The Agreement of Cooperation for Due Diligence Sharing, or “Angel Treaty,” is intended to foster cooperation in investments between angel groups. It is an agreement whereby angel groups contemplating the sharing of due diligence materials can give each other a degree of comfort regarding the liability of shared materials.


The Treaty operates as a commitment by a given manager to bind his angel group’s members to hold harmless members of other groups from liability for collecting and sharing due diligence materials.

Caveat: Adherence to the Treaty’s obligations is not policed by any third party. Its sponsors and author expressly disclaim any obligation to do so. It is incumbent upon anyone that seeks to rely on the Treaty to verify that the members of a given signatory group were properly bound in accordance with its terms.


Since its inception in 2006 under the auspices of the Angel Capital Association Northeast, the Angel Treaty has grown organically with the support of its original signatories and now includes angel groups from across the United States and Canada. Angel Treaty signatories are angel groups that connect entrepreneurs with investors, and which provide early and seed-stage capital to new and growing businesses. Signatories generally invest in entrepreneurial ventures seeking between $100,000 and $2,000,000 in funding.

The treaty was originated by William F. Swiggart, a Boston area business law attorney and angel investor. This site is supported and maintained by original signatories Beacon Angels and other angel groups in order to better promulgate and sustain the Angel Treaty throughout the angel community.

Comments are closed.