Yes, there can be issues with having a VC firm in one country and the fund in another. These include increased operational complexity, higher costs due to needing multiple sets of legal, tax, and administrative services, and potential regulatory challenges. Each country may have different legal and tax requirements, which can complicate compliance and increase the risk of conflicts or inefficiencies. It's advisable to consult with legal and financial experts familiar with both jurisdictions to navigate these complexities effectively.