional Development Opportunities: Grow and advance in your career with access to ongoing training and development programs tailored to your goals.

LISC is an equal opportunity employer. LISC does not discriminate in employment on account of actual or perceived race, color, creed, religion, national origin, ancestry, citizenship status, age, sex or gender (including pregnancy, childbirth, lactation and related medical conditions), gender identity or expression (including transgender status), sexual orientation, marital status, military status or veteran status, unfavorable discharge from military service, physical or mental disability, protected medical condition as defined by applicable state or local law, genetic information or any other characteristic protected by applicable federal, state or local laws and ordinances.

We will endeavor to make a reasonable accommodation to the known physical or mental limitations of a qualified applicant with a disability unless the accommodation would impose an undue hardship on the operation of our business.