Generally speaking, an SPV should not be used for deal warehousing. While there are ways in which it may be technically possible, it complicates matters (for the Fund) and is sub-optimal.

Fund managers commonly make initial investments either as individuals, or via wholly-owned entities such as LLCs (in the US). There are no particular issues or concerns with investing via an LLC versus investing as an individual. However, it is important to note that the initial investment paperwork issued to the LLC (or the individual for that matter) should be issued cleanly/completely and reflect the LLC's correct name, to ensure there are no additional complications when it comes time to transfer the warehoused deals into the Fund.