We investigate the investment behavior and exit performance of VCs that have pursued expansion outside their home locations. Our findings indicate that in the Asian VC markets, foreign VCs have relative advantages over local VCs in terms of size and experience while they are at disadvantage in information collection and monitoring due to distance. When investing alone, foreign VCs are more likely to invest in more information-transparent ventures. Networks with local VCs help alleviate information asymmetry and monitoring problem. Foreign VC investments overall are more likely to succeed. Ventures financed by foreign and local VCs jointly outperform those invested by foreign VCs alone.