Variant Fund, L.P.
Unofficial · adviser of record: Unofficial Management, Inc. · 2020 vintage
Variant Fund, L.P. is a 2020 venture fund managed by Unofficial, with $13.4mm raised (Form D, amount sold). It reported $51.9mm in gross assets at year-end 2025, 3.88x its size, against a peak of $127mm in 2023.
- Latest value held
- $51.9mm year-end 2025
- Peak
- $127mm year-end 2023
- Fund size
- $13.4mm Form D, amount sold
- Held vs. size
- 3.88x peak 9.54x
Value held by year-end
Gross asset value reported on Form ADV at each year-end. Dashed line: fund size. Open in the Fund Tracker
| Year-end | Gross assets | ÷ size | Change |
|---|---|---|---|
| 2025 | $51.9mm | 3.88x | -59% over 2 yrs |
| 2023 | $127mm | 9.54x | +58% |
| 2022 | $80.5mm | 6.03x | -33% |
| 2021 | $120mm | 8.95x | – |
Other funds from Unofficial
- Variant Opportunity Fund, L.P. 2021
- Variant Fund III, L.P. 2021
- Variant Fund II, LP 2021
- Variant Community Fund II, LP 2021
- Variant CO Fund, L.P. 2021
- Variant Community Fund III, L.P. 2021
About these numbers
Gross asset value is what the manager reports holding in the fund at each fiscal year-end, on SEC Form ADV, Schedule D. It includes the GP’s own commitment and is before carried interest, so it is not the LPs’ net return, and it does not show cash already distributed. A fall in value can mean distributions, markdowns or both. Fund size is the amount sold reported on Form D, which for some funds reflects only a first close. Private fund ID 805-2177975727. Data updated October 13, 2026.
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