Variant Equity Advisors, LLC

Variant Equity Advisors, LLC, a Los Angeles-based private investment management firm, was established in 2017. The firm specializes in the acquisition, holding, and distribution of securities, focusing on corporate divestitures and operationally intensive transactions through its investment vehicles. Variant provides discretionary investment advisory services to privately offered pool investment vehicles known as "Funds." As of December 31, 2024, Variant managed Regulatory Assets Under Management of approximately US $279.4 million on a discretionary basis. For fees and compensation, Variant receives a Management Fee based on a percentage of each Investor's capital commitment or invested capital in the Fund. The firm may also receive Carried Interest based on the profits generated by the Fund. Transaction Fees and Monitoring Fees from Portfolio Companies may offset the Management Fee. Variant does not receive sales commissions. Investment discretion is granted to Variant and the General Partners to manage the Funds' assets in accordance with the Funds' Governing Documents. The firm's investment goal is to achieve long-term capital appreciation primarily in North American assets. Variant's investment strategies are speculative and entail substantial risks, with potential for significant capital loss. Variant has not been involved in any legal or disciplinary events in the past ten years. The firm does not participate in soft dollar arrangements and has custody of the Funds' assets. Clients are limited to the Funds, which are typically Delaware limited partnerships. The minimum investment required for each Fund is outlined in the Governing Documents.