More Important: Local vs. National Presence?

Assuming I am set on living in a specific city/region after my MBA, is it more valuable to have the connections/network from a local Top-20 MBA program in that city (i.e. UCLA/UNC) or from a higher-ranked national program in a different region (i.e. Kellogg/Booth)? Goal is to work in PE/VC or possibly start a company.

I think immediate job prospects would be comparable from either route, but am less sure about the long-term benefits. I'd think it's worth considering the personal life benefit of having MBA friends stay nearby as well..

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