An individual or entity that is responsible for the SPV entity (LLC or LP). A common term for Manager is GP because in the LP/GP structure the GP is the manager of the LP structure. When an LLC structure is used an LLC can be managed by a “Manager” or by its members and SPVs typically are managed by a “Manager” which can be an individual or an entity. An SPVs manager may be responsible for all activities associated with the management of investment portfolios, from buying and selling, providing investment advice, transaction settlement, performance measurement and regulatory reporting. An SPV has two “management” positions or roles. 1. Manager, 2. Investment Advisor. In some cases both positions or roles are combined into one individual or entity (they perform all the tasks and duties of both roles). In other cases, some SPVs separate the Manager and Investment Advisor roles and are held by two separate and distinct individuals or entities.