The Deal Lead, i.e. the business angel, who shared the investment opportunity with its close network, will represent the SPV as a shareholder of the target.
In case the SPV was established on the founder's own motion (e.g. to simplify its cap table), Roundtable will represent the SPV as a shareholder of the target to prevent any potential conflict of interests.
In any case, the investors of the SPV will be consulted and will have the right to vote on all major decisions relating to the management of the SPV.