United States of America

$60,025,042NAV
66.07%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
Exited
$500,000FY25 Capital Deployment ($)
$4,625,905Current NAV ($)
7.05%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
Fully Funded
$375,000FY25 Capital Deployment ($)
$1,889,515Current NAV ($)
2.88%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
$1,500,000FY25 Capital Deployment ($)
$6,415,531Current NAV ($)
9.87%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%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
$ -FY25 Capital Deployment ($)
$1,205,747Current NAV ($)
1.84%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
$450,000FY25 Capital Deployment ($)
$1,924,6334Current NAV ($)
2.93%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
Exited
$889,500FY25 Capital Deployment ($)
$4,859,665Current NAV ($)
7.41%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
$2,612,500FY25 Capital Deployment ($)
$1,926,679Current NAV ($)
2.94%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
Fully Funded
$480,151FY25 Capital Deployment ($)
$1,078,176Current NAV ($)
1.64%Current NAV (%)
Clasp Education Finance
Clasp (Stride) funds outcome-based tuition contracts supporting access to education programs with strong job placement by tying student repayment to post-graduation earnings.
Variant Impact Theme
Equitable Growth
Primary SDG
4. Quality Education
Year Funded
2022
IRIS+ Impact Theme
Access to Quality Education
Funding Status
Fully Funded
-FY25 Capital Deployment ($)
$157,704Current NAV ($)
0.24%Current NAV (%)
Star Strong Venture Lending
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
2022
IRIS+ Impact Theme
Gender Lens
Funding Status
Open
$186,000FY25 Capital Deployment ($)
$2,281,352Current NAV ($)
3.48%Current NAV (%)
Sustainable Growth Infrastructure
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
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)
Skydan Real Estate
Skydan offers residential sale-leaseback to homeowners in financial distress, enabling them to access equity while remaining in their homes. The model provides a stable rental path with potential for repurchase or shared upside upon sale.
Variant Impact Theme
Affordable Quality Housing
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2025
ISIS+ Impact Theme
Affordable Quality Housing
Funding Status
Open
$104,426FY25 Capital Deployment ($)
$105,709Current NAV ($)
0.16%Current NAV (%)
Henry General Partner Lending
Henry Capital was founded by a fully underrepresented founding team with the goal of providing liquidity to general partners of alternative investment funds by offering financing against their personal capital commitments. The platform enables partners, particularly those at emerging or smaller firms, to unlock the value of their GP interests without pledging carry or fees.
Variant Impact Theme
Racial Equity
Primary SDG
10. Reduced Inequality
Year Funded
2025
ISIS+ Impact Theme
Racial Equity
Funding Status
Open
$48,461FY25 Capital Deployment ($)
$49,111Current NAV ($)
0.07%Current NAV (%)
LibreMax Affordable Housing
Through Variant’s partnership with Libremax, Variant provided financing to Brick by Brick, a mission-driven sponsor focused on preserving naturally occurring affordable housing in Minnesota.
Variant Impact Theme
Affordable Quality Housing
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2024
ISIS+ Impact Theme
Affordable Quality Housing
Funding Status
Fully Funded
$2,500,000FY25 Capital Deployment ($)
$2,596,817Current NAV ($)
3.96%Current NAV (%)
JGB Real Estate Lending
JGB, a real estate investor and operator, is developing a 209-unit multifamily project on a former golf course in Woodland Hills, Los Angeles, an area impacted by the recent devastating fires. The project will deliver new housing to an undersupplied submarket through ground-up construction.
Variant Impact Theme
Resilient Infrastructure
Primary SDG
11. Sustainable Cities and Communities
Year Funded
2025
ISIS+ Impact Theme
Resilient Infrastructure
Funding Status
Open
$1,972,250FY25 Capital Deployment ($)
$1,972,250Current NAV ($)
3.01%Current NAV (%)
Upper90 Lender Finance
Through a facility with Upper90, Variant provides financing to Crusoe, who operates mobile data centers powered by otherwise-flared natural gas and renewable energy, reducing emissions while supporting AI and high-performance computing workloads. The facility finances GPU-enabled equipment to meet growing cloud infrastructure demand.
Variant Impact Theme
Energy Efficiency
Primary SDG
7. Affordable and Clean Energy
Year Funded
2024
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
$1,500,000FY25 Capital Deployment ($)
$1,071,168Current NAV ($)
1.63%Current NAV (%)
Alpha Credit Tax Credit Lending
Alpha Credit (Drapo) is a working capital firm that provides advances to qualified contractors against the energy subsidies payable by the French government for complete energy efficiency improvement projects.
Variant Impact Theme
Responsible Consumption
Primary SDG
7. Affordable and Clean Energy
Year Funded
2024
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$1,000,040FY25 Capital Deployment ($)
$5,553,388Current NAV ($)
8.47%Current NAV (%)
WindSail Clean Energy Lending
The fund provides growth financing to early-stage companies advancing energy innovation and sustainability in order to accelerate climate change solutions.
Variant Impact Theme
Energy Efficiency
Primary SDG
12. Responsible Consumption and Production
Year Funded
2022
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$212,311Current NAV ($)
0.32%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)

Kenya

$7,990,733NAV
8.80%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,4800Current NAV ($)
8.09%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
2021
IRIS+ Impact Theme
Affordable Quality Housing
Funding Status
Open
$ -FY25 Capital Deployment ($)
$2,645,698Current NAV ($)
4.03%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
$1,113,000FY25 Capital Deployment ($)
$3,284,162Current NAV ($)
5.01%Current NAV (%)
Power Earned Wage Access
Power is a Kenya-based fintech that provides earned wage access and short-term loans to workers via employer partnerships, shifting credit risk from individuals to corporates and expanding access to affordable financial tools in underserved markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2024
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$1,120,711FY25 Capital Deployment ($)
$1,133,914Current NAV ($)
1.73%Current NAV (%)
Cauris Layered Lender Finance
Through a facility with Cauris, Variant provides financing to Asaak and Numida. Asaak is a Ugandan lender offering lease-to-own financing for motorcycle taxis, enabling gig economy drivers to transition from renting to ownership and improving their long-term earning potential. Numida provides working capital loans to African SMEs, nearly all of which are micro-businesses.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2024
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,700,00FY25 Capital Deployment ($)
$708,946Current NAV ($)
1.08%Current NAV (%)

France

$5,240,325NAV
5.77%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
$1,000,040FY25 Capital Deployment ($)
$5,553,388Current NAV ($)
8.47%Current NAV (%)

Colombia

$1,698,662NAV
1.87%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)

Mexico

$1,895,397NAV
2.09%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)
Credito Facil
Credito is a Colombian digital lender offering small, shortterm consumer loans. The facility, arranged by Rohatyn, supports Credito’s loan book growht and enables, scalable, tech-enabled access to credit in underserved markets.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2023
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$4,520FY25 Capital Deployment ($)
$142,653Current NAV ($)
0.22%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,747Current NAV ($)
1.84%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
$ -FY25 Capital Deployment ($)
$962,236Current NAV ($)
1.47%Current NAV (%)
Conservation Sustainable Agriculture
The fund is focused on directly and indirectly managed properties implementing regenerative farming methods across the United States.
Variant Impact Theme
Sustainable Agriculture
Primary SDG
2. Zero Hunger
Year Funded
2022
ISIS+ Impact Theme
Sustainable Agriculture
Funding Status
Fully Funded
$139,046FY25 Capital Deployment ($)
$923,799Current NAV ($)
1.41%Current NAV (%)
Outcome Education Finance
The Outcome facility provides financing for the origination of Income Share Agreements (ISAs) to students in unique short-term educational programs.
Variant Impact Theme
Access to Quality Education
Primary SDG
4. Quality Education
Year Funded
2022
ISIS+ Impact Theme
Access to Quality Education
Funding Status
Fully Funded
$ - FY25 Capital Deployment ($)
$953,230Current NAV ($)
1.45%Current NAV (%)

India

$1,254,105NAV
1.38%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%Current NAV (%)

Rwanda

$2,779,076NAV
3.06%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
$707,711FY25 Capital Deployment ($)
$2,794,031Current NAV ($)
4.26%Current NAV (%)

Canada

$1,382,032NAV
1.52%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%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
$ -FY25 Capital Deployment ($)
$1,205,747Current NAV ($)
1.84%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
-FY25 Capital Deployment ($)
$212,311Current NAV ($)
0.32%Current NAV (%)
Sustainable Growth Infrastructure
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
Energy Efficiency
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)

Nigeria

$805,313NAV
0.89%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

South Africa

$667,300NAV
0.73%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
$ -FY25 Capital Deployment ($)
$671,003Current NAV ($)
1.02%Current NAV (%)

Indonesia

$257,477NAV
0.28%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)

Luxembourg

$657,125NAV
0.72%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
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)

Egypt

$768,067NAV
0.85%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

Switzerland

$511,487NAV
0.56%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
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)

China

$30,027NAV
0.03%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%Current NAV (%)

Tanzania

$165,257NAV
0.18%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

Brazil

$1,010,132NAV
1.11%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
Fully Funded
$475,000FY25 Capital Deployment ($)
$792,034Current NAV ($)
1.21%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%Current NAV (%)

Panama

$768,067NAV
0.85%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
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

Chile

$121,586NAV
0.13%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)

Peru

$69,137NAV
0.08%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
$ -FY25 Capital Deployment ($)
$2,396,877Current NAV ($)
3.65%Current NAV (%)

Sweden

$89,459NAV
0.10%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
Fully Funded
$375,000FY25 Capital Deployment ($)
$1,889,515Current NAV ($)
2.88%Current NAV (%)

Finland

$73,924NAV
0.08%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
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)

Algeria

$96,244NAV
0.11%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
2024
IRIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$ -FY25 Capital Deployment ($)
$2,007,500Current NAV ($)
3.06%Current NAV (%)

United Kingdom

$768,999NAV
0.85%of portfolio
Investments
Sustainable Growth Infrastructure
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
Reasonable Consumption
Primary SDG
9. Industry, Innovation, and Infrastructure
Year Funded
2023
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Open
$448,820FY25 Capital Deployment ($)
$2,946,431Current NAV ($)
4.49%Current NAV (%)

Uganda

$586,360NAV
0.65%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$845,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

Ghana

$492,879NAV
0.54%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$854,2505FY25 Capital Deployment ($)
$5,206,480Current NAV ($)
8.09%Current NAV (%)

Italy

$164,823NAV
0.18%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
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
$375,000FY25 Capital Deployment ($)
$1,889,515Current NAV ($)
2.88%Current NAV (%)

Senegal

$84,618NAV
0.09%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)
Cauris Layered Lender Finance
Through a facility with Cauris, Variant provides financing to Asaak and Numida. Asaak is a Ugandan lender offering lease-to-own financing for motorcycle taxis, enabling gig economy drivers to transition from renting to ownership and improving their long-term earning potential. Numida provides working capital loans to African SMEs, nearly all of which are micro-businesses.
Variant Impact Theme
Financial Inclusion
Primary SDG
8. Decent Work and Economic Growth
Year Funded
2024
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Open
$2,700,000FY25 Capital Deployment ($)
$708,946Current NAV ($)
1.08%Current NAV (%)

Sierra Leone

$38,331NAV
0.04%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
ISIS+ Impact Theme
Financial Inclusion
Funding Status
Fully Funded
$854,250FY25 Capital Deployment ($)
$5,306,480Current NAV ($)
8.09%Current NAV (%)

Poland

$12,780NAV
0.01%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
ISIS+ Impact Theme
Energy Efficiency
Funding Status
Fully Funded
$375,000FY25 Capital Deployment ($)
$1,889,515Current NAV ($)
2.88%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. Nine countries have position sizes greater than 1%, and this fiscal year, the list expanded to 32 countries with position sizes in excess of 0.1%, compared to 24 in the prior year.

Key
Interactive map
Last updated: 4.30.2025
USA
$60,025,042
66.07%
Kenya
$7,990,733
8.80%
France
$5,240,325
5.77%
Colombia
$1,698,662
1.87%
Mexico
$1,895,397
2.09%
India
$1,254,105
1.38%
Rwanda
$2,779,076
3.06%
Canada
$1,382,032
1.52%
Brazil
$1,010,132
1.11%
Nigeria
$805,313
0.89%
South Africa
$667,300
0.73%
Indonesia
$257,477
0.28%
Luxembourg
$657,125
0.72%
Egypt
$768,067
0.85%
Switzerland
$511,487
0.56%
China
$30,027
0.03%
Tanzania
$165,257
0.18%
United Arab Emirates
$299,338
0.48%
Panama
$768,067
0.85%
Chile
$121,586
0.13%
Peru
$69,137
0.08%
Sweden
$89,459
0.10%
Finland
$73,924
0.08%
Algeria
$96,244
0.11%
United Kingdom
$768,999
0.85%
Uganda
$586,360
0.65%
Ghana
$492,879
0.54%
Italy
$164,823
0.18%
Senegal
$84,618
0.09%
Sierra Leone
$38,331
0.04%
Poland
$12,780
0.01%
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