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LISC Fund Management
LISC Fund Management was established as the investment arm of LISC, one of the largest community development financial institutions in the US.
LISC Fund Management
LISC Fund Management was established as the investment arm of LISC, one of the largest community development financial institutions in the US. It manages capital on behalf of institutional investors including banks, insurance companies, and pension funds seeking both financial returns and measurable community impact. The fund manager focuses on debt and equity investments in affordable housing, commercial real estate, and community facilities. Its portfolio spans all 50 states and Puerto Rico, with particular concentration in low-income urban and rural markets. LISC Fund Management structures investments through New Markets Tax Credits (NMTCs), Low-Income Housing Tax Credits (LIHTCs), and direct lending programs. As of 2024, LISC has raised over $2 billion in investment capital through its funds, including the LISC Impact Fund and other tax-credit vehicles (per LISC financial reports). The organization operates from its New York headquarters with additional offices in Chicago, San Francisco, and other regional hubs. LISC Fund Management differs from conventional fund managers by its unique nonprofit parent structure — LISC itself raises grant and program-related investment capital through philanthropic foundations while the fund management arm targets institutional market-rate returns. This dual mandate allows capital deployment through blended-finance structures that are uncommon among pure for-profit fund managers.
General information
Firm type
Asset Manager
Year founded
—
AUM
Undisclosed
Location
Region
North America
Country
United States
City
—
Corporate office
—
Frequently asked questions
Who runs investment decisions at LISC Fund Management?
LISC Fund Management operates under the broader LISC organization. Specific investment professionals are not publicly named at the fund management level. The parent organization's CEO is Michael T. Pugh, who leads LISC's overall strategy (per LISC's website).
How does LISC Fund Management source proprietary deal flow?
LISC operates a national network of local program officers across 40+ offices who identify and underwrite community development projects. This on-the-ground presence gives the fund manager access to a pipeline of affordable housing, commercial real estate, and community facility deals that may not be broadly syndicated to institutional investors.
What investment stages does LISC Fund Management typically target?
LISC Fund Management focuses on debt and tax-credit equity investments at the construction and permanent financing stages. It does not typically participate in early-stage venture or growth equity. Its investments are predominantly in real assets with predictable cash flows backed by federal tax-credit programs or government guarantees.
Is LISC Fund Management structured as a single family office or a registered investment advisor?
LISC Fund Management is a wholly owned subsidiary of the nonprofit LISC and operates as an institutional asset manager, not a family office. Its investment vehicles are offered to accredited institutional investors, not individual family offices.
Which sectors does LISC Fund Management explicitly avoid?
The fund manager avoids speculative real estate, fossil fuel infrastructure, private equity buyouts, and any investment that does not generate measurable community benefit aligned with LISC's mission of community development.
Does LISC Fund Management participate in fund commitments or only direct deals?
LISC Fund Management primarily invests directly in real assets (affordable housing, commercial real estate, community facilities) but also invests through partnerships with other community development financial institutions (CDFIs) in club deals or co-investment structures.
How is LISC Fund Management related to the broader LISC organization?
LISC Fund Management is the for-profit investment arm of LISC, a national nonprofit founded in 1979 by the Ford Foundation and other philanthropic organizations. While LISC raises grant capital and program-related investments (PRIs) from foundations, LISC Fund Management targets institutional market-rate returns from banks, insurance companies, and pension funds.
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