How is that going? I ask because just recently I read a post from someone I know who is getting out of the angel investing game. Her primary complaint is that in a couple early stage investments she made that then were successful enough to go on to a VC series round that early angel investors got shafted. That is, there was a strong desire from VCs to "clean up the cap table" and buy out early stage angels just as the business was starting to accelerate. There was some definite bitterness in her tone, feeling like she went out on a limb for some founders before the business was proven out, and then got dumped once the deeper pockets came along.

I don't know the details of her situation, what else she could have done to protect her investments, or how common an experience that was, but there were many comments in agreement under her post, so I'm just curious if it's widespread.

This is where PE came from originally, but then scaled to commercial bank / pension fund levels of investment. At least VC and Founders are aligned and honest about their goals (to the moon!); I've seen PE destroy more solid / non-rocketship businesses than VC