Mortgage Income

Portfolio Manager

Tup Fisher

Portfolio Manager, Real Estate Debt

Tup Fisher

Tup Fisher joined Washington Capital Management in 2008 with 26 years of commercial real estate experience. In 2012, he was named co-portfolio manager of the mortgage income strategy, and, in 2013, he took on full responsibility as the portfolio manager.

Prior to joining WCM, he spent eleven years with Column Financial/Credit Suisse/DLJ where he was the west regional manager, responsible for sourcing, underwriting, and closing mortgage loans in the western United States. He also was involved in investor relations and with B-piece buyers. Tup has spent time as the director of California mortgage production for a New York based bank and buying properties on the west coast for a New York based investment group.

A Northern California native, Tup is a past president of the Bay Area Mortgage Association (BAMA) and is a Board member, past chair, and Former Commercial President of the California Mortgage Bankers Association. He is also a former Board member of the Vista Center of the Blind and Visually Impaired. Tup graduated from Stanford University with degrees in economics and political science.

Tup has coached his children in a number of sports, remains a Little League coach, and enjoys watching his children play endless games of baseball, basketball, and volleyball. He loves to run and bicycle in his little remaining spare time. Close Bio


The investment objective is stable and competitive income from construction and/or permanent mortgages on high quality commercial or multi-family properties.

The Mortgage Income strategy is structured to provide active portfolio management to reduce the long term risk associated with the ownership of individual loans. Geographic diversification can minimize the impact of economic downturns relating to specific areas. Diversification by type and size of property can avoid the hardships inherent in specific project failures or over-building by industry groups. Diversification by length of maturity can help provide liquidity for pension plans.

Investment Objective

  • Property and geographic diversification
  • Primarily commercial and multi-family first mortgages
  • Construction, permanent, or combination loans
  • On-site work requires building trades union labor
  • 3% liquidity reserve*
*The strategy strives to maintain a liquidity reserve of 3% of total Fund assets. However, the reserve may vary and the strategy should be considered highly illiquid.