Variant
QuietFiled to raiseBrooklyn, NYLast fund filed September 2025Website
1 on a current fund
last 24 months
across filed funds
| Vehicle | Filed | Target | Sold to date | Investors |
|---|---|---|---|---|
| Variant Fund IV | September 2025 | $250M | $221M | 55 |
| Variant Fund IIIFiled to raise in 2022, with no closing reported yet. | 2022 | Indefinite | $0 | 0 |
| Variant Fund II | April 2021 | $100M | $100M | 111 |
| Variant Fund | March 2020 | $30M | $13M | 35 |
Amounts are Item 13 as filed: the target is the whole offering, and the amount sold is cumulative across amendments rather than a final close. The filing carries no per-investor amount, so a firm’s own cheque is not recoverable here.
1 partner is named across this firm’s filings, 1 of them on a fund it is deploying now.
| Partner | Activity | Categories | Board seats | Last 24mo |
|---|---|---|---|---|
| Jesse Walden | Quiet | None listed | 1 | 0 |
Too few companies classified yet to infer a focus. 0 of 1 portfolio companies are classified.
Not a filing value: this is Lev’s own classification of each company, one company one vote regardless of how many of Variant’s partners are named on its board, shown only when we found a specific, checkable source. Companies with no source read as unclassified and are left out of the shares above.
No other firm shares a filed board seat with Variant yet. That is a gap in what we have read, not a claim that Variant invests alone.
A shared board seat: a company where filings name a Variant partner and a partner at the other firm, both with a clean identity match. Not a claim either firm led or co-led the round, only that both are named on the same board.
Activity is filed board seats in the last 24 months: 4+ Active, 2–3 Selective, 1 Slowing, none Quiet. A firm's tier totals its partners, so an active firm may be four partners with one seat each. It undercounts partners who invest without taking a board seat, and filings lag a closing by weeks, so Quiet means the paperwork is quiet, not the person.