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An angel portfolio tracker is a dated ledger of what you wired, what you own, and which documents prove both — not a tab that stores last valuation next to a company nickname. The category page for this query is software: AngelHub, Pinion, and Signed all open with the same complaint, that Excel was never built for SAFEs that convert, AngelList marks that move quietly, and founder updates that live in email. If you are ready to track a book of checks, the work is one shadow ledger across Carta, AngelList, and those inboxes so you are not reconciling ten founder portals at tax time.
A tab is a snapshot. A tracker is three records.
Raziel’s guide to tracking alternative investments treats a spreadsheet as a starting book: legal name, amount, date, ownership, last valuation, contacts, and a link to the file. That inventory is necessary. It is not enough once a SAFE converts or a follow-on lands on a different cost basis than the first check.
AngelHub’s SAFE-conversion guide is blunt about why the tab breaks. A conversion changes investment type, share count, ownership percentage, current value, MOIC, IRR, and the documents on the row — seven fields at once. Overwrite the SAFE line and you lose the audit trail. Add a second line with the same cost basis and you double-count the cash. The model they describe, the one fund administrators already use, is three linked records per investment:
A cash-flow record — every dollar in or out, with the date it moved
An ownership record — security type, shares or theoretical SAFE ownership, fully diluted percentage
A document record — the SAFE or stock-purchase agreement, the conversion notice, the cap-table snapshot you were sent
When the SAFE converts, close the SAFE ownership record, open a preferred-stock record, and leave both tied to the same cash history. A conversion is not a new investment. Record the conversion date; IRR is time-weighted. Calculate both the cap price and the discount price, and keep the lower one — AngelHub walks the case where the discount, not the cap, produces more shares.
What to log besides the valuation column
Copy at least these fields into the ledger, even when the founder portal only shows a current mark:
Legal company and vehicle names (direct, SPV or syndicate, or fund), currency, and the date the wire left
Instrument: SAFE (pre-money or post-money, cap, discount, most-favored-nation), convertible, priced equity, warrant, or grant
Share or unit count after each event, plus the fully diluted percentage the company last confirmed
Follow-on and pro rata rights, and whether you exercised
Cost basis, the entity that holds the paper (personal, LLC, trust), and a qualified-small-business-stock clock if you are claiming one
The last investor update you actually received, and its date — silence is a field, not a missing email
AngelHub’s 2026 comparison of trackers versus spreadsheets puts formula errors at “10+ investments,” follow-on complexity at 15+, and partial-exit modeling at 20+. Those cutoffs are that vendor’s editorial, not a census. The operational point still holds: one typo in a linking formula produces a plausible MOIC. A dated cash row does not.
Carta, AngelList, and the email folder
Issuer cap tables usually live in a company portal — often Carta — that you log into per company. Syndicate and rolling-fund positions usually live on AngelList. Neither login is your book across twenty names. Signed’s May 2026 help article on exporting an AngelList portfolio is useful even if you never use Signed: the Portfolio page has an Export CSV control, valuation changes on AngelList are “pretty hidden and mysterious,” and many angels run a monthly export-from-portal routine just to see what was marked up, marked down, or exited. That CSV is a feed. It is not the ledger. Park the file on the investment record, then post only the lines you can defend — cash dates you wired, share counts on a conversion notice, a mark the company or general partner actually sent.
Pinion’s product page names the other half of the mess: a new spreadsheet every quarter, no way to track investor updates, and no holistic view. Their answer is to forward updates so you can search them later, and to flag companies that have gone quiet. You do not need their product to adopt the field. Log the last update date. When the inbox goes dark, that date is the fact. Pinion also splits the book the way a mixed angel book actually looks — direct checks (including SPVs and secondaries), venture-fund commitments with called versus unfunded capital, and equity grants that never came with a wire.
Spreadsheet vs. an angel portfolio tracker
A careful workbook can hold the three records. It fails when conversions, follow-ons, and partial exits hit the same name, or when AngelList, Carta, and email each hold a different slice of the truth. The commercial search results are priced in public, as of August 21, 2026: AngelHub lists Free (five investments), Pro at $29/month (25 investments), and Fund at $79/month; Signed lists Free (five investments), Angel at $29/month (unlimited), and Investor at $149/month, with K-1 tracking still marked launching soon; Pinion lists a $0 Free plan with unlimited investments for one user, Family at $4.95/month, and Team at $19.95/month. Those are homepage list prices, not a ranking, and not Raziel’s.
What the category is selling is automatic MOIC and IRR plus a place to put updates. What you need first is the cash date. Without dates, an IRR is a guess. Raziel’s startup investment dashboard is built around that book — IRR and unrealized gains on the cash you logged, plus capital-call and fundraising-round dates. Keep the PDFs. Post the wire on the day it left. Close the SAFE when it converts. One ledger beats ten portals when the accountant asks.
