9AT: EMERGING VARIANT CAPITAL MANAGEMENT, LP

EMERGING VARIANT CAPITAL MANAGEMENT, LP

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EMERGING VARIANT CAPITAL MANAGEMENT, LP

Adviser Profile

Registration status

Registration Changed to EMERGING VARIANT CAPITAL MANAGEMENT, LP

As of Date	12/17/2023
ADV Location	NEW YORK, NY, United States
Adviser Type - Large advisory firm
Number of Employees	5
of those in investment advisory functions	4

AUM^*	287,277,809 -37%
of that, discretionary	287,277,809 -37%
Private Fund GAV^*	0
Avg Account Size	41,039,687 -37%
SMA’s	Yes
Private Funds	0 3
Contact Info	646 xxxxxxx

Client Types

- Pooled investment vehicles
- Other

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)
- Performance-based fees

Reported AUM

478M 410M 341M 273M 205M 137M 68M

2018 2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Brochure Summary

Overview

Emerging Variant Capital Management, LP is a Delaware limited partnership (hereinafter “Emerging Variant”, “we”, “us”, “our”, the “Firm”, or the “Investment Manager”) founded in 2017. Emerging Variant serves as the investment adviser, with discretionary trading authority to the following funds: Emerging Variant Partners, LP (the “Onshore Fund”), Emerging Variant Offshore Fund Ltd. (the “Offshore Fund”), Emerging Variant Latin American Opportunities Master Fund LP (the “Master Fund”), Emerging Variant Directional Master Fund (the “Directional Master Fund”), Emerging Variant Directional Fund Ltd. (the “Directional Offshore Fund”), and Emerging Variant Partners A (the “EVP A Fund”) (collectively referred to herein as the “Funds” or the “clients”). Emerging Variant GP LLC serves as the General Partner of the Master Fund, Emerging Variant Partners A GP serves as the General Partner of Emerging Variant Partners A, and Emerging Variant Directional Fund GP LLC serves as the General Partner of Emerging Variant Directional Master Fund Ltd (collectively referred to herein as the “General Partners”). In addition, the Investment Adviser serves as an investment adviser with discretionary trading authority over a separately managed account (the “Managed Account”). Santiago Jariton Avila (the “Principal”) is the majority beneficial owner of the Firm, and is the Managing Member of EV Capital LLC, the General Partner of the Firm. This Brochure

does not constitute an offer to sell or a solicitation of an offer to buy any securities. The Funds’ securities are offered and sold on a private placement basis under exemptions promulgated under the “Securities Act” of 1933 and other applicable state, federal, or non-U.S. laws. Significant suitability requirements apply to prospective investors in the Funds, including requirements that they be “accredited investors” as defined in the Securities Act and “qualified purchasers” as defined in the Investment Company Act of 1940. Persons reviewing this Brochure should not construe this as an offer to sell or a solicitation of an offer to buy the securities of any of the Funds described herein. Any such offer or solicitation will be made only by means of a confidential private placement memorandum. Our investment decisions and advice with respect to each Fund and the Managed Account are subject to each Fund’s and the Managed Account’s investment objectives and guidelines, as set forth in its respective offering documents and investment management agreements. The investors in the Funds and Managed account are hereafter collectively referred to as the “Investors”, where appropriate. We do not currently participate in any Wrap Fee Programs. As of December 31, 2022, the Firm has regulatory assets under management of $287,277,809on a discretionary basis.