About eight months ago I took the data from the Angel Investor Performance Project(1) and ran it through the powerlaw software(2).
The software said the data on angel funded startups (at least the ones in the AIPP survey) did not indicate that returns followed a power law. Given how often we say "power law!" in regards to startup outcomes, I just thought that was interesting.
(1) http://www.angelcapitalassociation.org/data/Documents/Resour...