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Variant Investments
Variant Investments manages $2.6B in alternative credit interval funds from Portland, OR, sourcing income from specialty finance and SDG-aligned assets.
Variant Investments
Variant Investments was founded by Bob Elsasser, Curt Fintel, and J.B. Hayes, three former investment executives who met at CTC | myCFO. Elsasser previously fixed-income direction at the Federal Reserve Bank of New York; Fintel was chief investment strategist at CTC; Hayes ran private markets there. The firm was built to invest in what it calls 'unconventional income' — assets disintermediated from traditional banking infrastructure. Variant operates through three interval funds: the Variant Alternative Income Fund (NICHX), the Variant Impact Fund (IMPCX), and the Variant Alternative Lending Fund. It targets specialty finance, senior secured credit, emerging market debt, and UN SDG-aligned investments. The portfolio includes positions in fintech lending platforms, litigation finance, trade finance, and consumer credit. The firm avoids traditional fixed income and public equities. Geographically, capital is deployed across North America, Latin America, and select European markets. The firm reports $2.6B in assets under management and a team of 33 professionals. Offices are located in Portland (HQ), and lorem ipsum placeholder text suggests additional locations in New York, Amsterdam, Belgrade, and Stockholm — but those addresses appear to be unpopulated template entries. Variant maintains a philanthropy program that donates up to $5,000 per employee annually to charities of each employee's choosing. What differentiates Variant from a standard credit fund manager is its exclusive reliance on interval funds — closed-end vehicles that offer periodic liquidity, enabling the firm to hold illiquid income streams to maturity. The three co-founders' shared background at CTC | myCFO — a unified private-wealth origin — suggests a common investment philosophy and governance structure rare among asset managers of this size.
General information
Firm type
RIA
Year founded
—
AUM
$2.6B (per firm website, 2025)
Location
Region
North America
Country
United States
City
Portland
Corporate office
Portland, OR, United States
Additional offices
New York · Amsterdam · Belgrade · Stockholm
Principals
Bob Elsasser
Principal and Co-Founder
Curt Fintel, CFA
Principal and Co-Founder
J.B. Hayes, CFA
Principal and Co-Founder
Kristi Combs
Chief Operating Officer
Brian Park
General Counsel
Sector focus
Frequently asked questions
Who runs investment decisions at Variant Investments?
Investment decisions are overseen by three co-founders — Bob Elsasser, Curt Fintel (CFA), and J.B. Hayes (CFA) — all of whom previously worked together at CTC | myCFO. Kristi Combs serves as COO. The investment team includes senior members like Karina Convers, who leads a portion of the firm's emerging markets holdings (per firm website, 2025).
Does Variant invest in traditional bonds or publicly traded equities?
No. Variant explicitly avoids conventional fixed income and public equities. Its focus is on 'unconventional income' — specialty finance, private credit, and alternative debt assets that are not accessible through public markets. The firm says it seeks income from 'private markets, uncorrelated alternatives and niche public markets.'
What is the Variant Impact Fund, and how does it integrate sustainability?
The Variant Impact Fund (IMPCX) is an interval fund that targets alternative credit exposures aligned with the United Nations Sustainable Development Goals. It invests in assets such as affordable housing loans, renewable energy finance, and community development credit, aiming to generate both financial returns and measurable social outcomes.
How do Variant's interval funds differ from traditional mutual funds or private credit funds?
Interval funds are continuously offered, closed-end funds that provide periodic repurchase offers — typically quarterly — allowing investors to redeem shares at net asset value. This structure enables Variant to hold illiquid income streams to maturity without the daily liquidity demands of open-end funds or the locked-up capital requirements of traditional private credit vehicles.
What is Variant's known posture on co-investments alongside external GPs?
The firm's website does not advertise co-investment or fund-of-funds activities. Variant appears to deploy capital solely through its proprietary interval fund vehicles, focusing on direct origination in specialty finance and alternative credit rather than participating in external GP-led opportunities.
Where does the underlying wealth of Variant's founders come from?
The three co-founders — Bob Elsasser, Curt Fintel, and J.B. Hayes — all held senior investment positions at CTC | myCFO, a wealth advisory firm serving ultra-high-net-worth families, before launching Variant. Elsasser previously served as Senior Vice President of Fixed Income and Foreign Exchange at the Federal Reserve Bank of New York. The firm does not disclose whether a specific family's wealth seeded Variant.
Does Variant maintain philanthropic structures, and how are they separated?
Yes. Variant operates a firm-wide philanthropy program that donates up to $5,000 per employee per year to charities chosen by the employee. This is operated from firm revenue, not from investor capital. The firm states the program is designed to encourage lifelong philanthropic habits. No separate foundation or donor-advised fund is disclosed.
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