Are there any VCs that have their own accelerator/incubator in-house?

So for clarity, I define accelerators/incubators as firms that build companies from the ground-up, typically have majority or 100% stake, and provide full operational support to get ideas on the ground. 

With that in mind, I was wondering if there were any VCs out there that had an internal accelerator/incubator so that in addition to them making investments into external start-ups, they are also able to build up their own ideas & eventually use LP money to fund future growth & expansions (and potentially bring in co-investors in later rounds).

Does this exist? Does it even make sense (or is there some form of conflict of interest)?

 

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