As with many commercial interests, the VC’s seem to congregate in pockets, not unlike Wall St or Hollywood. In this age of virtual and cloud, it seems a shame that money can’t find talent where it is. Especially for technology companies, this is a total disconnect or anti-pattern. I think global, virtual and high performance regardless of locale. I love Austin, SF, Boston and NYC, but it really shouldn’t matter where you are. I would think that VC’s should favor business (tax) friendly locations… full stop. Talent is where you find it.