DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Variant
Variant
Multi-stage venture firm · probableNew York, NYvariant.fundSEC registered investment adviserfundraising evidence
We invest in technology that expands human autonomy.
both early and growth/opportunity families, reported GAV $838M
Importance
46
elevated
Active deployment
65
high
Emerging
0
low
Completeness
63
high
Freshness
100
high
Research priority
25
moderate
Identity and regulatory footprint
- Headquarters
- New York, NYadviserinfo.sec.gov
- Office address
- 75 SPRING STREET, 7TH FLOOR, New York, NY, 10012adviserinfo.sec.gov
- Business phone
- 580-952-9740adviserinfo.sec.gov
- Website
- https://variant.fund/
- SEC adviser type
- registered investment adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- May 6, 2026
- Private funds reported
- 8 (8 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $458Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- Regulatory AUM
- $729Mthe adviser's RAUM, a regulatory measure, never a fund size
- Employees
- 12
- business phone
- 580-952-9740adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
52 observed deals
Stated (the firm’s website)
- Sectors
- not stated or not yet read
- Stages
- not stated or not yet read
- Geography
- new york
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- venture capital
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 98%Other Technology 2%
lead rate 0%follow-on rate 0%new logos, 12 months 52
Funds and vehicles
8 reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Variant Fund II, LP | Fund | 2021 form d first sale | Mature | $134M Sep 27, 2024 | 115 | $100M of $100M | Oct 21, 2021 |
| Variant Community Fund II, LP | Fund | 2021 form d first sale | Mature | $13.4M Sep 27, 2024 | 53 | $10.0M of $10.0M | Oct 21, 2021 |
| Variant Fund, L.P. | Fund | 2020 form d first sale | Mature | $127M Sep 27, 2024 | 60 | $13.4M of $30.0M | Aug 25, 2020 |
| Variant Opportunity Fund, L.P. | Opportunity fund | unknown | Unknown | $394M Sep 27, 2024 | 78 | $0 | Mar 24, 2022 |
| Variant Fund III, L.P. | Fund | unknown | Unknown | $163M Sep 27, 2024 | 77 | $0 | Mar 24, 2022 |
| Variant Co Fund, L.P. | Fund | unknown | Unknown | $4.2M Sep 27, 2024 | 22 | $0 | Jun 17, 2022 |
| Variant Community Fund III, L.P. | Fund | unknown | Unknown | $1.7M Sep 27, 2024 | 23 | $0 | Jun 17, 2022 |
| Variant Fund IV, L.P. | Fund | unknown | Fundraising | unknown | unknown | $0 of $250M | Sep 8, 2025 |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
17 current, 0 departed
Austin Adams
Board or advisoryAdvisor
Jake Chervinsky
Board or advisoryAdvisor
Salah Ghazzal
Board or advisoryAdvisor
Jesse Walden
Managing partnerFounder and Managing Partner
Alana Levin
PartnerInvestment Partner
Caleb Shack
PartnerInvestment Partner
Elijah Fox
PartnerInvestment Partner
Jesse Daniel Walden
PartnerMember · since Nov 1, 2019
Caleb Shough
Platform and operationsCoo/Cfo/Cco · since Nov 1, 2021
Caleb Shough
Platform and operationsCOO
Chase Almen
Platform and operationsCFO
Daniel Barabander
Platform and operationsInvestment Partner & Chief Legal Officer
Jacob Chervinsky
Platform and operationsChief Legal Officer · since Jan 1, 2024
Maria Falcone
Platform and operationsExecutive Assistant
Sabina Beleuz
Platform and operationsDeputy General Counsel & Investor
Tara Kodosky
Platform and operationsOffice Manager & Operations Analyst
Tom Dils
Platform and operationsDirector of Operations
Investments on record
52 edges, 50 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
40 relationships from shared deals, counted for the whole firm
CNK Equity Partners I, LLC 7 shared · strongA.capital Ventures 4 shared · strongUnion Square Ventures 4 shared · strongHaun Ventures Management LP 3 shared · recurringLightspeed Faction 3 shared · recurringHack Vc Management, LLC 2 shared · recurringInflection Managing Partner Inc. 2 shared · recurringParadigm Operations LP 2 shared · recurringElectric Capital Partners, LLC 2 shared · recurringStandard Crypto Management LP 2 shared · recurringCastle Island Management, LLC 2 shared · recurring · they led 1Nascent Ventures 2 shared · recurringOSS Capital, LLC 1 shared · one timeWonder Ventures Management, LLC 1 shared · one timeScribble Ventures Management, LLC 1 shared · one timeFika Ventures 1 shared · one timeAmerican Family Ventures 1 shared · one timeStrobe Ventures 1 shared · one timeCompound Advisors, LLC 1 shared · one timeCorazon Group LLC 1 shared · one timeCollab+currency Management, LLC 1 shared · one timeSolari Capital Management LLC 1 shared · one timeInnovating Capital Management, LLC 1 shared · one timeShine Capital 1 shared · one timeQED Investors, LLC 1 shared · one time6th Man Ventures, LLC 1 shared · one timeHypersphere Capital Management LP 1 shared · one timeHummingbird Ventures V US GP LLC 1 shared · one timeOrbiMed 1 shared · one timeBetaworks Ventures Management, LLC 1 shared · one timePantera 1 shared · one time · they led 1Figment Capital 1 shared · one timeGalaxy Ventures 1 shared · one time · they led 1FalconX 1 shared · one timeGSR Ventures 1 shared · one timeWintermute Ventures 1 shared · one timeBankless Ventures LLC 1 shared · one timeFormation 8 1 shared · one timeCoinbase Ventures 1 shared · one timeQuantonation 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
9 dated events
- Jan 1, 2024Jacob Chervinsky joined Schedule A of Variant as Chief Legal Officer
- Jul 1, 2022Variant Fund III, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $140,602,668Fund first reported on Form ADVFundsFactVariant Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Opportunity Fund, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $275,743,997Fund first reported on Form ADVFundsFactVariant Opportunity Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Community Fund III, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $804,999Fund first reported on Form ADVFundsFactVariant Community Fund III, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Fund II, LP first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $100,352,080Fund first reported on Form ADVFundsFactVariant Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Fund, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $119,603,923Fund first reported on Form ADVFundsFactVariant Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Community Fund II, LP first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $10,285,194Fund first reported on Form ADVFundsFactVariant Community Fund II, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Unofficial Management, Inc. first filed Form ADV (IA)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Jul 1, 2022Variant Co Fund, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $1,609,999Fund first reported on Form ADVFundsFactVariant Co Fund, L.P.SEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Multi-stage venture firm (probable, 80%, cls-1)both early and growth/opportunity families, reported GAV $838M
- Sep 12, 2026Multi-stage venture firm (probable, 80%, cls-1)both early and growth/opportunity families, reported GAV $834M
Evidence
47 observations from 3 sources