I know it’s a little stale (seeing as it’s now August 2009), but here is a little commentary from the folks at Kauffman on the activity of angel groups in 2008. In case you don’t want to read the whole thing (Kauffman folks are typically long-winded, although this is relatively brief) here are some key considerations:

On deals (micro-economic):

• 2008 average investment per deal was $276,918
• Average number of investments was 6.3
• Average number of new investments was 3.7
• The largest identified sweet spot, with over 40% support, was between $250,000 and $500,000

On the investing (macro-economic):

• More than 2/3rds of respondents think current economic conditions will extended until 2010
• Uncertainty of the economy, a desire to preserve capital for follow-on investment, and loss of wealth were identified as the primary reasons for closing less deals
• 2009 will bring more quantity and quality deals for angels
• The current environment is providing more attractive (author’s note: and realistic) valuations
• Nearly 3/5ths of respondents expect the liquidity time line to be greater than five years
• Respondents expect to increase their co-investment with other angel groups, early-stage VCs, and individual angels
• Angels are increasing management activity and follow-on investing