Yes—if a thesis uses a broad label like “planetary health,” it is usually better to define the specific sub-areas you actually mean.

- Clarify the core axes LPs underwrite:
- sector / sub-sectors
- stage
- geography
- approximate check size
- Keep room for clearly adjacent opportunities, but not unlimited discretion.

If there is doubt about whether an investment fits:

- check the fund documents and what LPs were told
- ask whether it reasonably fits the stated thesis or an adjacent area
- if it is truly off-thesis, treat it cautiously and discuss with counsel and key LPs

A good rule: keep the strategy focused enough to be credible, but flexible enough to handle adjacency.

References:
- https://decilehub.com/base/1-general_questions/163589-i-run-a-biotech-fund-and-the-strongest-deal-i-ve-seen-all-year-is-a-pure-software-play-am-i-allowed-to-write-that-check-or-is-it-blocked-by-my-thesis
- https://decilehub.com/base/1-general_questions/163966-how-much-flexibility-should-an-emerging-manager-preserve-in-the-lpa-without-making-the-investment-mandate-so-broad-that-lps-become-uncomfortable