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Also known as a “free roll.” I agree with @roelofbotha, you probably don’t want to be on the LP side of an SPV. From ChatGPT: Having a free roll means you are in a situation where you have upside potential with little or no downside risk. It’s commonly used in poker and gambling, but it also applies to investing and life decisions. For example: •In poker, if you’re in a hand where you can’t lose but still have a chance to win more, you’re on a free roll. •In investing, if you’ve already taken out your initial capital and are playing with “house money,” you have a free roll. •In business, if someone offers you an opportunity where you only benefit but don’t risk anything significant, that’s a free roll. It’s essentially a no-lose situation with possible upside.