| Document And Entity Information | 6 Months Ended |
| Oct. 31, 2024 | |
| Document Information [Line Items] | |
| Entity Registrant Name | Variant Alternative Income Fund |
| Document Type | N-CSRS |
| Amendment Flag | false |
| Entity Central Index Key | 0001736510 |
| Document Period End Date | Oct. 31, 2024 |
| N-2 - USD ($) | 6 Months Ended | ||
| Oct. 31, 2024 | Apr. 30, 2024 | ||
| Cover [Abstract] | |||
| Entity Central Index Key | 0001736510 | ||
| Amendment Flag | false | ||
| Document Type | N-CSRS | ||
| Entity Registrant Name | Variant Alternative Income Fund | ||
| Financial Highlights [Abstract] | |||
| Senior Securities [Table Text Block] | For the October 31, For the April 30, For the April 30, For the April 30, For the April 30, For the April 30, Net asset value, beginning of year/period $ 28.46 $ 28.93 $ 28.38 $ 26.96 $ 26.32 $ 25.79 Income from Investment Operations: Net investment income 1 1.20 2.64 2.22 1.89 1.66 1.33 Net realized and unrealized gain (loss) (1.48 ) 0.03 0.06 1.21 0.59 0.79 Total from investment operations (0.28 ) 2.67 2.28 3.10 2.25 2.12 Less Distributions: From net investment income (0.88 ) (3.14 ) (1.53 ) (1.43 ) (0.99 ) (1.59 ) From return of capital — — (0.20 ) (0.25 ) (0.62 ) — Total distributions (0.88 ) (3.14 ) (1.73 ) (1.68 ) (1.61 ) (1.59 ) Net asset value, end of year/period $ 27.30 $ 28.46 $ 28.93 $ 28.38 $ 26.96 $ 26.32 Total return 2 0.32% 3 9.62% 8.28% 11.79% 8.81% 8.38% Ratios and Supplemental Data: Net assets, end of period (in thousands) $ 2,891,749 $ 3,105,549 2,561,219 $ 1,857,266 $ 846,571 $ 378,040 Ratio of expenses to average net assets: (including interest, revolving credit facility and excise tax expense) Before fees waived/recovered 1.62% 4 1.29% 1.24% 1.14% 1.21% 1.53% After fees waived/recovered 1.62% 4 1.29% 1.24% 1.14% 1.28% 1.50% Ratio of expenses to average net assets: (excluding interest, revolving credit facility and excise tax expense) Before fees waived/recovered 1.31% 4 1.17% 1.14% 1.12% 1.20% 1.48% After fees waived/recovered 1.31% 4 1.17% 1.14% 1.12% 1.27% 1.45% Ratio of net investment income to average net assets: (including interest, revolving credit facility and excise tax expense) Before fees waived/recovered 8.68% 4 9.10% 7.75% 6.75% 6.28% 4.96% After fees waived/recovered 8.68% 4 9.10% 7.75% 6.75% 6.21% 4.99% Portfolio turnover rate 13% 3 23% 27% 42% 52% 21% Senior Securities Total borrowings (000’s omitted) $ 128,000 $ 15,000 $ — $ — $ — $ — Asset coverage per $1,000 unit of senior indebtness 5 23,244 208,054 — — — — 1 Based on average shares outstanding for the period. 2 Total returns would have been lower had expenses not been waived by the Investment Manager. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. 3 Not annualized. 4 Annualized. 5 Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. | ||
| Senior Securities Amount | $ 128,000 | $ 15,000 | |
| Senior Securities Coverage per Unit | [1] | $ 23,244 | $ 208,054 |
| General Description of Registrant [Abstract] | |||
| Investment Objectives and Practices [Text Block] | The Variant Alternative Income Fund (the “Fund”) is a closed -end -3 The Fund’s investment objective is to seek to provide a high level of current income by investing, directly or indirectly, a majority of its net assets (plus any borrowings for investment purposes) in alternative income generating investments. The Fund may allocate its assets through direct investments, and investments in a wide range of investment vehicles. | ||
| Risk Factors [Table Text Block] | Indemnifications In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, the risk of loss from such claims is considered remote. Borrowing, Use of Leverage The Fund may leverage its investments by “borrowing,” use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk and profit potential. The Fund expects that under normal business conditions it will utilize a combination of the leverage methods described above. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a position that can be financed), the Fund could be subject to a “margin call,” pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses. Limited Liquidity Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. There is no assurance that you will be able to tender your Shares when or in the amount that you desire. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term Non-Diversified Status The Fund is a “non -diversified Private Markets Risk The securities in which the Fund, directly or indirectly, may invest include privately issued securities of both public and private companies. Private securities have additional risk considerations than investments in comparable public investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a greater degree of investment risk and reliance upon the Investment Manager’s ability to obtain and evaluate applicable information concerning such companies’ creditworthiness and other investment considerations. Certain private securities may be illiquid. Because there is often no readily available trading market for private securities, the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell them if they were more widely traded. Private securities that are debt securities generally are of below -investment -investment SOFR Risk SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based -based Repurchase Offers The Fund is a closed -end -class Market Disruption and Geopolitical Risks Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel -Hamas | ||
| NAV Per Share | $ 27.3 | ||
| Capital Stock, Long-Term Debt, and Other Securities [Abstract] | |||
| Capital Stock [Table Text Block] | The Fund is authorized as a Delaware statutory trust to issue an unlimited number of Shares in one or more classes, with a par value of $0.001. The Fund currently offers one class of Shares: Institutional Class Shares. The Fund may offer additional classes of Shares in the future. The minimum initial investment in Institutional Class Shares by any investor is $1 million. However, the Fund, in its sole discretion, may accept investments below this minimum. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirement. Institutional Class Shares are not subject to an initial sales charge. Shares will generally be offered for purchase on each business day, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. The Board may also suspend or terminate offerings of Shares at any time. A substantial portion of the Fund’s investments are illiquid. For this reason, the Fund is structured as a closed -end Pursuant to Rule 23c -3 Repurchase Offer Repurchase Offer Commencement Date May 24, 2024 August 23, 2024 Repurchase Request Deadline June 14, 2024 September 13, 2024 Repurchase Pricing Date June 14, 2024 September 13, 2024 Net Asset Value as of Repurchase Offer Date Institutional Class $ 27.70 $ 27.68 Amount Repurchased Institutional Class $ 217,425,964 $ 214,476,465 Percentage of Outstanding Shares Repurchased Institutional Class 7.00 % 7.00 % | ||
| Indemnifications [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Indemnifications In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, the risk of loss from such claims is considered remote. | ||
| Borrowing, Use of Leverage [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Borrowing, Use of Leverage The Fund may leverage its investments by “borrowing,” use of swap agreements, options or other derivative instruments, use of short sales or issuing preferred stock or preferred debt. The use of leverage increases both risk and profit potential. The Fund expects that under normal business conditions it will utilize a combination of the leverage methods described above. The Fund is subject to the Investment Company Act requirement that an investment company limit its borrowings to no more than 50% of its total assets for preferred stock or preferred debt and 33 1/3% of its total assets for debt securities, including amounts borrowed, measured at the time the investment company incurs the indebtedness. Although leverage may increase profits, it exposes the Fund to credit risk, greater market risks and higher current expenses. The effect of leverage with respect to any investment in a market that moves adversely to such investment could result in a loss to the investment portfolio of the Fund that would be substantially greater than if the investment were not leveraged. Also, access to leverage and financing could be impaired by many factors, including market forces or regulatory changes, and there can be no assurance that the Fund will be able to secure or maintain adequate leverage or financing. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties’ financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. Margin borrowings and transactions involving forwards, swaps, futures, options and other derivative instruments could result in certain additional risks to the Fund. In such transactions, counterparties and lenders will likely require the Fund to post collateral to support its obligations. Should the securities and other assets pledged as collateral decline in value or should brokers increase their maintenance margin requirements (i.e., reduce the percentage of a position that can be financed), the Fund could be subject to a “margin call,” pursuant to which it must either deposit additional funds with the broker or suffer mandatory liquidation of the pledged assets to compensate for the decline in value. In the event of a precipitous drop in the value of pledged securities, the Fund might not be able to liquidate assets quickly enough to pay off the margin debt or provide additional collateral and may suffer mandatory liquidation of positions in a declining market at relatively low prices, thereby incurring substantial losses. | ||
| Limited Liquidity [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Limited Liquidity Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. There is no assurance that you will be able to tender your Shares when or in the amount that you desire. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long -term | ||
| Non-Diversified Status [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Non-Diversified Status The Fund is a “non -diversified | ||
| Private Markets Risk [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Private Markets Risk The securities in which the Fund, directly or indirectly, may invest include privately issued securities of both public and private companies. Private securities have additional risk considerations than investments in comparable public investments. Whenever the Fund invests in companies that do not publicly report financial and other material information, it assumes a greater degree of investment risk and reliance upon the Investment Manager’s ability to obtain and evaluate applicable information concerning such companies’ creditworthiness and other investment considerations. Certain private securities may be illiquid. Because there is often no readily available trading market for private securities, the Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell them if they were more widely traded. Private securities that are debt securities generally are of below -investment -investment | ||
| SOFR Risk [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | SOFR Risk SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction -level -weighted Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different short -term -looking -risk -term -based -month -based -based | ||
| Repurchase Offers [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Repurchase Offers The Fund is a closed -end -class | ||
| Market Disruption and Geopolitical Risks [Member] | |||
| General Description of Registrant [Abstract] | |||
| Risk [Text Block] | Market Disruption and Geopolitical Risks Certain local, regional or global events such as war (including Russia’s invasion of Ukraine and the Israel -Hamas | ||
| [1] Calculated by subtracting the Fund’s total liabilities (not including borrowings) from the Fund’s total assets and dividing this by the total number of senior indebtedness units, where one unit equals $1,000 of senior indebtedness. | |||
