Variant Investments Appoints Drake Hicks as Vice President of Impact
PORTLAND, Ore., July 1, 2025 /PRNewswire/ -- Variant Investments, LLC (Variant), an SEC-registered alternative credit investment manager with nearly $3 billion in assets under management, today announced that Drake Hicks has joined the firm as Vice President of Impact. She is based in New York City and reports to Bob Elsasser, Principal and Co-founder.
In this role, Hicks will lead Variant's impact investment process, deepen engagement with the impact investing community and broaden the reach of the Variant Impact Fund (IMPCX).
Before joining Variant, Hicks was Head of Strategic Partnerships for Manifest Climate, an AI-enabled climate technology startup where she oversaw the implementation of the company's platform on Microsoft Azure Marketplace. Before that she was the ESG lead for Base 10 Partners, the largest Black-led venture capital firm. Previously, she was Head of Impact Investing for the JPB Foundation (now Freedom Together Foundation), where she launched the impact investing mandate, investing $55 million across poverty, environment and medical research in her time leading the program. She began her career in structured finance at BlackRock both in New York City, and globally, in Frankfurt (Germany) and Singapore.
"We're thrilled to welcome Drake to Variant," said Elsasser. "She brings a dynamic combination of institutional expertise, strategic leadership, and strong commitment to impact. Her experience will be invaluable as we enhance our impact underwriting, deepen our measurement capabilities, and expand our presence in both the U.S. institutional market and with international partners."
Hicks holds a bachelor's degree in Asian and International studies from Williams College and a master's degree in business administration from INSEAD, an international business school, which she attended at its Fontainebleau, France campus. She is a board member of Reclaim Childhood, a nonprofit creating safe spaces for refugee and local girls in Jordan.
Variant-managed funds focus on uncorrelated income-generating assets in niche private markets. The Variant Impact Fund (IMPCX), with approximately $92 million in assets, seeks to provide high current income while supporting investment opportunities aligned with the United Nations Sustainable Development Goals, including financial inclusion, equitable growth, and responsible consumption.
Since inception on Nov. 1, 2021, IMPCX has generated an annualized net return of 9.71% through May 31, 2025, outperforming the Bloomberg U.S. Aggregate Index, a major benchmark for investment grade bonds; the Bloomberg U.S. High Yield Index; and the S&P 500 Index, a key large-cap equity benchmark.
Net Performance
As of May 31, 2025
1 year | 3 years | Since Inception* | |
Variant Impact Fund IMPCX | 5.12 % | 9.09 % | 9.71 % |
IG Bonds I BBG Agg | 5.46 % | 1.49 % | -1.35 % |
High Yield I BBGHY | 9.32 % | 6.75 % | 3.45 % |
Equity I S&P 500 | 13.50 % | 14.39 % | 8.84 % |
Source: Variant Investments, Bloomberg, S&P
Inception date of the Variant Impact Fund is November 1 2021
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
About Variant Investments
Variant Investments, established in 2017 and based in Portland, Oregon, is an SEC-registered alternative credit manager with nearly $3 billion in assets under management. 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
Newton Park PR, LLC
Margaret Kirch Cohen
E: margaret@newtonparkpr.com
T: +1 847-507-2229
Kathy Panagopoulos
E: kathy@newtonparkpr.com
T: +1 773-710-7433
Important Information
An investment in the Funds is speculative, involves substantial risks. The Variant Alternative Income Fund, the Variant Impact Fund, and Variant Alternative Lending Fund are continuously offered, non-diversified, registered closed-end funds with limited liquidity. There is no guarantee the Funds will achieve their objectives. An investment in the Funds 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.
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 Funds perform. Although the Funds are required to implement a Share repurchase program only a limited number of Shares will be eligible for repurchase by the Funds.
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.
Variant Funds are 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/variant-investments-appoints-drake-hicks-as-vice-president-of-impact-302495700.html
SOURCE Variant Investments, LLC