DFX Intelligence
Variant Fund II, LP
As of · the latest observation of this vehicle; each figure below carries its own filing date
MatureClosed to new capitalADV: Venture Capital Fund
As of · the latest observation of this vehicle; each figure below carries its own filing date
1 additional principal, 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
- -53%reported GAV
Reported gross assets fell from $134M to $62.8M 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
- 2021basis: 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
- $100Mwhat may be sold, not what was raised; file 021-405248, sworn by the adviser or filed under this vehicle
- Form D sold
- $100Mas of the filing of Oct 21, 2021, 111 investors
- First sale
- Apr 20, 2021
- Reported GAV
- $62.8Mon the Form ADV filed May 6, 2026; the fund's assets, never its size or dry powder
- Owners (ADV)
- 108
- Reported on ADV
- Jul 1, 2022 to May 6, 2026
Fundraising evidenceWhat 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.
Closed to new capital
Form D filed or amended 2021-10-21: the stated $100.0M offering reported fully sold (fr-1)
evidence dated Oct 21, 2021.
LifecycleMature
vintage 4 to 7 years
age years: 5first sale: Apr 20, 2021vintage year: 2021adv gav as of: May 6, 2026vintage basis: Form d first saleform d sold: $100Mform d offering: $100Mform d latest filed at: Oct 21, 2021
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 | $100M | 115 | $5,000 | 1% | yes | |
| Mar 31, 2023 | Venture Capital Fund | $90.1M | 115 | $5,000 | 1% | yes | |
| May 2, 2023 | Venture Capital Fund | $90.1M | 115 | $5,000 | 1% | yes | |
| Mar 27, 2024 | Venture Capital Fund | $134M | 115 | $10,000 | 1% | yes | |
| May 1, 2024 | Venture Capital Fund | $134M | 115 | $10,000 | 1% | yes | |
| Sep 27, 2024 | Venture Capital Fund | $134M | 115 | $10,000 | 1% | yes | |
| May 6, 2026 | Venture Capital Fund | $62.8M | 108 | $10,000 | 1% |
Principals and agents
4 principals on Form D, 0 placement agents
- Jesse Walden Executive Officer/Director
- a Delaware limited liability company Variant Fund II GP, LLC Executive Officer/Director
- Jesse Walden 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 performanceWhose 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 allocatorsWhat 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 | $4.4M 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
4 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 II, LP first reported on Form ADV by Unofficial Management, Inc. (Venture Capital Fund), GAV $100,352,080Fund first reported on Form ADV Fact Form ADV
- Oct 21, 2021Variant Fund II, LP filed Form D/A: $100,000,000 sold of $100,000,000, Venture Capital FundForm D filed Fact Form D
- Jul 6, 2021Variant Fund II, LP filed Form D: $82,090,000 sold of $82,090,000, Venture Capital FundForm D filed Fact Form D
Evidence
32 observations
Every observation on this vehicle
- Entity type: Limited Partnership Oct 21, 2021 Fact Form D
- Entity type: Limited Partnership Jul 6, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Oct 21, 2021 Fact Form D
- Form D fund type: Venture Capital Fund Jul 6, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Oct 21, 2021 Fact Form D
- Form D industry group: Pooled Investment Fund Jul 6, 2021 Fact Form D
- Amendment: true Oct 21, 2021 Fact Form D
- Amendment: false Jul 6, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Oct 21, 2021 Fact Form D
- Revenue range (Form D): Decline to Disclose Jul 6, 2021 Fact Form D
- Incorporated: withinFiveYears Oct 21, 2021 Fact Form D
- Incorporated: withinFiveYears Jul 6, 2021 Fact Form D
- Jurisdiction: Delaware Oct 21, 2021 Fact Form D
- Jurisdiction: Delaware Jul 6, 2021 Fact Form D
- Amount sold (Form D): $100M Oct 21, 2021 Fact Form D
- Amount sold (Form D): $82.1M Jul 6, 2021 Fact Form D
- Offering amount (Form D): $100M Oct 21, 2021 Fact Form D
- Offering amount (Form D): $82.1M Jul 6, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Oct 21, 2021 Fact Form D
- Exemptions: 06b, 3C, 3C.7 Jul 6, 2021 Fact Form D
- First sale: 2021-04-20 Oct 21, 2021 Fact Form D
- First sale: 2021-04-20 Jul 6, 2021 Fact Form D
- Investors (Form D): 111 Oct 21, 2021 Fact Form D
- Investors (Form D): 33 Jul 6, 2021 Fact Form D
- Minimum investment (Form D): 0 Oct 21, 2021 Fact Form D
- Minimum investment (Form D): 0 Jul 6, 2021 Fact Form D
- Securities offered: pooled Oct 21, 2021 Fact Form D
- Securities offered: pooled Jul 6, 2021 Fact Form D
- Office address: Oct 21, 2021 Fact Form D
- Office address: Jul 6, 2021 Fact Form D
- Year of incorporation: 2021 Oct 21, 2021 Fact Form D
- Year of incorporation: 2021 Jul 6, 2021 Fact Form D
Relationships across DFX
on 2 other DFX graphs
Across the graphs
Variant Fund II, LP 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…
Record history
3 dated events on the change ledger, latest event first
- Fund first reported on ADV2022-07-01source on record
- Form D filed2021-10-21source on record
- Form D filed2021-07-06source 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.