Variant Investments Publishes 2026 Impact Report, Marking Five-Years of Measurable Impact in Private Credit

PORTLAND, Ore., June 25, 2026 /PRNewswire/ -- Variant Investments, an alternative private credit investment manager with $2.6 billion in assets under management, today published its 2026 Annual Impact Report for the Variant Impact Fund (IMPCX), which marks its fifth anniversary this year.

The Fund focuses on lender finance and asset-backed lending across its three core impact objectives: Financial Inclusion, Equitable Growth, and Responsible Consumption.

Key Highlights of the Impact Report

• Capital Deployment — The Fund's assets under management rose to $90 million as of May 31, 2026, enabling $32 million of new capital deployment around the globe and across GIIN's IRIS+¹ impact themes. 
  
  
• Investor Perspectives — Institutional partners, including CapShift, Perigon, and Natural Investments, emphasized the distinct value of Variant's mission-driven approach. James Frazier, CFP and partner at Natural Investments, said, "I've found that the Variant Impact Fund is an essential part of many of the impact portfolios I manage. It doesn't just offer diversification into private credit, it also offers ease of investment as an interval fund, and a degree of liquidity that clients appreciate. I feel comfortable entrusting them to navigate the full market cycle, which not many people will say about their private credit managers these days."²
  
  
• Community Engagement — Variant joined Mission Investors Exchange and the Intentional Endowments Network, expanding its support and engagement with organizations that focus on scaling private capital for social good.
  
  
• Measurable Results — Variant financed 545,783 underserved small businesses and individuals; completed or developed 1,024 affordable housing units; and avoided/sequestered 600,000 metric tons of CO₂.

Beyond data points, the report spotlights the personal stories of individuals affected by the Fund's capital deployment, including:

• Marco Hernandez of Carbonof, which received its first institutional capital from Variant to help it manage 270,000 hectares of ecologically vital land across Mexico, creating carbon sequestration that directly benefits local rural communities.
  
  
• Laura Rister, a seasoned film producer, who founded Esme Grace, a film finance company helping give agency to female voices in the entertainment industry.
  
  
• Stella, a boda boda driver in Uganda, who doubled her income by financing an electric motorcycle with Asaak.
  
  
• Ryan E. from Illinois, who was able to save his home amid financial hardship through Skydan's residential sale-leaseback program.

"For the past five years, the Variant Investments team has consistently executed disciplined private credit impact investments, and we have seen first-hand what is possible when we put values into practice," said Drake Hicks, vice president, head of impact for Variant Investments. "We are grateful to be doing this work and are committed to deploying capital with purpose and transparency and deliver outcomes that matter to both people and the planet."

IMPCX aligns with globally recognized frameworks, including UN Sustainable Development Goals (SDGs). In addition, the Fund deploys capital across a range of impact themes as defined by the GIIN's IRIS+ categories, including access to quality education; access to quality healthcare; affordable quality housing; clean energy; climate change mitigation; energy efficiency; financial inclusion; gender lens; racial equity; resilient infrastructure; sustainable agriculture; sustainable forestry; and waste management. 

Performance
Variant managed funds focus on uncorrelated income generating assets in niche private markets. The Variant Impact Fund (IMPCX) seeks to provide high current income while supporting investment opportunities aligned with the United Nations Sustainable Development Goals.

Since inception on Nov. 1, 2021, IMPCX has generated an annualized net return of 9.16% through May 31, 2026, significantly outperforming traditional fixed income benchmarks such as the Bloomberg U.S. Aggregate Index 0.03% annualized net returns and the Bloomberg U.S. High Yield Index 4.33% annualized net returns. These results highlight IMPCX's ability to deliver strong, competitive returns while driving measurable impact.

Net Performance*
As of May 31, 2026

* Inception date is Nov. 1, 2021. Returns are net total returns. The track record uses geometric returns and reflects the reinvestment of earnings. Results audited through April 30, 2025.
¹ "IG bonds" & "BBG Agg" refer to the Bloomberg U.S. Aggregate Index, which is a broad-based flagship benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market.
² "High yield" & "BBG HY" refer to the Bloomberg U.S. High Yield Index, which measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market.
³ "Equity" & "S&P 500" refer to the S&P 500^®Index, which is a market-value weighted index of equity securities.

* The performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted.

The Variant Impact Fund is a continuously offered, non-diversified, registered closed-end fund with limited liquidity. The investment objective of the Fund is to seek to provide a high level of current income. Capital appreciation is considered a secondary objective. The Fund will also seek to generate positive social and environmental impact by targeting investment opportunities that are both aligned with the United Nations Sustainable Development Goals (UN SDGs) and consistent with the Fund's impact investing framework. There is no guarantee the Fund will achieve its objective. An investment in the Fund should only be made by investors who understand the risks involved, who are able to withstand the loss of the entire amount invested and who can bear the risks associated with the limited liquidity of Shares.

Important Risks: In implementing the Fund's impact investment strategy, the Investment Manager may select or exclude certain investments for reasons other than investment performance. For this reason, the Fund's impact strategy could cause it to perform differently compared to funds that do not have such strategy. There is no guarantee that the Investment Manager's definition of impact investing, security selection criteria or investment judgment will reflect the beliefs or values of any particular investor. Currently, there is a lack of common industry standards relating to the development and application of environmental, social and governance (ESG) criteria, which may make it difficult to compare the Funds' principal investment strategies with the investment strategies of other funds that integrate certain "impact" criteria.

Given the substantial investment by the Fund in private securities, there is no reliable liquid market available for the purposes of valuing the majority of the Fund's investments. There can be no guarantee that the basis of calculation of the value of the Fund's investments used in the valuation process will reflect the actual value on realization of those investments.

Shares are an illiquid investment. You should generally not expect to be able to sell your Shares (other than through the repurchase process), regardless of how the Fund performs. Although the Fund is required to implement a Share repurchase program, only a limited number of Shares will be eligible for repurchase by the Fund.

The interval fund structure allows 5%-25% of Fund NAV, however for the foreseeable future, Variant plans to offer 5% of Fund NAV for redemptions on a quarterly basis. It is possible that a repurchase offer may be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased. An investment in the Fund is speculative, involves substantial risks, including the risk that the entire amount invested may be lost, and should not constitute a complete investment program. The Fund may leverage its investments by borrowing, use of swap agreements, options or other derivative instruments. The Fund is a non-diversified management investment company, meaning it may be more susceptible to any single economic or regulatory occurrence than a diversified investment company. In addition, the fund is subject to investment related risks of the underlying funds, general economic and market condition risk.

Alternative investments provide limited liquidity and include, among other things, the risks inherent in investing in securities, futures, commodities and derivatives, using leverage and engaging in short sales. The Fund's investment performance depends, at least in part, on how its assets are allocated and reallocated among asset classes and strategies. Such allocation could result in the Fund holding asset classes or investments that perform poorly or underperform. Investments and investment transactions are subject to various counterparty risks. The counterparties to transactions in over-the-counter or "inter-dealer" markets are typically subject to lesser credit evaluation and regulatory oversight compared to members of "exchange-based" markets. This may increase the risk that a counterparty will not settle a transaction because of a credit or liquidity problem, thus causing the Fund to suffer losses. The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity.

BEFORE INVESTING, YOU SHOULD CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED FROM (877) 770-7717 OR WWW.VARIANTINVESTMENTS.COM. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

The Fund is distributed by Distribution Services, LLC. Variant Investments, LLC (the Investment Manager) serves as the investment manager of the Fund. Distribution Services, LLC and the Investment Manager are unaffiliated.

About Variant Investments
Variant Investments, established in 2017 and based in Portland, Ore., is an SEC-registered alternative credit manager with $2.6 billion in assets under management as of March 31, 2026. The firm's strategies focus on uncorrelated income-generating private investments in niche markets, offered to investors through closed-end interval and tender offer funds. For more information, visit www.variantinvestments.com.

Media Contacts:
Margaret Kirch Cohen
Newton Park PR
+1 847-507-2229
[email protected]

Kathy Panagopoulos
Newton Park PR
+1 773-710-7433
[email protected]

¹ Global Impact Network's Impact Reporting and Investment Standards. IRIS+ aims to provide a common reference point for impact measurement and management. The IRIS+ short lists of metrics, curated indicators and related guidance tailored for impact investors aim to standardize impact measurement and help investors effectively manage and enhance their impact.

² The above statement is a testimonial provided by a third party that may be a current or former client. No compensation was provided. Their experience may not be representative of all investors. Endorsement does not guarantee future performance or success.

SOURCE Variant Investments, LLC