Warehousing (Warehoused Deals)

Warehousing is making investments before the fund closes — personally, through an SPV, or via a credit facility — and transferring them into the fund at cost once it can call capital. Warehoused deals give a Fund I manager tangible evidence of strategy and access instead of a purely hypothetical pitch. LPs scrutinize the transfer terms: deals should move in at cost, and any markup between warehouse and transfer belongs to the fund, not the GP.