I haven't heard of many stage-agnostic firms. Do most firms identify with a certain stage (early, mid, or late) to focus and learn more about a certain phase?

I haven't heard of many stage-agnostic firms. Do most firms identify with a certain stage (early, mid, or late) to focus and learn more about a certain phase? Or is early vs. mid vs. late more just indicative of a given firm's risk tolerance?