[manmanic]

Spend at least $50k of that visiting the Valley regularly, attending conferences, and building up a network of contacts. Otherwise you'll get crappy dealflow and almost definitely lose it all (if you decide to invest at all).

[tiredkid]

I live here fulltime. More time networking is definitely on the cards - but I think I need to concentrate on new circles. For example, I know well known processor architects but no web people.

[siong1987]

Since you know many well known processor architects, why don't you try to invest in the area you already know(hardware)?

Startups are not all about WEB.

[aberman]

If you are actively looking to invest, contact YC and ask about demo day. I'm sure there will be a lot of YC startups looking for more firepower (in the form of a small angel round) at the end of the summer. Added benefit: YC has already done a lot of the vetting for you.