Overview
The Adviser
Systima Capital Management LLC is an investment adviser organized as a Delaware limited liability
company on January 26, 2011. Systima Capital Management, LLC is owned by Mr. John Varones, its
founder and CEO, and its principal office is in Chicago, IL.
Advisory Services
The Adviser, together with its relying advisers (the “Adviser” or “Systima”), provides discretionary
investment advisory services to separately managed account clients and organizes and manages pooled
private investment funds (each, a “Client”). The private investment funds are exempt from registration
under the Investment Company Act of 1940, as amended and the offer and sale of interests in the private
investment funds are made in reliance on an exemption from registration under the Securities Act of 1933.
The Adviser may in the future organize additional investment funds or manage investment funds or
separately managed accounts that may either co-invest with the Clients or follow an investment program
similar to or different from that of the Clients. To that effect, the Adviser currently offers municipal advisory
and other finance consulting services. As part of its advisory services to its Clients, Systima or other
affiliated entities may originate loans, structure securities, and / or administer or service Client assets. Any
income earned by Systima or its affiliates
are shared with Clients based on terms agreed to in the Clients’
governing documents, whether fully, partially or not at all.
Client investment programs generally pursue a variety of opportunities in certain housing-related securities
and securitizations, mortgage-backed debt instruments, or other real estate-related investments, as may be
determined from time to time. Services are provided to the Clients in accordance with investment
management agreements, engagement letters, confidential offering, private placement memoranda, limited
partnership or limited liability company agreements, operating agreements and other governing documents
(collectively the “Governing Documents”) with the Clients. All discussions of the Clients in this brochure,
including but not limited to their investments, the strategies used in managing the funds, associated fees and
costs and the conflicts of interest faced by Systima and its affiliates in connection with the management of
the Client funds are qualified in their entirety by the respective Governing Documents or management
agreements. Investment restrictions for Clients, if any, are generally established in the Governing Documents
for Clients.
The Adviser does not participate in wrap fee programs.
Assets Under Management
As of December 31, 2023, the Adviser manages approximately $469,437,120 on a discretionary basis and
$109,657,354 on a non-discretionary basis.