It makes the unwilling recipients possibly feel bad. Long-term that's bad for your brand.
Not really. Anyone with money and a willingness to invest doesn't have trouble making connections. Their problem is making the right connections. Having a small but high-quality network is far more valuable to them than having a large network of people who waste their time and resources.
Right, but how can one decide whether or not a connection is worth before actually meeting the person? Unless he has a crystal ball, he could be losing investment opportunities with this kind of attitude.
And it is not his money. He is being paid (well paid) to scout new deals. He is not wasting his time, he is just doing his job.