Articulation of a focus area accomplishes a few critical things for an investor:
Inbound content marketing for deal flow—because you want your brand to get you on a founder’s list of smart people to talk to, especially if you don’t think the brand of your firm and your position within that firm will guarantee you all the best deals.
A focus and filter for networking—because otherwise, you’ll find that you could wind up in a meeting with anyone for any reason because any connection could theoretically lead to a future deal.
It signals expertise—because the best founders like talking to someone they don’t have to explain remedial things to, let alone someone who at least has an interest in what they’re doing.
The question is what to focus on.