Alternative Investing in Affordable Housing

Who We Are

Systima invests private credit and private equity in the specialized but vast market for affordable, middle income and mixed income housing. Our investable market is 50% of the entire U.S. multifamily market, totaling almost 23 million households who are housing cost burdened. Systima believes affordable housing is the largest unrecognized asset class in real estate and in need of private capital and innovation.

Systima has a 10-year track record of novel and innovative investing, generating opportunistic risk-adjusted returns for our institutional investors.

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Our business model is built on two competitive advantages:

  • Specialized Manager: Deep sector specialist in the complex and fragmented affordable, middle income and mixed income housing market
  • Multi-Strategy Manager: Ability to invest up and down the capital stack to opportunistically enhance returns and mitigate risk
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Systima’s business model and firm culture has resulted in "Market Firsts" including:

  • First synthetic GSE multifamily credit risk transfer
  • First re-securitization of tax-exempt multifamily B Piece Certificates
  • First Freddie Mac Q-Series securitization for prominent non-profit lender

What We Do

Structured Credit

  • First loss B certificates tied to affordable and workforce housing

  • Nontraditional structured credit investments that offer outsized risk-adjusted returns

Direct Lending

  • New construction and permanent debt

  • Bridge loans

  • Mezzanine debt & preferred equity

Private Equity in partnership with best-in-class sponsors

  • New construction

  • Value-add, repositioning, recapitalization

Firm By The Numbers

10+ Years

Track Record

$9+ Billion

Exposure to Structured Credit, Direct Lending

140 000

Total Unit Count

42

States