Variant Alternative Income Fund - EvergreenLink

Variant Alternative Income Fund

Variant Alternative Income Fund (NICHX) is a Delaware-based, non-diversified closed-end interval fund registered under the Investment Company Act of 1940. Managed by Variant Investments, LLC, the fund seeks high current income as its primary objective, with capital appreciation as a secondary goal. It invests in alternative income-generating assets through direct investments and underlying vehicles. Shares are issued at NAV and offered daily, with quarterly repurchase offers between 5–25% of outstanding shares. The fund qualifies as a Regulated Investment Company (RIC) for tax purposes and is open to accredited investors via its Institutional Class Shares.

News and Notices

ManagerVariant Investments

Inception2017

Registration'40 Act

Fund TypeInterval CEF

CurrencyUSD

Repurchase FrequencyQuarterly

Subscription FrequencyDaily

Management Fee0.95%

Fiscal Year EndApril 30

News and Notices

Portfolio Holdings

Portfolio Composition

Growth

Capital Flows

Tender Offers

Share Classes

Returns

Fees

Ownership

Operating Metrics

Per Page

Notices

Jul 25, 2026

12:11

Redemptions

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Variant Alternative Income Fund announced a quarterly repurchase offer for up to 5% of outstanding shares ending September 15, 2026 at net asset value. Shareholders must submit requests by 4:00 p.m. Eastern Time that day.

Jun 18, 2026

16:53

Compliance

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Variant Alternative Income Fund provided its annual proxy voting notice report for calendar year 2026, listing zero series and no explanatory information.

Sep 29, 2025

12:13

Redemptions, Subscriptions

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Variant Alternative Income Fund reported $335 million of securities sold and $544 million redeemed or repurchased for the fiscal year ended April 30, 2026, resulting in $0 net sales and no registration fee due.

Dec 22, 2024

13:44

Redemptions

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Variant Alternative Income Fund will repurchase up to 5% of its issued and outstanding shares for cash at NAV, with the offer period running from May 22, 2026 to June 15, 2026. Shareholders may submit requests by 4:00 p.m. Eastern Time on June 15, 2026, and proceeds are expected within seven calendar days after the pricing date.

Feb 15, 2024

09:09

Personnel

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Lisa Zhu resigned as Chief Compliance Officer of Variant Alternative Income Fund’s Adviser, effective May 15, 2026, and the Adviser accepted her resignation the same day.

Mar 15, 2025

08:59

Ownership, Personnel

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Variant Alternative Income Fund's Investment Adviser CCO, Michael Richard Holman, reported beneficial ownership information covering 1 security as of 2026-05-15.

Apr 29, 2026

09:41

Other

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Variant Alternative Income Fund updated its Prospectus and SAI to expand conflict-of-interest disclosures about the Investment Manager’s separate loan transaction business and allocation of investment opportunities. The revisions state the Fund may not receive all opportunities and will not be compensated for opportunities taken by the Investment Manager or others.

Jun 01, 2023

17:06

Compliance

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Variant Alternative Income Fund renewed a joint fidelity bond effective December 31, 2025 to December 31, 2026 with $2.5 million coverage and a $250,000 electronic mail transfer fraud sub-limit. The bond extends coverage to additional affiliated funds and automatically adjusts limits for new Investment Companies or asset growth to maintain Rule 17g-1 compliance.

Oct 01, 2025

11:12

Distributions, Marketing Materials

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Variant Alternative Income Fund will change its distribution policy effective April 1, 2026, increasing distribution frequency from quarterly to monthly. The Prospectus is being amended to reflect the new monthly distribution schedule.

Nov 20, 2024

14:34

Redemptions

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Variant Alternative Income Fund will repurchase up to 5% of its outstanding shares for cash at NAV, with the offer period running from February 20, 2026 through March 13, 2026. Shareholders may tender shares by the deadline, with proceeds paid within seven calendar days after the pricing date.

Preview

Who manages Variant Alternative Income Fund?Variant is responsible for managing Variant Alternative Income Fund.

When was Variant Alternative Income Fund incepted?Variant Alternative Income Fund launched in 2017.

How is Variant Alternative Income Fund registered?Variant Alternative Income Fund is registered as a '40 Act fund.

What type of fund is Variant Alternative Income Fund?Variant Alternative Income Fund is structured as a Interval CEF fund.

How can investors access Variant Alternative Income Fund?You can invest in Variant Alternative Income Fund by meeting its eligibility requirements and subscribing through the fund's offering process or an approved platform. Visit their website for more details.

How often can investors buy shares of Variant Alternative Income Fund?You can invest in Variant Alternative Income Fund daily, subject to eligibility and fund subscription deadlines.

How often can investors sell shares of Variant Alternative Income Fund?You can redeem shares of Variant Alternative Income Fund quarterly, subject to redemption limits and notice requirements.

What currency is Variant Alternative Income Fund offered in?Shares of Variant Alternative Income Fund can be purchased in USD.

When does Variant Alternative Income Fund close its fiscal year?Variant Alternative Income Fund's fiscal year end is April 30.

How big is Variant Alternative Income Fund?Variant Alternative Income Fund's net asset value was $2,457.5 million and its portfolio had a fair value of $2,436 million as of April 30, 2026.

What types of investments does Variant Alternative Income Fund make?Among other deal types, Variant Alternative Income Fund primarily makes Debt Investments.

What strategies does Variant Alternative Income Fund invest in?Among other asset classes, Variant Alternative Income Fund primarily invests in Legal Claim and Real Estate (Debt).

What geographies does Variant Alternative Income Fund have exposure to?Among other regions, Variant Alternative Income Fund primarily invests in North America and the USA.

What management fee does Variant Alternative Income Fund charge?Variant Alternative Income Fund charges a 0.95% annual management fee, which is calculated based on NAV.

How much do investors need to invest for their first purchase of shares in Variant Alternative Income Fund?You can invest in NICHX shares with a minimum initial investment of $1,000,000.

How much are investors able to invest after their first purchase of shares in Variant Alternative Income Fund?There is no minimum subsequent investment for NICHX shares, allowing you to invest any amount.

What happens if an investor sells shares of Variant Alternative Income Fund early?You will be subject to paying an early repurchase/redemption fee of 2%.

How has Variant Alternative Income Fund performed?Variant Alternative Income Fund's NICHX share class generated an annualized 1-month return of 4.73% and since-inception return of 8.51% as of April 30, 2026.

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