Angel investors are financially secure individuals who invest in high risk, early stage ventures by reserving a portion of their total investment portfolios to provide emerging companies with seed and start-up capital through direct, private investments. Melbourne Angels members prefer equity investments. Due to the high risk and illiquid nature of these investments, Angel investors seek appropriate, risk-adjusted returns substantially higher than those typical in public markets. Most Angels are active investors – they contribute their time, experience and networks to enhance the company’s probability of success – because they enjoy the thrill of helping entrepreneurs grow their businesses. To maximize the value added, most Angels specialise in industries or technologies they understand, and invest only in companies within close geographic proximity.