When building a highly targeted investor list, what specific data point regarding an angel investor's prior startup exits is most indicative of their likelihood to invest in a specific stage and sector, beyond their stated investment focus?

The most indicative specific data point regarding an angel investor's prior startup exits, beyond their stated investment focus, is the specific stage and sector of the companies at the time of their successful exit. An angel investor is an individual who provides personal capital for a startup, typically in exchange for equity. Prior startup exits refer to instances where a company in the investor's portfolio was successfully acquired by another entity or went public through an Initial Public Offering, providing a return on investment. The stage of a company refers to its level of maturity and development, such as Seed stage (early concept or product-market fit exploration), Series A (scaling a proven business model), or Series B (rapid expansion with established revenue). The sector refers to the specific industry or market segment the company operates within, for example, FinTech (financial technology), BioTech (biotechnology), or B2B SaaS (business-to-business software as a service). This combined data point is paramount because it reveals the exact types of companies where the angel investor has a tangible, proven track record of not only investing but also successfully guiding to a lucrative liquidity event. It demonstrates their practical understanding of the challenges, growth trajectory, and valuation drivers specific to that particular stage of company development within that precise industry. For instance, an angel who has consistently exited companies acquired at the Series A stage within the supply chain logistics sector has demonstrated expertise and a network relevant to that specific niche. This concrete history of success in defined company profiles is a far stronger predictor of an angel investor's future investment likelihood and strategic fit than a broad or general declaration of their investment interests.