Independent sponsor vs. raising a fund. Thoughts?

For those who have experience in both perhaps how do you view these models? From one perspective, LPs might prefer independent sponsors (raising $ on deal by deal basis) because i) no mgmt. fee, ii) dont have to be part of failing portcos, and iii) more control as theyre not committing to a blind pool. On the other hand, there's more i) flexibility with committed capital (although debatable since the fund likely has a thesis and mandate to aling to), ii) more resources usually, and iii) funded PE firms are typically more hands on / act as active managers.

There are so many zombie PE firms out there that have managed to raise 1 (maybe 2 funds) and are just doing random deals and add-ons. We all know the business model is in the AUM not the actual investing.

Would love to hear thoughts