# Systima Capital Management

Systima Capital Management is a Pension Fund based in St. Louis, United States.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** St. Louis, United States
- **Region:** North America
- **Address:** 1419 Hampton Avenue, St. Louis, MO, United States
- **Founded:** 1969
- **Assets under management:** 3.2B (Altss estimate)
- **Website:** www.carpdc.org

## Regulatory record

- **CRD number:** 168318
- **SEC file number:** 801-79703
- **Registration status:** APPROVED
- **Latest Form ADV filing:** 2026-03-27T05:00:00.000Z
- **Reports private funds:** Yes
- **Private funds reported:** 0
- **IAPD record:** https://adviserinfo.sec.gov/firm/summary/168318

## About

Systima Capital Management LLC operates as the investment vehicle tied to the Carpenters' Pension Trust Fund of St. Louis, a plan established in 1969 that delivers retirement, disability, and death benefits to members of affiliated local unions. John Varones serves as founder and CEO. The firm allocates across private equity and real estate. Current exposure includes a 7.89 percent allocation to private equity. Confirmed holdings encompass The Residences at Kenilworth Park, a Washington DC affordable housing development completed with The Carding Group, Gragg Cardona Souadi, Renewal Housing, and Hallbridge Partners. Additional exposure covers the Systima Multifamily Portfolio spanning 42 states and multiple affordable housing credit and debt funds such as Systima Affordable Housing Credit Opportunities Fund III LP and Systima Affordable Housing Finance Fund I LP. Geographic reach centers on the United States with activity in the Midwest and national markets. The firm maintains six named private holdings in financial services operating businesses. Service providers include JPMorgan Hedge Fund Services for fund administration and Gilmore & Bell, PC for bond counsel. Systima signed the UN Principles for Responsible Investment on June 9, 2023. No operational events from the last 24 months appear in available records. Systima functions as both asset owner and manager for a single multiemployer pension client. This structure channels capital through dedicated SPVs and joint ventures rather than broad fund-of-funds commitments.

## Sectors

- Real Estate
- Financial Services

## People

- John Varones — Founder and CEO
- Conor O'Grady — CFO and Chief Compliance Officer
- Kathleen Danilchick — Administrative contact and Elector representative

## Questions

### Who runs investment decisions at Systima Capital Management?

John Varones serves as founder and CEO. Conor O'Grady acts as CFO and chief compliance officer.

### Does Systima participate in fund commitments or only direct deals?

Systima holds direct real estate positions and owns multiple limited partnerships focused on affordable housing credit and debt.

### What asset classes receive allocations at Systima?

Private equity receives a current allocation of 7.89 percent. Real estate forms the balance through multifamily and affordable housing assets.

### Where does Systima deploy capital geographically?

Investments concentrate in the United States, with projects in Washington DC and a multifamily portfolio spanning 42 states.

### How is Systima related to the Carpenters' Pension Trust Fund of St. Louis?

Systima Capital Management LLC manages investments for the pension fund established in 1969.

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Last updated: 2026-07-08T20:58:32.794Z

Canonical page: https://altss.com/profile/systima-capital-management-llc

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