Comparison · 12 material differences
HBS Alumni Angels vs TMA
This comparison was generated on request from the records. It carries no editorial verdict and is not indexed. The published comparisons are listed on the compare page.
Read down each column for one organization, across a row for the difference. A bronze mark at the left of a cell means the organizations differ on that row. A dash or “not published” means the organization does not disclose the fact; it is not a zero.
Verified September 2026
Investment community
Verified September 2026 HBS Alumni Angels
Harvard alumni who are accredited investors and want to invest in and advise early-stage companies
Professional association
TMA
Professionals working in corporate restructuring, turnaround and distressed business: turnaround practitioners, restructuring lawyers, lenders, investors, accountants, appraisers…
What the records say
- Maximum age at joining: HBS Alumni Angels: No published maximum age at joining; TMA: NextGen membership is limited to new members aged 40 and under at the time of application.
- Accredited-investor status: HBS Alumni Angels: Accredited-investor status is required to take part in investing; the Greater New York chapter requires it for pitch-night participation and the Northern California chapter requires accredited-investor status with Harvard affiliation; TMA: No published accredited-investor status.
- Industry restriction: HBS Alumni Angels: No published industry restriction; TMA: Work in or around corporate restructuring, turnaround and distressed business: practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultants.
- Annual dues: HBS Alumni Angels: $350 a year; TMA: $475 a year.
Side by side
| HBS Alumni Angels | TMA | |
|---|---|---|
| Profile | ||
| Type | Investment community | Professional association |
| Founded | Not documented | 1988 |
| Headquarters | United States | Chicago, United States |
| Geographic footprint | 20 chapters across North America, South America, Europe, Asia and the Gulf | 54 chapters worldwide, 34 of them in North America; international chapters across Europe, Asia, Latin America, Africa and Australia |
| Members | 1,000as of September 2026 | 10,000as of September 2026 |
| Chapters | 20 | 54 |
| Primary audience | Harvard alumni who are accredited investors and want to invest in and advise early-stage companies | Professionals working in corporate restructuring, turnaround and distressed business: turnaround practitioners, restructuring lawyers, lenders, investors, accountants, appraisers and advisers |
| Typical member | Members are alumni of Harvard Business School or of any Harvard University school. Chapters require accredited-investor status to take part in pitch nights and investing. Companies pitching do not need any Harvard affiliation. | TMA reports its membership as roughly 43% turnaround practitioners and advisers, 20% attorneys, 14% lenders and bankers, 3% investors and 20% other related professionals including receivers, appraisers, academics, government officials, judges and recruiters. Membership is individual only, not by firm. |
| Qualification | ||
| Maximum age at joining | No published maximum age at joining | NextGen membership is limited to new members aged 40 and under at the time of applicationAvailable for two years or until age 41, whichever comes firstverified September 2026 · source ↗ |
| Accredited-investor status | Accredited-investor status is required to take part in investing; the Greater New York chapter requires it for pitch-night participation and the Northern California chapter requires accredited-investor status with Harvard affiliationApplied at chapter level, not by the associationverified September 2026 · source ↗ | No published accredited-investor status |
| Industry restriction | No published industry restriction | Work in or around corporate restructuring, turnaround and distressed business: practitioners, attorneys, accountants, investors, lenders, venture capitalists, appraisers, liquidators, executive recruiters and consultantsTMA does not publish a formal eligibility test for professional membershipverified September 2026 · source ↗ |
| Invitation required | No | No |
| Sponsor required | No | No |
| Application process | Prospective members apply to their nearest chapter rather than to the association. In Greater New York, HBS alumni use the chapter join or renew link, while graduates of other Harvard schools submit contact details through a form and wait about seven business days for staff to set up an account. In Northern California, applications run through a Gust page. Requirements and processing differ by chapter. | An individual joins through my.turnaround.org, choosing a membership category and a local chapter. Discounted categories (NextGen, government or academic, and student) require verification and are subject to approval. Membership runs for twelve months from enrolment on an individual anniversary cycle. |
| Selectivity | Not publicly disclosed. The binding constraint is Harvard alumni status plus, in chapters that state it, accredited-investor status. | Not publicly disclosed: membership is open to professionals in the field; only the discounted categories are described as subject to approval |
| Cost | ||
| Annual dues | $350 a yearGreater New York chapter, one-year membership; includes HBS Club of New York membership and Angel Capital Association membership, which the chapter values at $199verified September 2026 · source ↗ | $475 a yearProfessional membership; includes membership of the member's local chapterverified September 2026 · source ↗ |
| Local chapter dues | Dues vary by chapter and most chapters do not publish them. The association charges no separate central membership fee that it discloses.verified September 2026 · source ↗ | No separate chapter dues for professional members: local chapter membership is included in the professional rateverified September 2026 · source ↗ |
| Membership term | Annual; the Greater New York chapter also sells a three-year term | 12 months from enrolment, on an individual anniversary cycle |
| Structure | ||
| Meeting frequency | Chapter-dependent: monthly pitch nights in Greater New York, quarterly pitch events in Northern California; plus association webinars, bootcamps and an annual conference | Local chapter programmes through the year plus TMA Annual, regional symposia and other conferences |
| Peer forums | Chapter selection committees and due-diligence teams; each invested company in the Greater New York chapter is assigned a lead investor | No confidential peer forums; members organise through chapters, committees and volunteer groups |
| Confidentiality | Not publicly disclosed; the association publishes a community values statement | Could not be independently verified: no published confidentiality policy was found |
| Time commitment | Not documented | Not documented |
| Organized as | Chapter-based, Event-focused | Chapter-based, Event-focused |
| Confidential peer forums | No | No |
| Local chapters | Yes | Yes |
| Virtual membership | Partial | No |
| Online community | Yes | Partial |
| Member directory | Yes | Yes |
| Events | Yes | Yes |
| Programming | ||
| Educational programming | Yes | Yes |
| Leadership development | Partial | Partial |
| Retreats | No | No |
| Travel | No | No |
| Family programming | No | No |
| Spouse and partner programming | Not documented | No |
| Next-generation programming | No | Yes |
| Investment discussions | Yes | Partial |
| Investment opportunities | Yes | Partial |
| Philanthropic component | No | No |
| Networking emphasis | High | High |
| Social emphasis | Medium | Medium |
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Sources
Drawn from the sources listed on each page: HBS Alumni Angels · TMA