Which of the following statements is NOT true regarding angel investors?
◦ They are typically arranged as limited partnerships.
◦ These investors are frequently friends or acquaintances of the entrepreneur.
◦ For many start-ups, the first round of outside private equity financing is often obtained from them.
◦ Because their capital investment is often large relative to the amount of capital already in place at the firm, they typically receive a sizeable equity share in the business in return for their funds.