AdFi
SC

Systima Capital Management

SEC Registered

Alternative Investing in Public-Private Real Estate

Chicago, ILhttps://systimacapital.com312-481-7229
Assets Under Management
$500M–$1B
Employees
7
Office Locations
1 office
Total Accounts
7

About the firm

Systima Capital invests private credit and private equity in affordable, middle income, and mixed income housing, which it considers the largest unrecognized asset class in real estate. The firm has a 10-year track record of conservative yet innovative investing, generating opportunistic risk-adjusted returns for institutional investors. Systima operates as both a specialized and multi-strategy manager, investing across the capital stack in the U.S. multifamily sector.

Firm Focus

Client segments reported on the firm's SEC Form ADV — applies to all advisors at the firm.

Pooled VehiclesPension/Profit Sharing

Areas of expertise

Affordable HousingMiddle Income HousingMixed Income HousingPrivate CreditPrivate EquityStructured DebtDirect LendingMultifamily Real EstateMezzanine DebtPreferred EquityBridge Loans+4 more

Services

Structured debt (first loss B certificates, mezzanine debt and preferred equity, structured products), direct lending (new construction, substantial rehabilitation, permanent debt, bridge loans), and private equity (new construction, value-add, repositioning, recapitalization) in affordable, middle income, and mixed income housing.

Private funds / alternatives
Private Equity

Who they serve

Institutional investors

Client segmentClientsAssets managed
Pension/Profit Sharing Plans6$356M

Leadership

John Nicholas Varones
CHIEF EXECUTIVE OFFICER, MANAGING MEMBER

Office locations

1 office in 1 state
IL
ChicagoHQ

Regulatory & compliance

CRD number
#168318
SEC Number
801-79703
Disciplinary History
No
Fee Model & Minimums
Model: AUM / Flat Fee / Performance-based / Other

Data as of March 27, 2026 · Source: SEC IAPD & FINRA BrokerCheck

Contact Information

Editorial disclosure

This profile was compiled and published by AdvisorFinder as editorial content using publicly available information from the SEC's IAPD database and FINRA BrokerCheck. Systima Capital Management has not reviewed, approved, or endorsed this profile and is not responsible for its accuracy. Regulatory records change over time — always verify the current record directly on the SEC or FINRA websites before making any decision.

BrokerCheck data is used subject to the FINRA BrokerCheck Terms of Use. Found something inaccurate? Report inaccurate data and we will correct any error we introduced. Errors in the underlying BrokerCheck record itself are referred to FINRA, which maintains that record.

Find the right advisor for you

Take the free 3-minute assessment to get matched with advisors who fit your goals.

Get Matched
Systima Capital Management in Chicago, IL | AdvisorFinder