> There are not that many asset classes where the manager has a pool of long term locked up capital and the opportunity (and the right) to invest again and agai

> There are not that many asset classes where the manager has a pool of long term locked up capital and the opportunity (and the right) to invest again and again in a company. This is something that you can do easily in your private portfolio. "Buy when there's blood in the streets, even if the blood is your own". This, of course, requires a decent reserve of cash/high quality bonds. Not many asset managers are willing (or rather able, due to client pressure) to hold un-invested assets.