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Cheque sizing, portfolio construction, reserves, syndication and exit expectations for investors building a first angel portfolio.

How lead and follower roles are agreed, how allocations are apportioned across chapters and how fees and carry are handled.

The month in deal flow: companies advanced to presentation, sectors over-represented in submissions and common reasons for decline.

Position sizing, pacing across vintages, reserve strategy and the number of investments needed for a durable return profile.

Which chapters co-invested this quarter, the structures used and the practical friction founders should plan for.

How to decide when to double down, when to hold and how to price information rights against dilution in later rounds.