Variant logo

Variant

Multi-stage venture firmSEC-registered adviserRaisingClassification probable· New York, New Yorkvariant.fund

We invest in technology that expands human autonomy.

In the firm's own words, from its website.

Reported fund assets
$458M
sum of its funds' Form ADV filings, last 30 months
New companies, 12 mo
3
Investment team
5
Latest vintage
2025
Contact decision makers
More
Ask DFX about thisView relationshipsFind contactsInvestments (50)Team (17)Funds
As of · the latest observation of this organization; filed figures are as of its latest Form ADV

12 additional team members, 37 additional co-investors and affiliates, 52 additional investments, funds and LPs, 8 events, 13 verified contacts (12 professional url, 1 firm phone)

Every relationship, signal and contact on this record, with the source on each.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

What matters now

  1. 1 vehicle
    on Form D, 18 months

    $221M reported sold so far.

    A Form D is filed when a vehicle takes its first money, so these are open to LPs now.

    FactSEC Form D filingsFor LPs, fund-of-funds, placement agentsVehicles →
  2. 2 companies
    portfolio raising

    2 portfolio companies have new financing on record in 6 months without this firm named on the round; the latest on 21 Jul 2026 ($180M round).

    A portfolio company raising again is a follow-on decision for the firm and a co-investment opening for others.

    FactPress release wires (PR Newswire, GlobeNewswire)For Co-investors, LPs, lendersInvestments →
  3. 1 departure
    people, 12 months

    A team member departed on 6 May 2026.

    A partner leaving or arriving changes who decides, and who a founder or LP should call.

    InferenceIAPD Form ADV Part 1 PDF per firm (current filing, Schedule D 7.B.(1) and Schedule A)For Founders, LPs, recruitersTeam →
  4. 7 deals
    with CNK Equity Partners I

    Invests most often alongside CNK Equity Partners I (7 shared deals) and A.capital Ventures (4 shared deals).

    pair last observed on record 1 Oct 2026, not a deal date · The firms it syndicates with are the likeliest to see the same deals and to fill out its rounds.

    Measuredshared rounds and portfolio companies on recordFor Founders building a round, co-investorsCo-investors →

People to know

View all people
  • Alana Levin
    Investment Partner
    Why: Partner: part of the investment decision
    Profile
  • Caleb Shack
    Investment Partner
    Why: Partner: part of the investment decision
    Profile
  • Jesse Daniel Walden
    Managing Member
    Why: Named with investment responsibility
    No route on file yet

Relationship network

125 connected entities3 observed rounds1 repeat counterparty

From financing rounds and every investor named in them, Form ADV and Form D filings, the firm's funds and team, and disclosed LP commitments in the venture capital graph. A round's amount is the size of the round, not money that moved between two investors.

Some relationships on this record are counted rather than named here. They open with the full profile.

Click any name or line for the rounds and sources behind it. Line weight is rounds together; dashed lines are inferred.

Reading the network
  • Sponsor
  • Company
  • Fund or vehicle
  • Person

Co-investors are read from the rounds: three or more shared rounds is a strong observed relationship, two a repeat co-investor, one a single round. Funds and people are structural. Nothing is scored that a reader cannot check.

Darker lines were active in the last 24 months or are current; lighter lines are older or undated.

How am I connected?

Name your firm, a company or a person, and DFX finds the published routes to Variant: a shared portfolio company or board, a prior employer, a co-investor, a shared LP or service provider. Every step is a filed or published record with its source; none is a guess about who knows whom.

See how you connect to Variant

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Investing

50 companies on record, 3 new in 12 months
Investments on record
50 companies, 0 partner-attributed
CompanyRoundRolePartnerRound sizeThis investorDateSource
Aleoportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Artemis Seedportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Augustusportfolio listingunknownunknownunknownunknownOct 1, 2026Fact Firm website
Stated thesis versus observed behaviour
50 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
Industries, each company once
Hardware and deep tech, Software or Tech-enabled and IT services (1)
lead rate 0%follow-on rate 0%new companies, 12 months 3

Team

17 current, 1 departed
Decision makers
who to call first, and why; then everyone else by function
  • Alana Levin · Investment Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
    LinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
  • Caleb Shack · Investment Partner
    Why this person: Partner: part of the investment decision; Named with investment responsibility
    LinkedIn or profile link on file (firm website), confirmed 2026-10-01, confidence 90%
  • Jesse Daniel Walden · Managing Member
    Why this person: Named with investment responsibility

Ranked by the role the firm or its filing states, a route on file and deals led. Every reason is read from the record, never inferred. 2 with a route on file. Routes are published by the person or the firm (their bio, the team page or a filing) and are revealed on a plan; data bought from a provider is never shown, and a route printed at a firm the person has since left is held back.

Investment team
17 current, 1 departed
1 departed (kept with end dates)
Contacts
1 firm phone, 12 professional url

1 firm phone, 12 professional url on record, each with its source. Values open with the complete profile.

Funds and LPs

8 vehicles, 0 LPs disclosed
Funds and vehicles
8 reported
VehicleTypeVintageLifecycleReported GAVOwnersForm D soldLatest Form D
Variant Fund IV, L.P.Fund2025 form d first saleFundraising$0
May 6, 2026
52$221M
of $250M
Sep 9, 2026
Variant Fund II, LPFund2021 form d first saleMature$62.8M
May 6, 2026
108$100M
of $100M
Oct 21, 2021
Variant Community Fund II, LPFund2021 form d first saleMature$6.4M
May 6, 2026
49$10.0M
of $10.0M
Oct 21, 2021
Limited partners
0 LPs, 0 disclosed commitments
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.
Known LPs and allocators
3 relationships across the firm's funds, from public pensions and the allocator graph
AllocatorTypeFundAmountDateSource
Hillman Family FoundationsFOUNDATIONVariant Opportunity Fund, L.P.$6.2M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns
Hillman Family FoundationsFOUNDATIONVariant Fund II, LP$4.4M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns
Hillman Family FoundationsFOUNDATIONVariant Fund III, L.P.$1.8M
fair value on the foundation's return
reported as of Dec 31, 2024Fact IRS Form 990 / 990-PF e-file returns

Relationships across DFX

52 co-investors · on 2 other DFX graphs
Co-investors
52 counted from shared deals, for the whole firm
Across DFX and the capital chainon 2 other DFX graphs · 1 capital path Show
Across DFX
  • The same institution is held on Allocators, RIA and Wealth, matched by identifier. See which records
Across the graphs

Variant is the same institution as 2 records in Allocators and RIA and Wealth.

Allocators1RIA and Wealth1

DFX found 2 relationships across 2 datasets

Which record it is in each graph, what it is called there, and how the two were matched.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Checking your plan…

Capital chain

Variant sits on 1 traced path of capital across the graphs.

Allocator commitments to a manager

DFX traced 1 path of capital through this record

Every record on each path, what it committed or lent, and as of when.

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Derived from allocator disclosures, BDC schedules and SEC filings; confidence is the weakest hop.

Checking your plan…

Evidence and history

13 dated events, 68 observations from 4 sources
Timeline
13 dated events
  1. May 6, 2026
    Jacob Chervinsky (Chief Legal Officer) no longer on Schedule A of Variant
    Person leftPeopleInferenceJacob ChervinskyForm ADV
  2. May 6, 2026
    Variant Fund IV, L.P. first reported on Form ADV by Variant (Venture Capital Fund)
    Fund first reported on Form ADVFundsInferenceVariant Fund IV, L.P.Form ADV
  3. Sep 8, 2025
    Variant filed the first Form D for Variant Fund IV, L.P. (fund 4), its next fund after Variant Fund III, L.P. (vintage 2022); offering $250.0M
    Fund next filedderived signalInferenceVariant Fund IV, L.P.no URL
  4. Jan 1, 2024
    Jacob Chervinsky joined Schedule A of Variant as Chief Legal Officer
    Person joinedPeopleFactJacob ChervinskyForm ADV
  5. Jul 1, 2022
    Variant Fund, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $119,603,923
    Fund first reported on Form ADVFundsFactVariant Fund, L.P.Form ADV
Identity and regulatory footprint
Address, phone, Form ADV filing and ownersForm ADV filed May 6, 2026 · 8 private fundsShow
Headquarters
New York, NYadviserinfo.sec.gov
Office address
unknownadviserinfo.sec.gov
Business phone
unknownadviserinfo.sec.gov
Website
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, adviser total
$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
Classification history
Every classification this record has carried3 on recordShow
  1. Sep 23, 2026
    Multi-stage venture firm (probable, 80%)
    Both early and growth/opportunity families, reported GAV $458M
  2. Sep 15, 2026
    Multi-stage venture firm (probable, 80%)
    Both early and growth/opportunity families, reported GAV $838M
  3. Sep 12, 2026
    Multi-stage venture firm (probable, 80%)
    Both early and growth/opportunity families, reported GAV $834M
Evidence
68 observations from 4 sources
Every observation behind this profile, with its source, date and class
FactValueEffectiveClassSource
Why admittedVC funds reportedMay 6, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMay 6, 2026FactForm ADV
SEC adviser typeRegistered investment adviserMay 6, 2026FactForm ADV
SEC adviser typeRegistered investment adviserSep 27, 2024FactForm ADV
First Form ADV filing2022-07-01May 6, 2026FactForm ADV
First Form ADV filing2022-07-01Sep 27, 2024FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-29Sep 30, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-25Sep 26, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-23Sep 24, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-21Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1+panel:2026-09-22Sep 23, 2026FactForm ADV
Adv history loadedadv-hist-1Sep 12, 2026FactForm ADV
Latest Form ADV filing2026-05-06May 6, 2026FactForm ADV
Latest Form ADV filing2026-05-06May 6, 2026FactForm ADV
Latest Form ADV filing2024-09-27Sep 27, 2024FactForm ADV
SEC statusApprovedMay 6, 2026FactForm ADV
SEC status effective2022-07-29May 6, 2026FactForm ADV
Venture share of reported funds1May 6, 2026FactForm ADV
Venture share of reported funds1Sep 27, 2024FactForm ADV
Business phoneMay 6, 2026FactForm ADV
Business phoneSep 27, 2024FactForm ADV
Contact page urlOct 1, 2026Factno URL
Contact page urlSep 16, 2026Factno URL
DescriptionOct 1, 2026Factno URL
DescriptionSep 16, 2026Factno URL
DescriptionSep 13, 2026Factno URL
Employees12May 6, 2026FactForm ADV
Employees14Sep 27, 2024FactForm ADV
HeadquartersNew York, NYMay 6, 2026FactForm ADV
HeadquartersNew York, NYSep 27, 2024FactForm ADV
Office addressMay 6, 2026FactForm ADV
Office addressSep 27, 2024FactForm ADV
Self-described typeVenture capitalOct 1, 2026Factno URL
Self-described typeVenture capitalSep 16, 2026Factno URL
Self-described typeVenture capitalSep 13, 2026Factno URL
Legal formCorporationMay 6, 2026FactForm ADV
Portfolio pageOct 1, 2026Factno URL
Portfolio pageSep 16, 2026Factno URL
Portfolio pageSep 13, 2026Factno URL
Private funds reported8May 6, 2026FactForm ADV
Private funds reported8May 6, 2026FactForm ADV
Private funds reported7Sep 27, 2024FactForm ADV
Private fund gross assets (reported)$458MMay 6, 2026FactForm ADV
Private fund gross assets (reported)$458MMay 6, 2026FactForm ADV
Private fund gross assets (reported)$838MSep 27, 2024FactForm ADV
Regulatory AUM (adviser, not fund size)$729MMay 6, 2026FactForm ADV
Regulatory AUM (adviser, not fund size)$838MSep 27, 2024FactForm ADV
Schedule a diffsadiff-1May 6, 2026FactForm ADV
Stated geographynew york
“geography words on the home page”
Oct 1, 2026Factno URL
Stated geographynew york
“geography words on the home page”
Sep 16, 2026Factno URL
Stated geographynew york
“geography words on the home page”
Sep 13, 2026Factno URL
Team pageOct 1, 2026Factno URL
Team pageSep 16, 2026Factno URL
Team pageSep 13, 2026Factno URL
Venture funds reported8May 6, 2026FactForm ADV
Venture funds reported8May 6, 2026FactForm ADV
Venture funds reported7Sep 27, 2024FactForm ADV
WebsiteSep 27, 2024FactForm ADV
Site titleOct 1, 2026Factno URL
Site titleSep 16, 2026Factno URL
Site titleSep 13, 2026Factno URL
How this is scored
Scores, classification basis and filing advisersMulti-stage venture firm, probableShow
Importance
54
elevated
Active deployment
71
high
Emerging
0
low
Freshness
100
high
Multi-stage venture firm · probableSEC registered investment adviser

Both early and growth/opportunity families, reported GAV $458M

The inputs behind each score
importance
gav: 0.5 · funds: 0.67 · people: 0.24 · investments: 0.63 · co investors: 0.69
active deployment
investments 12m: 0.38 · fund raising 18m: 1 · people joined 12m: 0 · vintage within 3y: 1 · latest investment at: 2026-01-29
emerging manager
fund count: 8 · reported gav: $458M · first adv filing: 2022-07-01 · years since first filing: 4.3

Fits, record history and connections

scored matches for this investor, every identity change, every edge

Fits

4 scored matches, best firstas of
  • score 25.7confidence 80%
    Why: activity; cap table
  • score 25.7confidence 80%
    Why: activity; cap table
  • score 20.7confidence 80%
    Why: activity; cap table

+1 more scored match

Includes 3 days of DFX Intelligence. Then $199/month unless canceled.

Scored by DFX match engines from the record's observed portfolio, stage, geography and recent activity. A fit is a reason to look, not a mandate; the blockers say what the model could not confirm. Names and the evidence sentences show with the names on this page.

Record history

1 dated event on the change ledger, latest event first
  • Adviser's first ADV filing
    2022-07-01source on record

The ledger records every merge, rename and reclassification this record went through and the dated filings observed on it, so the identity on this page can be traced to the records it was built from. The ledger's own sentences name other records, so they show with the names.