Wharton Entrepreneurship and ACA released some early results last week:

• The median investment size per deal is about $25,000.
• Angels maintain diversified portfolios that represent about 5 percent of their total held assets.
• Angels invest in nearly 16 companies over their portfolio lifetime.
• Angels typically make follow-on investments in companies, with a median of three follow-on deals over time.
• Angels financed a median of two companies each in 2015.
• The longer angels invest, the more checks they write and the larger their portfolios. Angels who started investing in the 1970s and 1980s have written on average 45.6 checks, compared to 4.4 checks written by individuals who started angel investing in 2014 or later.