The US SPV uses a Delaware Limited Partnership structure:

The SPV itself is a Series of Vauban's Master Limited Partnership

Vauban entities act as the General Partner of the Master Limited Partnership, as well as the Investment Adviser of the SPV.

The SPVs are not incorporated but established when the Limited Partnership Agreement (LPA) of that Series is executed.

Each SPV is legally segregated: they each have their own bank account, and their own EIN number, and a Form D is filed for each SPV.

Did this answer your question?