27% on average, over 1,130 exits. They don't mention if some angel groups persistently outperform others, though. - Sanjeev Singh

There is self-selection and survivorship bias, so this number could be significantly higher than the true average. - Sanjeev Singh

Even with self-selection bias, ~40% of angels in the study lost money overall. The odds are not great. - Sanjeev Singh

Also, it's only over a one-year period (and a pretty good year). - ⓞnor

egnor, the data includes deals from 1990 to 2007, but most of the deals were pretty recent (from 2000 on). The full report is available (for free) if you click on the thumbnail on the right. - Sanjeev Singh

Oh, by "conducted over the last year", they mean that's when they did the work of assembling the data, not that's where the data is from? - ⓞnor

yeah, it's misleading. I thought it was over a single year too (1000 deals over a single year would be impressive). - Sanjeev Singh

Yeah, I was thinking "huh, must be a lot of small fry we never hear about" - ⓞnor