We show that it is possible to construct an accurate approximation to the variational coupled cluster method, limited to double substitutions, from the minimization of a functional that is rigorously extensive, exact for isolated two-electron subsystems and invariant to transformations of the underlying orbital basis. This approximate variational coupled cluster theory is a modification and enhancement of our earlier linked pair functional theory. It is first motivated by the constraint that the inverse square root of the matrix that transforms the cluster amplitudes must exist. Low-order corrections are then included to enhance the accuracy of the approximation of variational coupled cluster, while ensuring that the computational complexit...