For distributed teams, pick the country or region where most of the active team members are located and where most of the deals are being done. If one team member is likely to be the most active in the team, then you can also pick the city where that team member is based. 

It should be noted that distributed teams in venture face a harder operating environment that may negatively affect returns. For example, deal decisions for the top opportunities need to be made quickly, and time zone differences can slow decisions down. In addition, partners may have different tax and regulatory burdens based on where they live, which will impact the fund operating costs and overhead. Lastly, since venture teams normally last 16 years or more, the required cammaraderie can be hard to build and develop when people live far away from one another.