I did a quick scenario analysis of my past angel portfolio in 2016 and 2017 as if it were a rolling fund setup with annual vintages.
The conclusion looks obvious to me — Micro LPs can expect to see higher returns from rolling funds with smaller capital that’s focused on the initial checks at seed round. Check out CapitalX.vc to learn more.
Details of 2016 Vintage (6x return on paper): 1 in 5 investments has high potential of becoming a future unicorn: 5 out of 26 startups.
Update1: Armory announced $40M Series C in October 2020 since this post.