Cox Capital Launches First Third-Party Tender Offer for an Active Interval Fund

Offer seeks approximately $2.5 million of Variant Alternative Income Fund shares at $15.47 per share, 40% below reported NAV, and aims to advance dialogue on transferability and shareholder liquidity

CONSHOHOCKEN, Pa.--(BUSINESS WIRE)--Cox Capital Partners (“Cox Capital”) today announced that Cox Capital Retail Secondaries Fund I, LP (the “Purchaser”), a private investment fund managed by a Cox Capital affiliate, has commenced a cash tender offer for shares of Variant Alternative Income Fund (the “Fund,” NICHX). To Cox Capital’s knowledge, the offer is the first third-party tender offer for shares of an active interval fund.

Alongside providing an additional option for shareholders seeking liquidity, Cox Capital views the offer as an opportunity to advance dialogue with interval fund managers about how transfer restrictions apply to shareholders who choose to accept third-party tender offers. Since 2021, Cox Capital has completed secondary purchases of interval fund shares where the relevant sponsors processed the transfers. Not every sponsor has done so, and past processing of transfers by other sponsors does not indicate whether the Fund will consent to transfers under this offer.

“Interval funds have helped expand individual investors’ access to private market investments, but investors and their advisors also need clarity about their options for selling when their circumstances change,” said John Cox, Founder and CIO of Cox Capital.

Offer Terms and Shareholder Considerations

The Purchaser is seeking up to 161,290 shares at a fixed price of $15.47 per share, for approximately $2.5 million in total consideration. The price represents a discount of 40% to the Fund’s reported net asset value (“NAV”) of $25.79 per share as of October 26, 2026. The offer is scheduled to expire at 5:00 p.m. Eastern Time on November 30, 2026, unless extended or terminated earlier, and is subject to certain conditions. The terms of the offer are set forth in the definitive offer documents.

Cox Capital’s prior interval fund purchases were made at discounts of approximately 5% to 31% to NAV. The wider discount in this offer reflects proration of the Fund’s repurchase offers and the range of exit outcomes interval fund shareholders have experienced, including the December 2025 listing of the Bluerock Total Income + Real Estate Fund, which closed its first day of trading approximately 40% below its NAV.

The offer provides shareholders with a separate option to sell shares when the Fund’s periodic repurchases do not meet their liquidity needs. The Fund conducts quarterly repurchase offers for 5% of its outstanding shares at NAV. When requests exceed that amount, shareholders may have only part of their request accepted and must resubmit remaining shares in a later window.

Shareholders considering Cox Capital’s offer must weigh the 40% discount to NAV against their individual liquidity needs and the availability and timing of other options, including the Fund’s periodic repurchase program. The purchase price is fixed rather than tied to subsequent changes in NAV. Purchases remain subject to the offer’s size limit, conditions and required transfer consent, each of which is described in detail in the definitive offer documents.

Transfer Consent

The Fund’s governing documents provide that the Fund must consent to any transfers of shares, and Cox Capital launched the offer with that requirement in mind. The Purchaser has formally requested the Fund’s consent to transfers by shareholders who choose to tender.

Cox Capital and the Purchaser are independent of the Fund and Variant Investments; the offer does not imply the Fund’s endorsement or approval. Purchases cannot settle without the required transfer consent, which the Fund may withhold in its discretion. If consent has not been obtained by expiration, the Purchaser may either extend the offer while preserving withdrawal rights or terminate the offer and release tendered shares. Shareholders may withdraw tendered shares at any time before expiration. If more than 161,290 shares are tendered, the Purchaser will accept shares on a pro rata basis. Subject to receipt of consent to transfers from the Fund, the Purchaser will pay for accepted shares promptly after expiration of the offer, as described further in the offer documents. Other conditions, including a provision permitting termination of the offer if the Fund’s NAV declines by a specified amount, are set out in the definitive offer documents.

How to Participate

Shareholders and their financial professionals can obtain the offer documents and participation instructions through CoxCapitalPortal.com.

Broker or custodian processing may require additional documentation and earlier internal deadlines. Questions and requests for materials may be directed to [phone] or [e-mail].

Important Information

This press release is for informational purposes only. It does not itself constitute an offer to buy securities or a solicitation of sales of securities. The tender is governed exclusively by, and is made solely pursuant to, the applicable Offer to Purchase and Assignment Form, including any amendments or supplements. Shareholders should review those documents carefully before deciding whether to participate in the offer. The terms of such documents prevail over this press release.

The bid is below the Fund’s reported NAV. No independent fairness opinion has been obtained. Participation is voluntary and remains subject to the offer conditions. Shareholders should evaluate the price, available alternatives, processing requirements and tax effects. Shareholders are encouraged to consult with their financial, tax and legal advisors before making any decisions. The offer is unavailable wherever prohibited by law.

Neither the SEC nor a state securities regulator has approved the tender, evaluated its merits or fairness, or endorsed the offer documents. Statements suggesting otherwise are unlawful. This press release does not solicit investments in the Purchaser or any other Cox Capital managed vehicle.

Forward Looking Statements

This release contains forward-looking statements about the tender offer, including statements about expected transfers, timing, cooperation and liquidity benefits. Actual outcomes and results may differ from those expressed herein and may depend on various factors, including shareholder participation, fund consent, custodian processing, and the conditions described in the offer documents. The tender offer remains subject to applicable legal requirements and the terms and conditions of the definitive offer documents; closing of the offer is not assured. The statements made herein are made as of the date hereof, and Cox Capital has no duty to revise these statements except where legally required.

About Cox Capital Partners

Based in Conshohocken, Pennsylvania, Cox Capital Partners invests in secondary transactions involving non-traded funds and other illiquid alternative investments. Visit coxcp.com for firm information and CoxCapitalPortal.com for tender offer materials.