9AT: VARIANT EQUITY ADVISORS, LLC

other names

VARIANT EQUITY ADVISORS, LLC
VARIANT EQUITY GP I, LLC

Adviser Profile

As of Date	03/31/2025
ADV Location	LOS ANGELES, CA, United States
Adviser Type - Large advisory firm
Number of Employees	3 -40%
of those in investment advisory functions	3 -40%
Registration	SEC, Approved, 04/27/2020
Other registrations (1)	SEC, ERA - Withdrawn, 03/28/2020
Former registrations	VARIANT EQUITY ADVISORS, LLC

AUM^*	279,467,787 -31%
of that, discretionary	279,467,787 -48%
Private Fund GAV^*	279,467,787
Avg Account Size	139,733,894 -48%
SMA’s	No
Private Funds	2
Contact Info	(31 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Fund Type	Count	GAV
Fund TypePrivate Equity Fund	Count2	GAV$279,467,787

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser LONG ARC CAPITAL LP	Hedge Fund-	Liquidity Fund-	Private Equity Fund674.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund3.0m	Total Private Fund GAV677.5m	AUM693.8m	#Funds16
Adviser NEW SILK ROUTE	Hedge Fund-	Liquidity Fund-	Private Equity Fund528.9m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV528.9m	AUM528.9m	#Funds4
Adviser COMMERCE STREET INVESTMENT MANAGEMENT	Hedge Fund-	Liquidity Fund-	Private Equity Fund76.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV76.7m	AUM876.5m	#Funds2
Adviser BLACK BAY PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund383.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV383.5m	AUM383.5m	#Funds8
Adviser TRISPAN (USA) LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund995.5m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV995.5m	AUM982.5m	#Funds30
Adviser SEASIDE EQUITY PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund605.7m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV605.7m	AUM605.7m	#Funds12
Adviser SPEYSIDE FUND ADVISERS LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM77.6m	#Funds-
Adviser SOLACE CAPITAL PARTNERS, L.P.	Hedge Fund-	Liquidity Fund-	Private Equity Fund534.6m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV534.6m	AUM534.6m	#Funds1
Adviser BOYNE CAPITAL	Hedge Fund-	Liquidity Fund-	Private Equity Fund759.2m	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV759.2m	AUM677.9m	#Funds8
Adviser FINBACK INVESTMENT PARTNERS	Hedge Fund-	Liquidity Fund-	Private Equity Fund1.0b	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.0b	AUM1.0b	#Funds13

Brochure Summary

Overview

Variant is a Los Angeles-based private investment management firm focused on the acquisition, holding and distribution or other disposition of securities, with a focus on corporate divestitures and similar operationally intensive transactions, through its related investment vehicles. Variant was founded in 2017. The direct owner of Variant is Variant Equity Holdings, LLC and its indirect owner is Farhaad Chanduwadia, an individual. Variant provides discretionary investment advisory services to privately offered pool investment vehicles that are sometimes individually referred to as a “Fund,” and collectively as the “Funds.” The Funds are typically Delaware limited partnerships that are exempt from registration under the U.S. Investment Company Act of 1940, as amended (the “Investment Company Act”), and whose interests will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”). In providing services to the Funds, Variant formulates an investment objective, directs and manages the investment and reinvestment of the Funds’ assets, and provides periodic reports to the investors in their respective Funds (each, an “Investor” and collectively,

the “Investors”). Variant manages the assets of the Funds in accordance with the terms of the Funds’ applicable offering documents, limited partnership agreements and other governing documents (collectively, “Governing Documents”). Variant does not provide investment advice to separately managed accounts nor does it provide investment advice to individual Investors. However, the Firm or its affiliates may from time to time enter into a side letter or similar agreement with certain Investors that may entitle such Investors to rights (including economic or other terms) under or altering or supplementing a Fund’s Governing Documents as to those Investors only. Such agreements may provide more favorable terms with respect to (i) opting out of particular investments, (ii) reporting obligations of the Fund; (iii) transfers to affiliates, (iv) co-investment opportunities, (v) withdrawal rights due to adverse tax or regulatory events, and (vi) consent rights to certain Governing Document amendments. As of December 31, 2023, Variant managed Regulatory Assets Under Management of approximately US $407.7 million on a discretionary basis.

VARIANT EQUITY ADVISORS, LLC

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Brochure Summary

Overview