DFX Intelligence
Variant Fund, L.P.
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureFundraising 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, 1 event
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
- -59%reported GAV
Reported gross assets fell from $127M to $51.9M 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
- 2020basis: form d first sale
- 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
- $30.0Mwhat may be sold, not what was raised; file 021-361322, sworn by the adviser or filed under this vehicle
- Form D sold
- $13.4Mas of the filing of Aug 25, 2020, 35 investors
- First sale
- Mar 6, 2020
- Reported GAV
- $51.9Mon the Form ADV filed May 6, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 60
- 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 2020-08-25, older than 15 months (fr-1)
evidence dated Aug 25, 2020.
Lifecycle
Mature
Lifecycle
vintage 4 to 7 years
age years: 6first sale: Mar 6, 2020vintage year: 2020adv gav as of: May 6, 2026vintage basis: Form d first saleform d sold: $13.4Mform d offering: $30.0Mform d latest filed at: Aug 25, 2020
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 | $120M | 60 | $5,000 | 1% | yes | |
| Mar 31, 2023 | Venture Capital Fund | $80.5M | 60 | $5,000 | 1% | yes | |
| May 2, 2023 | Venture Capital Fund | $80.5M | 60 | $5,000 | 1% | yes | |
| Mar 27, 2024 | Venture Capital Fund | $127M | 60 | $5,000 | 1% | yes | |
| May 1, 2024 | Venture Capital Fund | $127M | 60 | $5,000 | 1% | yes | |
| Sep 27, 2024 | Venture Capital Fund | $127M | 60 | $5,000 | 1% | yes | |
| May 6, 2026 | Venture Capital Fund | $51.9M | 60 | $5,000 | 1% |
Principals and agents
2 principals on Form D, 0 placement agents
- Jesse Walden Executive Officer/Director
- a Delaware limited liability company Variant Fund GP, LLC Executive Officer/Director
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.0 relationships, public pensions and the allocator graph, each counted once
No allocator names this vehicle in a public disclosure DFX holds: pension reports, foundation 990-PF returns or endowment disclosures.
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
6 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 Fund, L.P. first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $119,603,923Fund first reported on Form ADV Fact Form ADV
- Aug 25, 2020Variant Fund, L.P. filed Form D/A: $13,360,000 sold of $30,000,000, Venture Capital FundForm D filed Fact Form D
- Apr 28, 2020Variant Fund, L.P. filed Form D/A: $6,425,000 sold of $30,000,000, Venture Capital FundForm D filed Fact Form D
- Feb 26, 2020Variant Fund, L.P. filed Form D/A: no sales yet of $30,000,000, Venture Capital FundForm D filed Fact Form D
Evidence
83 observations
Every observation on this vehicle
- Entity type: Limited Partnership Fact Form D
- Entity type: Limited Partnership Aug 25, 2020 Fact Form D
- Entity type: Limited Partnership Apr 28, 2020 Fact Form D
- Entity type: Limited Partnership Feb 26, 2020 Fact Form D
- Entity type: Limited Partnership Feb 25, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Fact Form D
- Form D fund type: Venture Capital Fund Aug 25, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Apr 28, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Feb 26, 2020 Fact Form D
- Form D fund type: Venture Capital Fund Feb 25, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Fact Form D
- Form D industry group: Pooled Investment Fund Aug 25, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Apr 28, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Feb 26, 2020 Fact Form D
- Form D industry group: Pooled Investment Fund Feb 25, 2020 Fact Form D
- Amendment: false Fact Form D
- Amendment: true Fact Form D
- Amendment: true Aug 25, 2020 Fact Form D
- Amendment: true Apr 28, 2020 Fact Form D
- Amendment: true Feb 26, 2020 Fact Form D
- Amendment: false Feb 25, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Fact Form D
- Revenue range (Form D): Decline to Disclose Aug 25, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Apr 28, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Feb 26, 2020 Fact Form D
- Revenue range (Form D): Decline to Disclose Feb 25, 2020 Fact Form D
- Incorporated: withinFiveYears Fact Form D
- Incorporated: withinFiveYears Aug 25, 2020 Fact Form D
- Incorporated: withinFiveYears Apr 28, 2020 Fact Form D
- Incorporated: withinFiveYears Feb 26, 2020 Fact Form D
- Incorporated: withinFiveYears Feb 25, 2020 Fact Form D
- Jurisdiction: Delaware Fact Form D
- Jurisdiction: Delaware Aug 25, 2020 Fact Form D
- Jurisdiction: Delaware Apr 28, 2020 Fact Form D
- Jurisdiction: Delaware Feb 26, 2020 Fact Form D
- Jurisdiction: Delaware Feb 25, 2020 Fact Form D
- Amount sold (Form D): $6.4M Fact Form D
- Amount sold (Form D): $0 Fact Form D
- Amount sold (Form D): $13.4M Aug 25, 2020 Fact Form D
- Amount sold (Form D): $6.4M Apr 28, 2020 Fact Form D
- Amount sold (Form D): $0 Feb 26, 2020 Fact Form D
- Amount sold (Form D): $0 Feb 25, 2020 Fact Form D
- Offering amount (Form D): $50.0M Fact Form D
- Offering amount (Form D): $30.0M Fact Form D
- Offering amount (Form D): $30.0M Aug 25, 2020 Fact Form D
- Offering amount (Form D): $30.0M Apr 28, 2020 Fact Form D
- Offering amount (Form D): $30.0M Feb 26, 2020 Fact Form D
- Offering amount (Form D): $50.0M Feb 25, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Aug 25, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Apr 28, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Feb 26, 2020 Fact Form D
- Exemptions: 06b, 3C, 3C.1 Feb 25, 2020 Fact Form D
- First sale: 2020-03-06 Fact Form D
- First sale: 2020-03-06 Aug 25, 2020 Fact Form D
- First sale: 2020-03-06 Apr 28, 2020 Fact Form D
- Investors (Form D): 5 Fact Form D
- Investors (Form D): 0 Fact Form D
- Investors (Form D): 35 Aug 25, 2020 Fact Form D
- Investors (Form D): 5 Apr 28, 2020 Fact Form D
- Investors (Form D): 0 Feb 26, 2020 Fact Form D
- Investors (Form D): 0 Feb 25, 2020 Fact Form D
- Minimum investment (Form D): 0 Fact Form D
- Minimum investment (Form D): 0 Aug 25, 2020 Fact Form D
- Minimum investment (Form D): 0 Apr 28, 2020 Fact Form D
- Minimum investment (Form D): 0 Feb 26, 2020 Fact Form D
- Minimum investment (Form D): 0 Feb 25, 2020 Fact Form D
- Securities offered: pooled Fact Form D
- Securities offered: pooled Aug 25, 2020 Fact Form D
- Securities offered: pooled Apr 28, 2020 Fact Form D
- Securities offered: pooled Feb 26, 2020 Fact Form D
- Securities offered: pooled Feb 25, 2020 Fact Form D
- Office address: Fact Form D
- Office address: Aug 25, 2020 Fact Form D
- Office address: Apr 28, 2020 Fact Form D
- Office address: Feb 26, 2020 Fact Form D
- Office address: Feb 25, 2020 Fact Form D
- Year of incorporation: 2019 Fact Form D
- Year of incorporation: 2019 Aug 25, 2020 Fact Form D
- Year of incorporation: 2019 Apr 28, 2020 Fact Form D
- Year of incorporation: 2019 Feb 26, 2020 Fact Form D
- Year of incorporation: 2019 Feb 25, 2020 Fact Form D
Relationships across DFX
on 1 other DFX graph
Across the graphs
Variant Fund, L.P. is the same institution as 1 record in RIA and Wealth.
RIA and Wealth1
The joined record opens with the product, beside every other relationship on this page.
Checking your plan…
Record history
5 dated events on the change ledger, latest event first
- Fund first reported on ADV2022-07-01source on record
- Form D filed2020-08-25source on record
- Form D filed2020-04-28source on record
+2 more changes 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.