DFX Intelligence
Variant Opportunity Fund, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
UnknownFundraising status unknownADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
11 additional placement agents
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
- -57%reported GAV
Reported gross assets fell from $394M to $168M between the Form ADV filings of 27 Sep 2024 and 6 May 2026.
The fund's assets as the adviser swears them, never its size or dry powder.
Drawing the relationship network…
Amounts, each with its basis
- Vintage
- unknownno dated first sale or first report yet
- Target
- unknownnot announced
- First close
- unknownnever inferred from a Form D
- Final close
- unknownonly from an announcement or an LP disclosure
- Announced size
- unknown
- Form D offering
- indefinitewhat may be sold, not what was raised; file 021-438850, sworn by the adviser or filed under this vehicle
- Form D sold
- $0as of the filing of Mar 24, 2022
- First sale
- unknown
- Reported GAV
- $168Mon the Form ADV filed May 6, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 78
- Reported on ADV
- Jul 1, 2022 to May 6, 2026
Fundraising evidence
What counts as raisingA Form D offering is permission to sell, not a fund in market; an amount sold is never a close; an evergreen offering amended every year is not a raise.Unknown
latest Form D 2022-03-24, older than 15 months (fr-1)
evidence dated Mar 24, 2022.
Lifecycle
Unknown
Lifecycle
no vintage and no recent Form D
first sale: n/avintage year: n/aadv gav as of: May 6, 2026vintage basis: n/aform d sold: $0form d offering: n/aform d latest filed at: Mar 24, 2022
The fund's own reporting through time
7 Form ADV filings
| Filed | Type | Gross asset value | Owners | Min. investment | Adviser-owned | Audit | |
|---|---|---|---|---|---|---|---|
| Jul 1, 2022 | Venture Capital Fund | $276M | 56 | $3,000 | 1% | yes | |
| Mar 31, 2023 | Venture Capital Fund | $269M | 78 | $3,000 | 1% | yes | |
| May 2, 2023 | Venture Capital Fund | $269M | 78 | $3,000 | 1% | yes | |
| Mar 27, 2024 | Venture Capital Fund | $394M | 78 | $14,000 | 1% | yes | |
| May 1, 2024 | Venture Capital Fund | $394M | 78 | $14,000 | 1% | yes | |
| Sep 27, 2024 | Venture Capital Fund | $394M | 78 | $14,000 | 1% | yes | |
| May 6, 2026 | Venture Capital Fund | $168M | 78 | $14,000 | 2% |
Principals and agents
2 principals on Form D, 0 placement agents
- Jesse Walden Executive Officer
- a Delaware limited liability company Variant Opportunity Fund GP, LLC Executive Officer
Service providers
14 named on Form ADV Schedule D and Form D
- AuditorRSM · BOSTON, Massachusetts, United StatesForm ADV filed May 6, 2026 reports.adviserinfo.sec.gov
- AdministratorCarta · SAN FRANCISCO, California, United StatesForm ADV filed May 6, 2026 reports.adviserinfo.sec.gov
- CustodianBITGO TRUST COMPANY, INC. · SIOUX FALLS, South Dakota, United StatesForm ADV filed May 6, 2026 reports.adviserinfo.sec.gov
Limited partners and their reported performance
Whose numbers these areEach row is the LP’s own number: its cash flows and its valuation policy as of its reporting date, not the fund’s. Net IRR is printed only when the LP prints one. The vintage is the LP’s definition (CalPERS: year of its first cash flow; WSIB: year of its initial investment).0 public LP reports
No public LP has reported this vehicle. The LP tape is read from public pension disclosures (see Limited partners); a fund appears here only when an LP’s report names it.
Known LPs and allocators
What these amounts and dates areA commitment date prints only when the source printed one; otherwise the row carries the date of the report that listed it. A foundation’s 990-PF line is a holding at fair value on its return, never a commitment.1 relationship, public pensions and the allocator graph, each counted once
| Allocator | Type | Amount | Date | Source |
|---|---|---|---|---|
| Hillman Family Foundations | FOUNDATION | $6.2M fair value on the foundation's return | reported as of Dec 31, 2024 | Fact IRS Form 990 / 990-PF e-file returns |
Investments attributed to this vehicle
0
No investment attributed to this vehicle. The firm’s investments sit on the firm; a fund gets one only when a source names the vehicle.
Timeline
3 events
- Mar 31, 2023Auditor changed: RSM replaced BDO, first reported on the Form ADV filed March 31, 2023 (previous filing July 1, 2022)Auditor changed Fact Form ADV
- 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 ADV Fact Form ADV
- Mar 24, 2022Variant Opportunity Fund, L.P. filed Form D: no sales yet (indefinite offering), Venture Capital FundForm D filed Fact Form D
Evidence
15 observations
Every observation on this vehicle
- Entity type: Limited Partnership Mar 24, 2022 Fact Form D
- Form D fund type: Venture Capital Fund Mar 24, 2022 Fact Form D
- Form D industry group: Pooled Investment Fund Mar 24, 2022 Fact Form D
- Amendment: false Mar 24, 2022 Fact Form D
- Revenue range (Form D): Decline to Disclose Mar 24, 2022 Fact Form D
- Incorporated: withinFiveYears Mar 24, 2022 Fact Form D
- Jurisdiction: Delaware Mar 24, 2022 Fact Form D
- Amount sold (Form D): $0 Mar 24, 2022 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Mar 24, 2022 Fact Form D
- Indefinite offering: true Mar 24, 2022 Fact Form D
- Investors (Form D): 0 Mar 24, 2022 Fact Form D
- Minimum investment (Form D): 0 Mar 24, 2022 Fact Form D
- Securities offered: pooled Mar 24, 2022 Fact Form D
- Office address: Mar 24, 2022 Fact Form D
- Year of incorporation: 2021 Mar 24, 2022 Fact Form D
Relationships across DFX
on 3 other DFX graphs
Across the graphs
Variant Opportunity Fund, L.P. is the same institution as 3 records in Allocators, RIA and Wealth and Family Offices.
Allocators1RIA and Wealth1Family Offices1
DFX found 3 relationships across 3 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…
Record history
1 identity change, 3 dated events on the change ledger, latest event first
- Fund folded2026-09-14
- Fund first reported on ADV2022-07-01source on record
- Fund first reported on ADV2022-07-01source on record
+1 more change on this record's ledger
Includes 3 days of DFX Intelligence. Then $199/month unless canceled.
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.