How angel investors should track their portfolio

Angel investors and syndicate leads · 5 min read · Updated 3 November 2026

Most angels start with a spreadsheet and an inbox. By the tenth company it is hard to say what you own, which SAFEs have converted and which founders you owe a reply. A light system fixes that.

Record five things for every investment

  • The instrument: equity, SAFE or convertible note, with the cap and discount.
  • The cheque: amount, date and round.
  • Your ownership, once known, and the post-money valuation.
  • The documents: signed SAFE or subscription agreement, cap table, side letters.
  • The latest mark and why: a new priced round, a down round, or a write-off.

Track conversions

A SAFE converts at the next priced round. When it does, record the shares you received and the price, and keep the original SAFE with it. This is where most angels lose track of their true position.

Keep updates in one place

Founder updates arrive by email, Notion and WhatsApp. File each one against the company, note any asks, and look at them before follow-on decisions.

Know your returns

Even as an angel, TVPI and IRR tell you whether your strategy is working. Record actual dates so IRR is meaningful.

Where Foliant fits

Foliant is free for up to 3 companies, which suits a first angel portfolio. Paste a company’s website and the details fill themselves in; add your cheque and Foliant works out your returns. Documents go into an encrypted vault filed against each company.

Questions

Is there free software for angel investors?

Yes. Foliant is free for up to 3 companies, with pipeline, portfolio, diligence and an encrypted vault. Pro adds unlimited companies.

Should I mark SAFEs at the cap?

A common, conservative approach is to hold SAFEs at cost until they convert in a priced round, then mark at that round’s price.

Foliant runs your pipeline, portfolio, LPs and reports in one place. Free for up to 3 companies.

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