All Questions

Limited Partners are 'limited' on purpose. The limitations protect the LP, GP and the fund. If a limited partner were to make an investment decision for the fund, they would loose their limited partner protections.  To answer your quest...

Limited Partners are 'limited' on purpose. The limitations protect the LP, GP and the fund. If a limited partner were to make an investment decision for the fund, they would loose their limited partner protections.  To answer your question directly, you can say something like this in your own words: " Thank you so much for suggesting this investment. We will review it via our process." Then, if the if the investment is way off thesis and does not fit the return profile for the fund, just pass on the investment as normal. 

It may be possible to lead SPVs outside of a fund manager's Fund - however it is generally not recommended.  Fund managers owe fiduciary responsibility (and usually a stated time commitment) to the Fund and its limited partners - so any...

It may be possible to lead SPVs outside of a fund manager's Fund - however it is generally not recommended.  Fund managers owe fiduciary responsibility (and usually a stated time commitment) to the Fund and its limited partners - so any activities that might come into conflict with these obligations could potentially become a conflict of interest.  Even if the SPV is outside of the Fund's thesis, best practice is to disclose any such intended investments up front to limited partners and to clear each such SPV by a limited partner advisory committee. Managing these may be time consuming and not worth the additional effort - limited partners may also believe there is a misalignment of interests.