I think that the characteristics described in the article would make this funds very good VC. They could divert some money to invest in specific domains funds.
They would probably get some good return in money but also achieve some strategic goals and some middle-term economic growth.
Too much cash infused into a new or developing start-up can actually destroy the incentives needed for the start-up to be successful. Not needing to budget well and prioritize features (because we have cash to do them all) fights against the do the first things first, and do them well mentality needed to move a budding idea into an actual revenue stream.
You might be right if they invest in small enough amounts. But if they try to invest at the size necessary to matter to their own portfolios, that's when you would have issues.
They would probably get some good return in money but also achieve some strategic goals and some middle-term economic growth.