Angels don't retire: A snapshot of the new Argentine business angel

In Argentina in 2025, corporate retirement is no longer an end point. Executives who sold their companies, CEOs who left office life, and founders who collected their earn-out are returning to the field as business angels. Far from a philanthropic gesture, it's a second career: they invest their own capital—up to 10% of their liquidity—demand returns, and enjoy the high-risk game of betting on the unknown.

These "recharged angels" share one trait: the need to continue creating value. Turning experience into mentorship, opening doors with their agenda, and sitting on company boards gives them the fuel they lost when they hung up their corporate suits. "I don't delegate my decisions to a fund: I prefer direct risk," confesses Alfredo Poli, former CEO of Pluspetrol, in the Apertura article. This face-to-face contact with the entrepreneur—impossible as a venture capital LP—is the main reason for investing directly.

The initial ticket size typically starts at US$10,000, just enough to have skin in the game and support the next round if the thesis is confirmed. Most impose strict rules: diversify into fewer than ten simultaneous startups, invest no more than 10% of net assets, and assume maturity cycles of 10 to 15 years, double that of Silicon Valley. Even so, the numbers speak for themselves: since 2020, 57% of local angels have achieved at least one positive return, and 43% have either broken even or lost, an acceptable ratio for a high-beta strategy.

When it comes to organizing, three models emerge: the solo player investor, who assumes all due diligence and works hand in hand with the founder; angel clubs—the IAE Business Angel Club has 70 active members and syndicated vehicles of US$150,000 per deal; and "trusted syndicates" such as Dragones Venture Partners, seven former executives with a portfolio of 75 startups and tickets totaling US$8-10 million. The constant is the same: closeness to the entrepreneur, independent judgment, and clear governance before signing.

Why not channel that capital through VC funds? Many do so to diversify, but most prefer to decide when to enter and exit, define their disbursement pace, and, above all, maintain the adrenaline rush of hands-on time. Financial returns matter, yes, but purpose matters: "Angels have motivations beyond money; they create bonds and seek to be strategic partners," summarizes Julia Bearzi, executive director of Endeavor.

The rise of these investors reveals a blind spot in the ecosystem: the lack of agile structures for grouping small tickets, standardizing contracts, and professionalizing reporting. Instruments such as digital SPVs—investment vehicles that consolidate multiple angels under a single LLC—appear to be the missing piece: they reduce costs, simplify KYC, keep the captop table clean, and free up the founder to focus on the business.

The wave of Argentine business angels demonstrates that smart capital is already here; what's missing is efficient infrastructure to channel it. With longer cycles and high-risk bets, angels bring something that institutional money rarely offers: deep operational experience and a relatable role model. If the market manages to combine that energy with standardized vehicles and digital processes—SPVs leading the way—LatAm could experience its golden decade of early-stage investing. In the meantime, these former executives will continue doing what they do best: turning the invisible into reality, one startup at a time.

Some phrases that I liked:

“I specialize in risk taking, and I prefer to take it directly, not delegate this type of decision-making to those who, for example, manage a fund.” – Alfredo Poli

“Angels have motivations beyond returns; they create a bond with the entrepreneur and seek to be their strategic partners.” – Julia Bearzi

“Although investors know it's a risky bet, they're looking for returns; it's not philanthropy.” – Silvia Torres Carbonell

"The keys are: choosing your own criteria; limiting the investment amount (no more than 10% of net assets); not waiting for short-term cycles; and diversifying your portfolio."

Source: Apertura magazine