What is typically going on when a firm is "just fishing"? Passing information to a portfolio company in the same niche? Looking for market sizing or other resea

What is typically going on when a firm is "just fishing"? Passing information to a portfolio company in the same niche? Looking for market sizing or other research data? Checking out the type of companies/people the competition is passing on or interested in? Trying to make the senior partners think that they're busy? Any/all of the above?