That's just like your opinion man.
I think its unconventionally managed, not badly. if it was really horribly done, then at least he managed 50% well by outsourcing it. The fund has some opinionated grants, and you name examples where you disagree with the amount, so seemingly you're hassling over details. Feels like cheap shots where all the funds calls are expensive.
IMO most funding is like throwing shit to a wall and seeing what sticks, if anything. At least the fund is theorised about and aiming for things, that's almost the most you can hope for. What was wise or unwise will be clearer in hindsight then now or within a year.