Fwiw, the better LPs that I've met have been saying for awhile now that thesis/sector driven funds outperform geographic focused funds.http://bit.ly/2LXxFbg
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One of the curious things about European VC is that the early-stage funds tend to be the most localised and focused. That's partly driven by government LPs (EIF, BPI, etc.) which make up more than 50% of LP money in many ecosystems here.
Good God, government LPs. Ordinary LPs are bad enough. I can only imagine...
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It can get even more muddled as some of these same government funds that have LP arms also act as direct investors. It's not uncommon to see deals where the government is on both sides of competing term sheets.
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