So while larger reflectors increase candlepower by better collimating the light, at a certain point you begin to loose candlepower because the aperture eventually widens to a point at which the candlepower gains afforded by incrementally better collimation is negated by the brightness losses of incrementally wider apertures.
Think about it this way... at the extreme of a perfect point light source, even the smallest perfect parabolic reflector will perfectly collimate the light, and the most achievable candlepower would actually then be the smallest reflector because as the aperture widens, the brightness dims.
Roughly speaking, with the VIP 120 it's likely that you would begin losing gains past a 24" reflector give or take a fair amount. Could be less. The maximum acheivable candlepower with the VIP 120 may very well be under 100M with an 18" reflector. An 18" reflector has an aperture area of 3.6 times that of a 9.5" reflector.
The bottom line is that as modern lamp surface brightness increases, the gains of larger reflectors to collimate the light to create candlepower diminish due to larger aperture.