Fund Manager, Commercial Real Estate

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