Private companies control their register
Private-company constitutions and shareholder agreements commonly include pre-emption rights, board or shareholder consent for transfers, drag-along and tag-along provisions, and limits on the number or type of holders.
An unapproved arrangement can be void, unenforceable, or a breach that damages both the investor and the company. Approval is not paperwork; it is the difference between a real holding and a broken one.
Why one holder, not many
Issuers often prefer a single vehicle or nominee on the register instead of hundreds of individuals. It keeps the cap table clean, simplifies future funding rounds, and keeps consent processes workable.
That preference is exactly why unit holders sit behind a vehicle, and why communications and transfers remain subject to the issuer documents and applicable law.
What this means for you
You may not be able to transfer units when you wish, even if you find a willing buyer. Transfers may need manager consent, issuer consent, eligibility checks on the buyer and compliance with securities law in the buyer's jurisdiction.
Assume restriction is the default and any flexibility is the exception, evidenced in writing.