"Portfolio" is precisely what I meant. Given it appears you have a background in PE, perhaps the term is more aligned to PE/VC investors in the UK (where much of my M&A experience originated from). VC models aren't necessarily diversified, because diversity implies variance in type, not necessarily in volume, which the latter driving the lack of incentives for VC investors - they simply don't have the time.

Nevertheless, I think we're saying the same things - just different terminology (which certainly is prevalent in finance).