This happens all the time - a firm will make a number of "exploratory" funds, with the losers being rolled into existing funds and the winners "graduating" to b

This happens all the time - a firm will make a number of "exploratory" funds, with the losers being rolled into existing funds and the winners "graduating" to being full funds and promoted aggressively by the firm. (At least according to A Random Walk Down Wall Street, a great book that is very relevant to this thread.)