While those things are rarely consummated and both men in them identify as heterosexual (and probably many of them have never had sex with another man) they are incredibly common in the Valley: weird mancrush relationships between two men who are, nonetheless, aggressively heterosexual (and yet share intimate details of their sexual exploits, allowing them to live vicariously through the other). It's one of the reason why there's such a strong age discrimination culture. By the time you're 30, you pretty much have to make it on merit because 75 percent of the relationships that establish first funding are no longer available (not that a decent person would want to be in that sort of thing because, ick).
This type of relationship needs a name, because it's actually (to my knowledge) never seen in the gay community, and it's usually focused on the older, established man supporting the younger man's career with the express purpose of living vicariously through a young sociopath (who can presumably tear apart young women with the career support and money he's given, giving the older benefactor some vicarious "bull glow"). It's aggressively heterosexual (since extremes of high-frequency sexuality are the point of it; that's why the midlife crisis benefactor supports the career of the young sociopath) but deeply homoerotic... thus paradoxical and, however you take it, really disturbing and creepy.
For an example of this, see Michael Scott and Ryan Howard in The Office. It was written in to that show as a joke, but Sand Hill Road runs on that kind of shit.