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.