TLDR:
A super angel is a high-volume angel investor who makes many small early-stage investments, typically investing more frequently and systematically than a traditional angel investor, often building a portfolio resembling a micro-VC fund.
Super Angels vs. Micro VCs
The distinction between super angels and micro VCs has blurred over time as successful super angels often formalize their investment activity into small funds. When an angel begins investing other people’s money (LP capital) alongside their own, they effectively become a micro VC fund manager — subject to SEC registration requirements, fiduciary duties to LPs, and formal fund administration. The transition to fund management brings capital efficiency advantages (ability to write larger checks) but adds significant administrative overhead and regulatory compliance burdens.