Can someone explain why all Thesis-related angel investments (in our case accelerator investments) subsequent to the first one transferred must also be transferred into the fund? Why can’t we select the deals to transfer?

You don't need to transfer all investments, but you must establish a consistent policy for transferring warehoused deals to ensure transparency and fairness. This prevents cherry-picking only successful investments, which could mislead LPs about the fund's performance. A clear policy, like transferring all investments made within a specific timeframe, maintains integrity and aligns with the fund's thesis, ensuring LPs have a clear understanding of the fund's strategy and potential.