Our Team

In her role as Chief Executive Officer, Ms. Lambert leads all of Pacifica’s operations and investment activities, including capital allocation decisions, trading, research, regulatory compliance, marketing, and investor relations, as well as overseeing Pacifica’s private equity ventures. Kari chairs Pacifica’s Investment Committee. She has originated and led the analysis of numerous public equity investments and actively monitors all of Pacifica’s public equity holdings and private equity investments.

Throughout her career with Pacifica, Ms. Lambert has made major contributions to all facets of Pacifica’s growth. During her long tenure, assets under management grew by over 30 times between both its public equities management and private equity funds. She was instrumental in establishing Pacifica’s operational infrastructure. Ms. Lambert started with Pacifica in San Diego and moved to Austin, Texas in 2009, diversifying the firm‘s ability to observe companies and trends across the country. In 2013 the San Diego native took an active role in PCRE, supporting the investment and capitalization of projects in Southern California, Gateway Cities on the West Coast, and Colorado to take advantage of real estate opportunities this cycle. With our local partners, Pacifica has owned and operated (including current holdings and dispositions) over 6 million square feet of commercial real estate.

Ms. Lambert has been featured in Value Investor Insight multiple times where she was interviewed on Pacifica's unique approach to building wealth over the long-term. In her 20+ years as a member of Pacifica’s investment team, she has contributed meaningfully to the growth of the firm and the wealth of its clients.

Kari graduated Magna Cum Laude and Phi Beta Kappa with a Bachelor’s Degree in International Political Economy from the University of Puget Sound. She passed the Series 65 exam, is a Registered Investment Advisor Representative and holds a California real estate salespersons license. Ms. Lambert lives in Austin, Texas with her three children.

In the following year, Mr. Isaacson rejoined Pacifica as Principal, Sales & Marketing. During his tenure at the firm, his contributions have resulted in assets under management at Pacifica Capital Investments expanding substantially. He has also been instrumental in raising private equity capital for approximately 100 private equity and real estate ventures for Pacifica Capital Real Estate this cycle.

Mr. Isaacson was a founder of CalNet Business Bank in 2001. The California native is a licensed real estate broker in California where he has also been active in politics. As a result of that involvement, Blake was appointed to full-time positions in both gubernatorial and presidential administrations while living in Sacramento and Washington, DC. He is Co-Founder of Futures Group which mentors high school graduates as they prepare for and enter college and the workforce. Blake helped establish NEST, Nighthawk Entertainment & Sports Television, the streaming platform for Del Norte High School, where he has been an on-camera commentator for both varsity football and basketball broadcasts. He is an avid pickleball player and resides in San Diego, California, where he raised three sons.

Mr. Bodek has a passion for identifying undervalued businesses. He does this by applying Pacifica’s long-term investment philosophy in actively engaging with management teams, frequently visiting company locations, and talking to industry experts and consumers. He drives Pacifica’s investment research process which includes sourcing ideas, developing and applying financial modeling, monitoring current and prospective investments, and conducting trading. His role also encompasses investor communications, bringing new assets to the firm, and servicing PCI’s client relationships. Mr. Bodek sits on PCI’s Investment Committee and has been instrumental in sourcing and vetting numerous investments during his tenure that have contributed to PCI’s performance. Throughout his time with Pacifica, he has been involved with all aspects of Pacifica’s public equity investment business.

Mr. Bodek attended Indiana University where he pursued a broad-based liberal arts education spanning history, economics, and business. Prior to joining PCI, Blair gained valuable hands-on experience in business operations though his work at Philadelphia Construction. It focused on real estate acquisition with an emphasis on creating value though active management in Philadelphia. In this capacity, he was responsible for in all aspects of real estate investment operations, including market research, acquisitions, development, and property management.

Mr. Bodek passed the Series 65 exam and is a Registered Investment Advisor Representative. He currently lives in Philadelphia with his wife and daughter. He serves on the Board of Directors of Smith Memorial Playground and the Global Good Fund.

Recognizing the opportunity to be a part of the continued growth of Pacifica while carrying on her father’s legacy, Ms. Leonard joined the firm in June of 2024. Leveraging almost a decade of experience investing in private equity, Adi brings experience evaluating businesses, selecting management teams, and establishing debt and equity capital structure to facilitate such investments. Pacifica’s investment philosophy of patience, protection of capital, and value-oriented investing for the long-term have always guided her judgement.

Prior to joining Pacifica, Ms. Leonard served as a Vice President at Bow River Capital (“BRC”), a diversified investment management platform. The firm’s assets under management expanded to approximately $3.5 billion during her tenure. Adi’s focus was on BRC’s private equity investment strategy where she originated, executed, and actively managed investments in private businesses. In her time at Bow River, she worked on 18 transactions totaling approximately $1.3 billion of enterprise value. Her transaction experience includes majority recapitalizations to establish a platform investment, working collaboratively with management teams to complete add-on acquisitions and mergers, sales of these businesses (typically to large private equity firms or strategic companies backed by large private equity firms), and debt recapitalizations. She served on the boards of six platform companies. Her investment experience at BRC included developing investment theses, detailed industry and company analysis, financial valuation and modeling, investment structuring (including both equity and debt capital formation), as well as active management to identify and drive growth initiatives alongside portfolio company executives. Similar to Pacifica, the best outcomes for BRC’s private equity strategy were investments made in strong management teams and in industries they understood well. The realized investments she worked on in her tenure at Bow River drove substantial returns for the firm’s private equity funds , and the underlying assets more than doubled in size through both organic and acquisitive growth.

Ms. Leonard passed the Series 65 exam in July 2024 and is a Registered Investment Advisor. She has also completed Level I and II of the Chartered Financial Analyst (CFA®) Program. Adi graduated Cum Laude with a BSBA in Finance and minors in Economics, Leadership and Biology from the Daniels College of Business at the University of Denver. She previously served on the Board of Economic Literacy Colorado and continues to be involved in charitable organizations supported by the Leonard Family. She lives in Denver, Colorado with her husband where they enjoy skiing, hiking, biking, and entertaining friends.

Adam holds a Bachelor’s Degree in business administration from the University of San Diego. A licensed real estate broker in California, he has earned numerous professional affiliations, including YPO, CCIM, SIOR, and CPM. Adam is also a member of the Urban Land Institute and sits on the Policy Advisory Board for the University of San Diego. Recently, he became a trustee for the Quail Botanical Gardens and was selected as one San Diego’s “50 Most Influential Leaders” by the San Diego Daily Transcript.

Adam enjoys exercising, pickleball, anything with an engine (bigger is better), great food and traveling.

Prior to Pacifica, Mr. Burton was a Principal at Mack Urban, where he was responsible for all equity and debt relationships and joint ventures. Mr. Burton was actively engaged in the planning, development, marketing and lease-up of over 4,000 multi-family units and sourced over $2.5 billion of debt and equity capital while at Urban. Prior to joining Urban Partners in 2003, Mr. Burton served for 8 years as Vice President with American International Group (AIG) and SunAmerica (Sun) in Los Angeles. Mr. Burton ran the West Coast loan origination platform for Sun and AIG. In this capacity Mr. Burton placed and managed hundreds of loans for over $3.5 billion. During his career, Mr. Burton has created and maintained strong personal relationships with key players in the capital markets.

Mr. Burton holds a B.A. degree in Government from The College of Arts and Sciences at Georgetown University and a Master of Business Administration from the University of Wisconsin-Madison.

Mr. Burton and his wife have two children and live in Vermont.

Commercial Real Estate

After graduating from UCLA in 1977, Steve Leonard entered the real estate business. He formed Pacifica Holding Company in the early 1980s to take advantage of commercial real estate cycles, initially in Los Angeles, later in Denver in the early 1990s, and back in Southern California in the late 1990s. By the mid-2000’s, Mr. Leonard had taken advantage of high prices and sold the majority of his real estate holdings. As local economies began recovering on a sustainable basis following the financial crisis in 2008/2009, Mr. Leonard once again initiated investing in undervalued real estate. This time he broadened his target to include Gateway Cities along the West Coast and in Colorado. They included San Diego, Seattle, Portland, Los Angeles, Santa Barbara, Denver, and the Western Slope of the Rocky Mountains. This cycle, Pacifica Capital Real Estate with its partners has owned, developed, and operated approximately 6 million square feet of commercial product in those markets (including current holdings and dispositions). The projects have been established and operated with seasoned managing partners who have local operating expertise.

Public Equities

Returning to Southern California in 1998, Mr. Leonard founded Pacifica Capital Investments, LLC. The firm was created to implement the same value-based investment philosophy in public equities that he deployed successfully in commercial real estate, adjusted for differences in the assets classes. Pacifica focusses on business and industries it understands well and invests in companies that have excellent prospects for success and growth and that are managed by honest and capable leaders. Pacifica waits patiently until those companies’ stock can be bought at a discount to intrinsic value. Staying true to Pacifica’s founding principles and Mr. Leonard’s intentions, the Leonard family remains the firm’s largest investor, and all of Pacifica’s key principals have the great majority of their wealth invested alongside its clients.

During his lifetime, Mr. Leonard spoke at many investment forums, including the Value Investing Congress, both the Los Angeles and Denver Chapters of NAIOP, and the Colorado Real Estate Journal Forum. Mr. Leonard served on the board of directors of both public and private companies, including Anton Properties, Colorado Gaming & Entertainment, BJ’s Restaurants, and Fortis Private Bank. He was a founder of Brokers for Battered Kids, a charitable organization that has raised almost $3 million for disadvantaged children in the Denver area and actively supports several charitable organizations devoted to enhancing liberty and free markets.

Steve is survived by his wife, Cindy, and his adult children, Adi and Robert.