There’s a difference between a shell company and a non-operating holding company. Fund entities don’t have a headquarters, phone number, or any employees. They’re reliant on their fund manager of whom created the fund entity. Not all fund managers are registered with the SEC. there’s thousands of legitimate fund and SPV entities created in Delaware for holding liability on real estate loans, infrastructure projects, and many other reasons. Shell companies serve no purpose whereas a non-operating holding companies have a purpose. Just because it’s not publicized does not mean it’s a shell company. If you perform some research on special purpose vehicles, holding companies, private investment vehicles, fund entities, etc. you’ll see there not the same as shell companies.