Variant Alternative Income Fund

Variant Alternative Income Fund (NICHX) is a continuously-offered, non-diversified, registered closed-end interval fund that aims to provide investors with access to a diversified portfolio of unconventional income-generating assets. The fund's primary objective is to deliver a high level of current income, with capital appreciation as a secondary goal. It focuses on niche market opportunities that exhibit strong cash flow characteristics and low correlations to public equity and bond markets. Variant, the investment adviser, is a private credit asset manager with approximately $2.8 billion in assets under management, specializing in niche asset-based lending transactions with a global reach, particularly in the lender finance market. The fund may invest directly or indirectly through various investment vehicles, including underlying funds, in alternative income-generating investments. These investments are typically domestic and foreign privately-held investments outside of traditional public markets. Examples of assets the fund may invest in include music royalties, litigation finance, and government receivables. As an interval fund, it offers features such as daily pricing, 1099 tax reporting, and quarterly liquidity with a fund-level gate of 5-25% of net asset value (NAV). This structure allows investors, particularly accredited investors, to access less liquid, potentially higher-yielding alternative investments. The Institutional share class (NICHX) commenced operations on October 1, 2018. Sources: [1] https://docs.publicnow.com/viewDoc.aspx?filename=179318\EXT\F9203FEF1A85D5A89E2D430382525F8C9912C926_5E8B33EBA48E0430CB0CA499A4C9C80BA2E3B0B6.PDF [2] https://funds.variantinvestments.com/variant-alternative-income-fund-nichx/ [3] https://funds.variantinvestments.com/ [4] https://www.sec.gov/Archives/edgar/data/1736510/000139834420017583/fp0057018_424b3.htm [5] https://funds.variantinvestments.com/wp-content/uploads/sites/2/2018/12/Prospectus.pdf [6] https://funds.variantinvestments.com/wp-content/uploads/sites/2/2019/04/UNIQX-Variant-Alternative-Income-Fund-Factsheet-2019-03.pdf [7] https://funds.variantinvestments.com/wp-content/uploads/sites/2/2020/01/Variant-Alternative-Income-Fund-Factsheet-2019-12-NICHX.pdf [8] https://www.schwab.com/research/mutual-funds/quotes/fees/nichx [9] https://www.hedgeweek.com/variant-investments-launches-variant-alternative-income-fund/ [10] https://funds.variantinvestments.com/wp-content/uploads/sites/2/2025/08/Variant-Alternative-Income-Fund-NICHX-Factsheet-2025-7-1.pdf