United States of America

$30,603,289NAV
49.32%of portfolio
Investments
App Academy Income Share Agreement Facility
The App Academy facility provides financing for the origination of Income Share Agreements (ISAs) and Deferred Tuition Agreements (DTAs).
Variant Impact Theme
Equitable Growth
Primary SDG
4. Quality Education
Year Funded
2022
IRIS+ Impact Theme
Access to Quality Education
Funding Status
Open
$2,500,000FY24 Capital Deployment ($)
$5,500,000Current NAV ($)
8.86%Current NAV (%)
CarVal Clean Energy Funds
The fund invests in opportunities across clean energy, renewable energy, energy usage efficiencies, energy storage, and sustainability.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$750,000FY24 Capital Deployment ($)
$1,446,693Current NAV ($)
2.33%Current NAV (%)
Castellan Affordable Housing
The Affordable Housing Fund focuses on providing bridge capital to secure properties that can be developed as affordable housing and fund the necessary costs to secure financing and obtain state and local approvals.
Variant Impact Theme
Equitable Growth
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2021
IRIS+ Impact Theme
Affordable Quality Housing
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$4,372,220Current NAV ($)
7.05%Current NAV (%)
Conservation Resource Agriculture and Forestry
The fund is focused on directly and indirectly managed properties implementing regenerative farming methods across the United States.
Variant Impact Theme
Responsible Consumption
Primary SDG
2. Zero Hunger
Year Funded
2022
IRIS+ Impact Theme
Sustainable Agriculture
Funding Status
Open
$237,184FY24 Capital Deployment ($)
$860,277Current NAV ($)
1.39%Current NAV (%)
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)
Hawks Point - Envest Corp. Renewable Energy REC TL
A senior secured term loan for Envest's acquisition of Bullfrog, a leading Canadian renewable energy credits solutions provider.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Clean Energy
Funding Status
Fully Funded
$95,200FY24 Capital Deployment ($)
$1,086,787Current NAV ($)
1.75%Current NAV (%)
Libremax Structured Income
Variant partnered with LibreMax to fund a facility for Sunnova Energy International, a large public provider of residential solar systems.
Variant Impact Theme
Responsible Consumption
Primary SDG
7 Affordable and Clean Energy
Year Funded
2023
IRIS+ Impact Theme
Clean Energy
Funding Status
Fully Funded
$2,000,000FY24 Capital Deployment ($)
$2,000,008Current NAV ($)
3.22%Current NAV (%)
Monticello Bridge Real Estate Lending
Variant is providing financing for the acquisition of eight supportive living facilities in the greater Chicago area.
Variant Impact Theme
Equitable Growth
Primary SDG
3. Good Health and Well-Being
Year Funded
2023
IRIS+ Impact Theme
Access to Quality Health Care
Funding Status
Open
$1,000,000FY24 Capital Deployment ($)
$1,011,737Current NAV ($)
1.63%Current NAV (%)
North Sky Impact Investments
The fund invests in sustainable technologies to combat climate change by supporting companies that innovate and/or deploy clean technologies in areas such as renewable energy, energy storage, electric vehicles (EVs), and EV charging infrastructure.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Clean Energy
Funding Status
Open
$1,496,407FY24 Capital Deployment ($)
$3,994,065Current NAV ($)
6.44%Current NAV (%)
Outcome Income Share Facility
The Outcome facility provides financing for the origination of Income Share Agreements (ISAs) to students in unique short-term educational programs.
Variant Impact Theme
Equitable Growth
Primary SDG
4. Quality Education
Year Funded
2022
IRIS+ Impact Theme
Access to Quality Education
Funding Status
Open
$2,168,816FY24 Capital Deployment ($)
$2,297,312Current NAV ($)
3.70%Current NAV (%)
RKB Energy Solutions Facilities
RKB advances funds to contractors who have made energy efficiency upgrades to residential, commercial, and industrial buildings (e.g., adding EV parking, heat pumps, etc.) and are awaiting reimbursements from a government or utility energy efficiency programs.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$10,591,250FY24 Capital Deployment ($)
$2,682,684Current NAV ($)
4.32%Current NAV (%)
Secondaries in Private LPs
Various secondary transactions involving impact-focused funds.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Clean Energy
Funding Status
Open
$405,645FY24 Capital Deployment ($)
$731,286Current NAV ($)
1.18%Current NAV (%)
Stride - SV Academy ISA Facility
Stride Funding is a mission-driven fintech company that aims to revolutionize education by offering innovative, outcomes-based lending products.
Variant Impact Theme
Equitable Growth
Primary SDG
4. Quality Education
Year Funded
2022
IRIS+ Impact Theme
Access to Quality Education
Funding Status
Fully Funded
-FY24 Capital Deployment ($)
$157,663Current NAV ($)
0.25%Current NAV (%)
Star Strong Specialty Finance Facility
Star Strong Capital provides growth capital to small and medium-sized businesses with angel and venture capital backing. The Variant facility will exclusively fund businesses founded and managed by underrepresented founders.
Variant Impact Theme
Financial Inclusion
Primary SDG
5. Gender Equality
Year Funded
2021
IRIS+ Impact Theme
Gender Lens
Funding Status
Open
$1,718,062FY24 Capital Deployment ($)
$3,620,467Current NAV ($)
5.83%Current NAV (%)
Sustainable Growth Fund II
The fund invests in transformative, sustainably focused companies across six key verticals: energy generation, water treatment, wastewater treatment, waste management, distributed grid, and energy efficiency.
Variant Impact Theme
Responsible Consumption
Primary SDG
9. Industry, Innovation and Infrastructure
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$3,129,378FY24 Capital Deployment ($)
$2,787,192Current NAV ($)
4.49%Current NAV (%)
WindSail Capital Fund
The fund provides growth financing to early-stage companies advancing energy innovation and sustainability in order to accelerate climate change solutions.
Variant Impact Theme
Responsible Consumption
Primary SDG
12. Responsible Consumption and Production
Year Funded
2022
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
-FY24 Capital Deployment ($)
$511,814Current NAV ($)
0.82%Current NAV (%)

Kenya

$5,306,237NAV
8.55%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)
Almond African Affordable Housing
Almond aims to construct several affordable housing complexes with Variant's capital, specifically in underserved urban areas, increasing access to more affordable housing for Kenyans.
Variant Impact Theme
Equitable Growth
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2022
IRIS+ Impact Theme
Affordable Quality Housing
Funding Status
Open
$535,131FY24 Capital Deployment ($)
$2,382,074Current NAV ($)
3.84%Current NAV (%)
Zanifu Credit Facility
The Zanifu credit facility provides capital for short-term inventory financing to small and medium-sized enterprises across Kenya.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$1,954,176FY24 Capital Deployment ($)
$2,157,031Current NAV ($)
3.48%Current NAV (%)

France

$5,156,687NAV
8.31%of portfolio
Investments
Alpha Credit Subsidy Finance
Alpha Credit (Drapo) is a working capital firm that provides advances to qualified contractors against the energy subsidies payable by the French government for completed energy efficiency improvement projects.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2024
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$4,819,322FY24 Capital Deployment ($)
$5,156,687Current NAV ($)
8.31%Current NAV (%)

Colombia

$3,939,360NAV
6.35%of portfolio
Investments
Accial Emerging Market Specialty Finance
Variant has a co-investment relationship with Accial Capital to provide revolving senior credit facilities to lenders across emerging markets, most notably in Southeast Asia and Latin America.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$755,805FY24 Capital Deployment ($)
$1,518,872Current NAV ($)
2.45%Current NAV (%)
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)

Mexico

$3,871,874NAV
6.24%of portfolio
Investments
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)
Credito Facil
Credito Facil provides payroll deduction loans to underbanked middle class Mexican borrowers, typically government employees.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$387,574FY24 Capital Deployment ($)
$323,638Current NAV ($)
0.52%Current NAV (%)
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)
SixPoint Capital Strategy
Variant has provided a credit facility to Sixpoint, a specialty lender providing capital to direct lending platforms in emerging markets, targeting small and mid-size businesses as well as individual consumers
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$949,500FY24 Capital Deployment ($)
$963,023Current NAV ($)
1.55%Current NAV (%)

India

$2,287,810NAV
3.69%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Rwanda

$2,079,068NAV
3.35%of portfolio
Investments
Jali Transport Limited
The Jali revolving credit facility provides capital to finance lease-to-own motorcycle products for taxi drivers in Kigali and across Rwanda, including battery-powered electric motorcycles.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Clean Energy
Funding Status
Open
$990,191FY24 Capital Deployment ($)
$2,079,068Current NAV ($)
3.35%Current NAV (%)

Canada

$1,569,721NAV
2.53%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)
Hawks Point - Envest Corp. Renewable Energy REC TL
A senior secured term loan for Envest's acquisition of Bullfrog, a leading Canadian renewable energy credits solutions provider.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2022
IRIS+ Impact Theme
Clean Energy
Funding Status
Fully Funded
$95,200FY24 Capital Deployment ($)
$1,086,787Current NAV ($)
1.75%Current NAV (%)
Star Strong Specialty Finance Facility
Star Strong Capital provides growth capital to small and medium-sized businesses with angel and venture capital backing. The Variant facility will exclusively fund businesses founded and managed by underrepresented founders.
Variant Impact Theme
Financial Inclusion
Primary SDG
5. Gender Equality
Year Funded
2021
IRIS+ Impact Theme
Gender Lens
Funding Status
Open
$1,718,062FY24 Capital Deployment ($)
$3,620,467Current NAV ($)
5.83%Current NAV (%)
WindSail Capital Fund
The fund provides growth financing to early-stage companies advancing energy innovation and sustainability in order to accelerate climate change solutions.
Variant Impact Theme
Responsible Consumption
Primary SDG
12. Responsible Consumption and Production
Year Funded
2022
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
-FY24 Capital Deployment ($)
$511,814Current NAV ($)
0.82%Current NAV (%)

Nigeria

$1,150,625NAV
1.85%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)

South Africa

$965,914NAV
1.56%of portfolio
Investments
Rivonia Road Specialty Finance Facilities
Variant has participated in Rivonia Road Capital's senior credit facility to Planet42, a rent-to-buy car subscription company operating in emerging markets that provides socially inclusive financing to people who have historically been denied access to traditional credit providers.
Variant Impact Theme
Financial Inclusion
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$151,800FY24 Capital Deployment ($)
$965,914Current NAV ($)
1.56%Current NAV (%)

Indonesia

$805,614NAV
1.30%of portfolio
Investments
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Luxembourg

$595,901NAV
0.96%of portfolio
Investments
Sustainable Growth Fund II
The fund invests in transformative, sustainably focused companies across six key verticals: energy generation, water treatment, wastewater treatment, waste management, distributed grid, and energy efficiency.
Variant Impact Theme
Responsible Consumption
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$3,129,378FY24 Capital Deployment ($)
$2,787,192Current NAV ($)
4.49%Current NAV (%)

Egypt

$474,364NAV
0.77%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)

Switzerland

$391,600NAV
0.63%of portfolio
Investments
Sustainable Growth Fund II
The fund invests in transformative, sustainably focused companies across six key verticals: energy generation, water treatment, wastewater treatment, waste management, distributed grid, and energy efficiency.
Variant Impact Theme
Responsible Consumption
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$3,129,378FY24 Capital Deployment ($)
$2,787,192Current NAV ($)
4.49%Current NAV (%)

China

$377,264NAV
0.61%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)
Sustainable Growth Fund II
The fund invests in transformative, sustainably focused companies across six key verticals: energy generation, water treatment, wastewater treatment, waste management, distributed grid, and energy efficiency.
Variant Impact Theme
Responsible Consumption
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$3,129,378FY24 Capital Deployment ($)
$2,787,192Current NAV ($)
4.49%Current NAV (%)

Tanzania

$356,237NAV
0.57%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)

Brazil

$303,267NAV
0.49%of portfolio
Investments
Credix Emerging Markets Facility
Credix Finance is a platform and asset manager focused on providing lending opportunities to fintech companies and non-bank lenders in Latin America.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$300,000FY24 Capital Deployment ($)
$303,267Current NAV ($)
0.49%Current NAV (%)

United Arab Emirates

$299,338NAV
0.48%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Pakistan

$237,491NAV
0.38%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)

Panama

$237,491NAV
0.38%of portfolio
Investments
Almavest Impact Debt Facility
The Almavest facility will provide debt capital to fuel the growth of fintechs in countries such as Panama, Colombia, Brazil, Egypt, India, and Papua New Guinea, which in turn provide access to responsible financing solutions for creditworthy but underserved borrowers.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$4,723,875FY24 Capital Deployment ($)
$4,763,393Current NAV ($)
7.68%Current NAV (%)

Chile

$203,805NAV
0.33%of portfolio
Investments
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)

Peru

$182,352NAV
0.29%of portfolio
Investments
CIM EM Credit Fund
CIM is an impact-focused alternative asset manager providing strategic debt capital to emerging markets fintech lenders.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,250,000FY24 Capital Deployment ($)
$5,363,312Current NAV ($)
8.64%Current NAV (%)

Singapore

$131,299NAV
0.21%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Sweden

$79,278NAV
0.13%of portfolio
Investments
CarVal Clean Energy Funds
The fund invests in opportunities across clean energy, renewable energy, energy usage efficiencies, energy storage, and sustainability.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$750,000FY24 Capital Deployment ($)
$1,446,693Current NAV ($)
2.33%Current NAV (%)

Finland

$41,250NAV
0.07%of portfolio
Investments
Sustainable Growth Fund II
The fund invests in transformative, sustainably focused companies across six key verticals: energy generation, water treatment, wastewater treatment, waste management, distributed grid, and energy efficiency.
Variant Impact Theme
Responsible Consumption
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
IRIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$3,129,378FY24 Capital Deployment ($)
$2,787,192Current NAV ($)
4.49%Current NAV (%)

Saudi Arabia

$37,040NAV
0.06%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Algeria

$33,126NAV
0.05%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Other

$330,356NAV
0.53%of portfolio
Investments
Drip Capital Credit Facility
Drip Capital bridges the working capital gap for cross-border trade between exporters and importers, with goods being shipped from India and Mexico to developed markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
17. Partnerships for the Goals
Year Funded
2022
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$3,500,000FY24 Capital Deployment ($)
$3,011,458Current NAV ($)
4.85%Current NAV (%)

Portfolio by geography

Given that the UN SDGs represent a blueprint for peace and prosperity for the whole planet, the Variant team is pleased to show the global reach of the Fund’s investments. Eleven countries have position sizes greater than 1%, and this fiscal year, the list expanded to 24 countries with position sizes in excess of 0.1%, compared to 16 in the prior year.

Key
Interactive map
Last updated: 4.30.2024
USA
$30,603,289
49.32%
Kenya
$5,306,237
8.55%
France
$5,156,687
8.31%
Colombia
$3,939,360
6.35%
Mexico
$3,871,874
6.24%
India
$2,287,810
3.69%
Rwanda
$2,079,068
3.35%
Canada
$1,569,721
2.53%
Nigeria
$1,150,625
1.85%
South Africa
$965,914
1.56%
Indonesia
$805,614
1.30%
Luxembourg
$595,901
0.96%
Egypt
$474,364
0.77%
Switzerland
$391,600
0.63%
China
$377,264
0.61%
Tanzania
$356,237
0.57%
Brazil
$303,267
0.49%
United Arab Emirates
$299,338
0.48%
Pakistan
$237,491
0.38%
Panama
$237,491
0.38%
Chile
$203,805
0.33%
Peru
$182,352
0.29%
Singapore
$131,299
0.21%
Sweden
$79,278
0.13%
Finland
$41,250
0.07%
Saudi Arabia
$37,040
0.06%
Algeria
$33,126
0.05%
Other
$330,356
0.53%
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