I'm getting started with Portfolio for JIRA and plan to create an Initiative hierarchy level because we do work on initiatives that span multiple teams. The documentation says you can create an Initiative issue in your project to live amongst your epics and stories, but Atlassian recommends (or at least strongly suggests) you consider creating a separate project for your Initiatives.
Intuitively, the separate project makes sense to me so I'm inclined to do that. However, not everybody on my team agrees.
What's the case for not creating a separate project for the Initiatives? Or, asked another way, what's the downside to not having a separate project for Initiatives and instead, putting them in your project