Timely question — I’m considering an LP investment in the US. My objective there was to get exposure to dealflow in a different geography, and to work closely with a fund that I can send dealflow to (and one that would take a small cheque).
My ticket sizes are also much smaller than the average Angel in the region I operate because I either have a relationship with the founder, am looking to do some work for them for an investment in lieu of what would normally be a consulting fee, or because I syndicate a round together.
Geography is also a huge factor — 100k is a fairly large ticket in places like Indo/India for example.
One last point is that as my full-time job is a VC, I build a thesis around very focused verticals to invest my personal money into. I won’t claim any success until I get a large DVPI, but I feel the risk involved is slightly lower than a non-investor Angel taking a generalist approach.