BTW, the math is just fine. You are confusing investment return with cost of capital.
I wrote about what should be the return of the investment so that the LPs will get 7% cash out of it. It has to return 10%. Any disagreement with that?
So, someone making 10% should sell his pipeline to me so that I can make 7%. It's hard to make money this way. (Yes, I know what you're gonna say: the wonderful expansions, lower cost of G&A etc. Just read further on my posting.)