declines, page-11

The main thing from my point of view, is management time & cost. It's not easy finding really good investments, it takes a lot of time and money. Once you include this in the two scenarios its possible that management has close to the same level of time & resource costs which is much more easily diluted over a larger interest.

You get a better economy of scale with larger interests, the same as you do with larger projects.

Think about it from the point of view of 10 equal value but different investments for which you have a 10% interest vs having 1 of those investments with a 100% interest.