Variant Alternative Income Fund LP
NICHX
NASDAQ- -
USD
- -
- -
Capital Structure
FRC
•
in mil. unless spec.Working Capital
FRC
•
in mil. unless spec.Growth Rates
FRC
•
in mil. unless spec.Quarterly Revenue
FRC
•
in mil. unless spec.Quarterly Earnings Per Share
FRC
•
in mil. unless spec.Quarterly Dividends Per Share
FRC
•
in mil. unless spec.- CEO
- Robert W. Elsasser
- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 235 West Galena Street Milwaukee WI United States of America 53212
- IPO Date
- Apr 17, 2023
- CIK
- 0001736510
- Website
- funds.variantinvestments.com
- Similar Companies
- Business
- Variant Alternative Income Fund LP (NICHX) is a continuously offered, non-diversified, registered closed-end interval fund that seeks a high level of current income, with capital appreciation as a secondary objective, by investing in a diversified portfolio of unconventional income-generating assets with low correlations to public equity and bond markets. The Fund, managed by Variant Investments, LLC, targets niche market opportunities including specialty finance such as senior credit facilities to lenders and originators secured by diversified pools of risk assets; trade finance for acquiring and transporting goods; transportation finance through equity and debt in aviation, shipping, rail, and containers; warehouse facilities providing short-term financing to originators pending distribution; litigation finance; royalties; medical receivables; aircraft leasing; law firm lending; film finance; debt settlements; employee retention tax credits; real estate debt; and portfolio finance, as well as tradeable securities and cash equivalents like MLPs, BDCs, and preferred stocks for liquidity management. Launched publicly on October 1, 2018, as a conversion from a predecessor private fund with inception on October 2, 2017, the Fund is headquartered in Portland, Oregon, where its investment manager Variant Investments, LLC was founded in 2017, and operates primarily for accredited investors with a minimum investment of $1 million at the firm level, offering daily subscriptions, quarterly 5% NAV redemptions, and quarterly distributions reported on Form 1099. Assets under management stood at approximately $2.68 billion as of November 30, 2025, reflecting steady growth driven by subscriptions amid a focus on liquidity management for private exposures. Recent portfolio expansions include follow-on investments in areas like charged-off debt buyers, royalties, medical receivables, and aircraft leasing, alongside initial deployments into litigation finance via credit facilities backed by class action fees and SPVs secured by patent litigation portfolios, as well as transportation finance through Fund IV of a mid-life aircraft and engine partner as of Q3 2023, with ongoing capital deployment in real estate debt and GP financing noted in Q1 2023. In January 2023, Variant Investments secured a minority strategic investment from Kudu Investment Management to support growth and diversification of its capital base, enhancing access for its interval funds including NICHX, which targets registered investment advisors and institutional clients seeking uncorrelated income. The Fund maintains a net expense ratio of 2.12%, a 0.95% management fee, and administration by UMB Fund Services, with recent SEC approvals in May-June 2025 permitting co-investments with business development companies and certain closed-end funds.