I think the idea is to not be an "attractive nuisance" to get strung along by ideas which look good but don't work out. There is some theoretical strategic merit but it doesn't seem to synergize. It seems at odds with the Venture Capital model in the first place of rushing growth over profits and letting the wins make up for losses.
Especially if he has a larger pool of capital than when he started (which he should unless he is doing it wrong), smaller checks /and/ wanting more personal attention and less canidates. That just cannot scale up to larger ammounts of money by definition, even if it would yield a better rate of return on investment in dollars. Diversification is another option for fund self-perpetuation but it will likely not have the same yields and cause total portfolio growth to decline with size.
As for motivations I guess either trying to eat his cake and have it too.
Especially if he has a larger pool of capital than when he started (which he should unless he is doing it wrong), smaller checks /and/ wanting more personal attention and less canidates. That just cannot scale up to larger ammounts of money by definition, even if it would yield a better rate of return on investment in dollars. Diversification is another option for fund self-perpetuation but it will likely not have the same yields and cause total portfolio growth to decline with size.
As for motivations I guess either trying to eat his cake and have it too.