Angel investing is an asset class. When you read these words, what is the first thing that comes to mind? For most, it is probably something like “100x returns” (although for some angels it may be something along the lines of “illiquidity” or “risk of total loss”). Angel investing is quite a flashy term, but it is also a loaded one. Most people associate it with unicorn-like returns, while in reality, 70% of startups fail. That is to say, many investments for angels will not