A deal warehouse involves a prospective fund manager making an investment personally or through a wholly-owned entity before the venture capital fund is set up and reaches its first close. After the fund's first close, these investments are transferred into the fund, typically at cost. To warehouse a deal not part of the current fund, you need to: 1. Invest personally or via a wholly-owned entity. 2. Secure approval from the company to change the owner. 3. Transfer the investment to the fund after the first close, following consistent rules for such transfers. Ensure all warehoused investments are disclosed to LPs before closing.